Commonwealth Equity Services LLC Has $2.64 Million Holdings in Independent Bank Corp. (NASDAQ:INDB)

Commonwealth Equity Services LLC grew its holdings in Independent Bank Corp. (NASDAQ:INDB) by 19.7% during the 1st quarter, according to the company in its most recent filing with the SEC. The fund owned 50,777 shares of the bank’s stock after purchasing an additional 8,364 shares during the period. Commonwealth Equity Services LLC owned approximately 0.12% of Independent Bank worth $2,641,000 as of its most recent SEC filing.

Several other institutional investors also recently modified their holdings of INDB. Sachetta LLC bought a new stake in Independent Bank during the fourth quarter worth $56,000. Vanguard Personalized Indexing Management LLC purchased a new position in Independent Bank in the 4th quarter worth approximately $217,000. TFO Wealth Partners LLC lifted its position in Independent Bank by 215,100.0% in the 4th quarter. TFO Wealth Partners LLC now owns 4,304 shares of the bank’s stock worth $283,000 after buying an additional 4,302 shares during the last quarter. HighTower Advisors LLC grew its stake in shares of Independent Bank by 5.1% during the third quarter. HighTower Advisors LLC now owns 5,892 shares of the bank’s stock valued at $289,000 after buying an additional 287 shares during the last quarter. Finally, CIBC Asset Management Inc bought a new stake in Independent Bank during the 4th quarter valued at $290,000. 83.40% of the stock is currently owned by institutional investors and hedge funds.

Independent Bank Price Performance

Shares of NASDAQ:INDB traded down $0.57 during trading on Friday, reaching $48.40. 68,197 shares of the company’s stock traded hands, compared to its average volume of 279,880. The company has a quick ratio of 0.96, a current ratio of 0.96 and a debt-to-equity ratio of 0.36. The company has a 50-day simple moving average of $49.98 and a 200-day simple moving average of $53.57. The firm has a market cap of $2.06 billion, a PE ratio of 9.53 and a beta of 0.77. Independent Bank Corp. has a fifty-two week low of $44.27 and a fifty-two week high of $68.75.

Independent Bank (NASDAQ:INDB) last released its quarterly earnings results on Thursday, April 18th. The bank reported $1.12 earnings per share for the quarter, missing analysts’ consensus estimates of $1.15 by ($0.03). The business had revenue of $167.38 million for the quarter, compared to analysts’ expectations of $171.80 million. Independent Bank had a return on equity of 7.85% and a net margin of 23.97%. As a group, analysts predict that Independent Bank Corp. will post 4.46 earnings per share for the current year.

Independent Bank Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, July 8th. Stockholders of record on Monday, July 1st will be paid a dividend of $0.57 per share. The ex-dividend date is Monday, July 1st. This represents a $2.28 annualized dividend and a dividend yield of 4.71%. Independent Bank’s dividend payout ratio (DPR) is 44.02%.

Analysts Set New Price Targets

INDB has been the topic of several recent research reports. Keefe, Bruyette & Woods cut their price target on Independent Bank from $64.00 to $60.00 and set a “market perform” rating on the stock in a research note on Monday, April 22nd. TheStreet downgraded Independent Bank from a “b-” rating to a “c+” rating in a research report on Wednesday, March 13th. Finally, StockNews.com cut shares of Independent Bank from a “hold” rating to a “sell” rating in a research report on Tuesday.

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.