Boston Financial Mangement LLC Has $206,000 Stock Position in Independent Bank Corp. (NASDAQ:INDB)

Boston Financial Mangement LLC lowered its stake in Independent Bank Corp. (NASDAQ:INDB) by 56.6% during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 3,487 shares of the bank’s stock after selling 4,540 shares during the quarter. Boston Financial Mangement LLC’s holdings in Independent Bank were worth $206,000 at the end of the most recent reporting period.

Other hedge funds have also added to or reduced their stakes in the company. Quantbot Technologies LP acquired a new stake in Independent Bank during the 1st quarter worth $1,169,000. BNP Paribas Financial Markets increased its holdings in Independent Bank by 89.8% during the 1st quarter. BNP Paribas Financial Markets now owns 23,769 shares of the bank’s stock worth $1,236,000 after purchasing an additional 11,244 shares in the last quarter. Edgestream Partners L.P. increased its holdings in Independent Bank by 462.0% during the 1st quarter. Edgestream Partners L.P. now owns 52,784 shares of the bank’s stock worth $2,746,000 after purchasing an additional 43,391 shares in the last quarter. Virtu Financial LLC bought a new position in Independent Bank during the 1st quarter worth about $461,000. Finally, ProShare Advisors LLC increased its holdings in Independent Bank by 15.3% during the 1st quarter. ProShare Advisors LLC now owns 154,652 shares of the bank’s stock worth $8,045,000 after purchasing an additional 20,490 shares in the last quarter. Institutional investors and hedge funds own 83.40% of the company’s stock.

Independent Bank Price Performance

Shares of NASDAQ INDB opened at $63.17 on Wednesday. Independent Bank Corp. has a fifty-two week low of $45.11 and a fifty-two week high of $68.75. The company has a debt-to-equity ratio of 0.24, a current ratio of 0.95 and a quick ratio of 0.95. The stock has a market capitalization of $2.68 billion, a price-to-earnings ratio of 12.19 and a beta of 0.74. The business has a 50-day moving average of $60.72 and a 200-day moving average of $55.56.

Independent Bank (NASDAQ:INDB) last posted its quarterly earnings results on Thursday, October 17th. The bank reported $1.01 EPS for the quarter, topping analysts’ consensus estimates of $0.99 by $0.02. Independent Bank had a return on equity of 6.79% and a net margin of 20.26%. The business had revenue of $250.07 million during the quarter, compared to analysts’ expectations of $173.24 million. During the same quarter last year, the company posted $1.38 earnings per share. As a group, sell-side analysts predict that Independent Bank Corp. will post 4.42 earnings per share for the current fiscal year.

Independent Bank Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, October 4th. Investors of record on Monday, September 30th were issued a dividend of $0.57 per share. This represents a $2.28 dividend on an annualized basis and a yield of 3.61%. The ex-dividend date of this dividend was Monday, September 30th. Independent Bank’s payout ratio is currently 44.02%.

Analyst Ratings Changes

A number of research firms have issued reports on INDB. Seaport Res Ptn upgraded Independent Bank from a “hold” rating to a “strong-buy” rating in a report on Monday, July 22nd. StockNews.com cut Independent Bank from a “hold” rating to a “sell” rating in a report on Tuesday, September 17th. Raymond James upgraded Independent Bank from a “market perform” rating to a “strong-buy” rating and set a $74.00 price objective for the company in a report on Monday, October 21st. Finally, Keefe, Bruyette & Woods raised their price objective on Independent Bank from $62.00 to $65.00 and gave the company a “market perform” rating in a report on Monday, October 21st. One analyst has rated the stock with a sell rating, one has assigned a hold rating and two have given a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $69.50.

Independent Bank Company Profile

Independent Bank Corp. operates as the bank holding company for Rockland Trust Company that provides commercial banking products and services to individuals and small-to-medium sized businesses in the United States. The company provides interest checking, money market, and savings accounts, as well as demand deposits and time certificates of deposit.