Boston Trust Walden Corp Cuts Stake in Independent Bank Corp. (NASDAQ:INDB)

Boston Trust Walden Corp cut its holdings in Independent Bank Corp. (NASDAQ:INDB) by 0.0% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 634,960 shares of the bank’s stock after selling 284 shares during the quarter. Boston Trust Walden Corp owned 1.50% of Independent Bank worth $32,205,000 at the end of the most recent quarter.

Other large investors also recently bought and sold shares of the company. Louisiana State Employees Retirement System purchased a new position in shares of Independent Bank during the 4th quarter worth $1,441,000. Everence Capital Management Inc. bought a new position in shares of Independent Bank in the fourth quarter worth approximately $305,000. Russell Investments Group Ltd. lifted its stake in shares of Independent Bank by 16.2% during the 4th quarter. Russell Investments Group Ltd. now owns 21,985 shares of the bank’s stock valued at $1,447,000 after buying an additional 3,059 shares in the last quarter. M&T Bank Corp lifted its position in shares of Independent Bank by 10.6% in the fourth quarter. M&T Bank Corp now owns 5,344 shares of the bank’s stock valued at $352,000 after acquiring an additional 514 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. grew its position in shares of Independent Bank by 5.8% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 465,220 shares of the bank’s stock worth $30,616,000 after purchasing an additional 25,460 shares in the last quarter. 83.40% of the stock is currently owned by institutional investors.

Independent Bank Stock Up 1.2 %

Shares of INDB traded up $0.72 during mid-day trading on Friday, hitting $60.03. The company’s stock had a trading volume of 198,279 shares, compared to its average volume of 285,920. The firm has a market capitalization of $2.55 billion, a price-to-earnings ratio of 11.59 and a beta of 0.77. The company’s 50-day moving average is $53.98 and its 200-day moving average is $52.30. 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 Corp. has a 52-week low of $44.63 and a 52-week high of $68.75.

Independent Bank (NASDAQ:INDB) last issued its quarterly earnings data on Thursday, July 18th. The bank reported $1.21 earnings per share for the quarter, beating analysts’ consensus estimates of $1.11 by $0.10. Independent Bank had a return on equity of 7.41% and a net margin of 22.42%. The company had revenue of $244.19 million for the quarter, compared to the consensus estimate of $169.07 million. During the same quarter last year, the company earned $1.42 earnings per share. On average, equities research analysts forecast that Independent Bank Corp. will post 4.75 EPS for the current fiscal year.

Independent Bank Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, July 8th. Shareholders of record on Monday, July 1st were issued a $0.57 dividend. The ex-dividend date was Monday, July 1st. This represents a $2.28 dividend on an annualized basis and a dividend yield of 3.80%. Independent Bank’s dividend payout ratio is currently 44.02%.

Analysts Set New Price Targets

A number of equities research analysts recently commented on the company. Keefe, Bruyette & Woods decreased their target price on Independent Bank from $64.00 to $60.00 and set a “market perform” rating on the stock in a research report on Monday, April 22nd. StockNews.com downgraded Independent Bank from a “hold” rating to a “sell” rating in a research report on Friday. Finally, Seaport Res Ptn raised shares of Independent Bank from a “hold” rating to a “strong-buy” rating in a report on Monday, July 22nd.

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.