Independent Bank Corp. (NASDAQ:INDB) Shares Purchased by Cambridge Trust Co.

Cambridge Trust Co. boosted its position in Independent Bank Corp. (NASDAQ:INDB) by 20.3% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 18,048 shares of the bank’s stock after acquiring an additional 3,048 shares during the quarter. Cambridge Trust Co.’s holdings in Independent Bank were worth $939,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. EntryPoint Capital LLC purchased a new position in Independent Bank in the first quarter valued at about $47,000. Sachetta LLC purchased a new position in Independent Bank in the fourth quarter valued at about $56,000. Vanguard Personalized Indexing Management LLC purchased a new position in Independent Bank in the fourth quarter valued at about $217,000. SG Americas Securities LLC increased its position in shares of Independent Bank by 102.6% during the first quarter. SG Americas Securities LLC now owns 5,305 shares of the bank’s stock worth $276,000 after acquiring an additional 2,687 shares during the last quarter. Finally, TFO Wealth Partners LLC increased its position in shares of Independent Bank by 215,100.0% during the fourth quarter. TFO Wealth Partners LLC now owns 4,304 shares of the bank’s stock worth $283,000 after acquiring an additional 4,302 shares during the last quarter. Institutional investors and hedge funds own 83.40% of the company’s stock.

Wall Street Analyst Weigh In

INDB has been the topic of a number of analyst reports. Seaport Res Ptn raised Independent Bank from a “hold” rating to a “strong-buy” rating in a research report on Monday, July 22nd. StockNews.com upgraded Independent Bank from a “sell” rating to a “hold” rating in a research note on Friday, July 12th. Finally, Keefe, Bruyette & Woods cut their price objective 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.

Independent Bank Stock Down 1.8 %

NASDAQ INDB traded down $1.11 on Friday, hitting $60.66. 278,060 shares of the stock traded hands, compared to its average volume of 367,442. The stock has a 50-day moving average of $52.36 and a 200 day moving average of $52.50. Independent Bank Corp. has a twelve month low of $44.63 and a twelve month high of $68.75. The company has a market capitalization of $2.58 billion, a P/E ratio of 11.71 and a beta of 0.77. The company has a current ratio of 0.95, a quick ratio of 0.95 and a debt-to-equity ratio of 0.24.

Independent Bank (NASDAQ:INDB) last posted its earnings results on Thursday, July 18th. The bank reported $1.21 EPS for the quarter, beating the consensus estimate of $1.11 by $0.10. The company had revenue of $244.19 million during the quarter, compared to analyst estimates of $169.07 million. Independent Bank had a return on equity of 7.41% and a net margin of 22.42%. During the same period in the prior year, the company earned $1.42 earnings per share. As a group, analysts expect that Independent Bank Corp. will post 4.75 earnings per share for the current fiscal year.

Independent Bank Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, July 8th. Stockholders of record on Monday, July 1st were issued a dividend of $0.57 per share. This represents a $2.28 annualized dividend and a dividend yield of 3.76%. The ex-dividend date of this dividend was Monday, July 1st. Independent Bank’s dividend payout ratio (DPR) is presently 44.02%.

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.