Independent Bank Corp. (NASDAQ:INDB) Shares Sold by Isthmus Partners LLC

Isthmus Partners LLC lowered its position in shares of Independent Bank Corp. (NASDAQ:INDB) by 21.3% during the third quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 37,068 shares of the bank’s stock after selling 10,062 shares during the quarter. Isthmus Partners LLC’s holdings in Independent Bank were worth $2,192,000 as of its most recent filing with the SEC.

Other hedge funds have also recently bought and sold shares of the company. Virtu Financial LLC acquired a new stake in Independent Bank during the first quarter worth approximately $461,000. Hennessy Advisors Inc. raised its stake in Independent Bank by 20.7% during the second quarter. Hennessy Advisors Inc. now owns 35,000 shares of the bank’s stock worth $1,775,000 after purchasing an additional 6,000 shares during the period. Great Lakes Advisors LLC purchased a new position in Independent Bank during the second quarter worth approximately $5,405,000. Eastern Bank raised its stake in Independent Bank by 454.7% during the third quarter. Eastern Bank now owns 23,237 shares of the bank’s stock worth $1,374,000 after purchasing an additional 19,048 shares during the period. Finally, Cambridge Trust Co. raised its stake in Independent Bank by 20.3% during the first quarter. Cambridge Trust Co. now owns 18,048 shares of the bank’s stock worth $939,000 after purchasing an additional 3,048 shares during the period. Institutional investors and hedge funds own 83.40% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts have weighed in on INDB shares. Keefe, Bruyette & Woods increased their price target on shares of Independent Bank from $62.00 to $65.00 and gave the stock a “market perform” rating in a research note on Monday, October 21st. StockNews.com downgraded shares of Independent Bank from a “hold” rating to a “sell” rating in a research note on Tuesday, September 17th. Finally, Raymond James raised shares of Independent Bank from a “market perform” rating to a “strong-buy” rating and set a $74.00 price target on the stock in a research note on Monday, October 21st. One investment analyst has rated the stock with a sell rating, one has issued a hold rating and two have given a strong buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $69.50.

Independent Bank Stock Performance

Shares of INDB stock opened at $72.99 on Friday. The company’s fifty day simple moving average is $64.78 and its 200-day simple moving average is $58.57. Independent Bank Corp. has a 52 week low of $45.11 and a 52 week high of $77.23. The company has a current ratio of 0.95, a quick ratio of 0.95 and a debt-to-equity ratio of 0.22. The company has a market cap of $3.10 billion, a PE ratio of 15.87 and a beta of 0.73.

Independent Bank (NASDAQ:INDB) last issued its earnings results on Thursday, October 17th. The bank reported $1.01 EPS for the quarter, beating analysts’ consensus estimates of $0.99 by $0.02. Independent Bank had a net margin of 20.26% and a return on equity of 6.74%. The business had revenue of $250.07 million for the quarter, compared to the consensus estimate of $173.24 million. During the same quarter last year, the firm posted $1.38 EPS. As a group, equities research analysts anticipate that Independent Bank Corp. will post 4.5 EPS for the current year.

Independent Bank Announces Dividend

The company 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 3.12%. The ex-dividend date of this dividend was Monday, September 30th. Independent Bank’s payout ratio is 49.57%.

Independent Bank 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.