Independent Bank Corp. (NASDAQ:INDB) Shares Sold by Moors & Cabot Inc.

Moors & Cabot Inc. lessened its holdings in Independent Bank Corp. (NASDAQ:INDB) by 0.4% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 48,182 shares of the bank’s stock after selling 196 shares during the quarter. Moors & Cabot Inc.’s holdings in Independent Bank were worth $2,849,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Virtu Financial LLC acquired a new stake in shares of Independent Bank during the 1st quarter worth approximately $461,000. Hennessy Advisors Inc. grew its stake in shares of Independent Bank by 20.7% during the 2nd 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 shares of Independent Bank during the 2nd quarter valued at approximately $5,405,000. Eastern Bank lifted its position in shares of Independent Bank by 454.7% during the 3rd quarter. Eastern Bank now owns 23,237 shares of the bank’s stock valued at $1,374,000 after buying an additional 19,048 shares in the last quarter. Finally, Cambridge Trust Co. lifted its position in shares of Independent Bank by 20.3% during the 1st quarter. Cambridge Trust Co. now owns 18,048 shares of the bank’s stock valued at $939,000 after buying an additional 3,048 shares in the last quarter. Institutional investors and hedge funds own 83.40% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts have recently issued reports on the company. Keefe, Bruyette & Woods increased their target price on Independent Bank from $62.00 to $65.00 and gave the company a “market perform” rating in a research report on Monday, October 21st. StockNews.com lowered Independent Bank from a “hold” rating to a “sell” rating in a research report on Tuesday, September 17th. Finally, Raymond James upgraded Independent Bank from a “market perform” rating to a “strong-buy” rating and set a $74.00 target price on the stock in a research report on Monday, October 21st. One research analyst has rated the stock with a sell rating, one has issued a hold rating and two have issued a strong buy rating to the company’s stock. According to data from MarketBeat, Independent Bank presently has a consensus rating of “Moderate Buy” and a consensus target price of $69.50.

Independent Bank Stock Performance

NASDAQ INDB opened at $70.81 on Thursday. The company has a market cap of $3.01 billion, a P/E ratio of 15.39 and a beta of 0.73. The company has a debt-to-equity ratio of 0.22, a current ratio of 0.95 and a quick ratio of 0.95. The stock has a 50-day moving average of $63.09 and a two-hundred day moving average of $57.61. Independent Bank Corp. has a 1-year low of $45.11 and a 1-year high of $75.63.

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

Independent Bank Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, October 4th. Investors of record on Monday, September 30th were paid a dividend of $0.57 per share. This represents a $2.28 annualized dividend and a yield of 3.22%. 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.