Prio Wealth Limited Partnership Sells 2,100 Shares of Independent Bank Corp. (NASDAQ:INDB)

Prio Wealth Limited Partnership decreased its holdings in Independent Bank Corp. (NASDAQ:INDB) by 3.1% during the third quarter, HoldingsChannel.com reports. The institutional investor owned 65,600 shares of the bank’s stock after selling 2,100 shares during the quarter. Prio Wealth Limited Partnership’s holdings in Independent Bank were worth $3,879,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds also recently made changes to their positions in INDB. EntryPoint Capital LLC purchased a new position in shares of Independent Bank in the first quarter worth approximately $47,000. Innealta Capital LLC purchased a new position in shares of Independent Bank in the second quarter worth approximately $73,000. Profund Advisors LLC purchased a new position in shares of Independent Bank in the second quarter worth approximately $229,000. Vanguard Personalized Indexing Management LLC boosted its holdings in shares of Independent Bank by 29.7% in the second quarter. Vanguard Personalized Indexing Management LLC now owns 5,378 shares of the bank’s stock worth $273,000 after buying an additional 1,231 shares during the last quarter. Finally, SG Americas Securities LLC boosted its holdings in shares of Independent Bank by 102.6% in the first quarter. SG Americas Securities LLC now owns 5,305 shares of the bank’s stock worth $276,000 after buying an additional 2,687 shares during the last quarter. Hedge funds and other institutional investors own 83.40% of the company’s stock.

Independent Bank Price Performance

NASDAQ:INDB traded up $1.56 during trading hours on Monday, hitting $63.13. 57,237 shares of the stock traded hands, compared to its average volume of 278,669. The company has a quick ratio of 0.95, a current ratio of 0.95 and a debt-to-equity ratio of 0.24. Independent Bank Corp. has a 1 year low of $44.63 and a 1 year high of $68.75. The company has a market cap of $2.68 billion, a price-to-earnings ratio of 11.89 and a beta of 0.74. The stock has a 50 day moving average price of $60.26 and a 200 day moving average price of $54.99.

Independent Bank (NASDAQ:INDB) last released its earnings results on Thursday, October 17th. The bank reported $1.01 EPS for the quarter, topping the consensus estimate of $0.99 by $0.02. Independent Bank had a net margin of 22.42% and a return on equity of 7.41%. The firm had revenue of $250.07 million for the quarter, compared to the consensus estimate of $173.24 million. During the same quarter in the previous year, the firm earned $1.38 earnings per share. Sell-side analysts forecast that Independent Bank Corp. will post 4.49 EPS for the current fiscal year.

Independent Bank Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, October 4th. Stockholders of record on Monday, September 30th were issued a $0.57 dividend. This represents a $2.28 annualized dividend and a dividend yield of 3.61%. The ex-dividend date of this dividend was Monday, September 30th. Independent Bank’s dividend payout ratio (DPR) is presently 44.02%.

Analysts Set New Price Targets

A number of equities analysts recently issued reports on INDB shares. Seaport Res Ptn raised shares of Independent Bank from a “hold” rating to a “strong-buy” rating in a report on Monday, July 22nd. 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 report on Monday. Keefe, Bruyette & Woods lifted their price target on shares of Independent Bank from $62.00 to $65.00 and gave the company a “market perform” rating in a report on Monday. Finally, StockNews.com downgraded shares of Independent Bank from a “hold” rating to a “sell” rating in a report on Tuesday, September 17th. One equities research 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 stock. According to MarketBeat.com, Independent Bank has an average rating of “Moderate Buy” and a consensus price target of $69.50.

About Independent Bank

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.