Aries Wealth Management Increases Stake in Independent Bank Corp. (NASDAQ:INDB)

Aries Wealth Management lifted its stake in shares of Independent Bank Corp. (NASDAQ:INDB) by 1.5% during the second quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 16,122 shares of the bank’s stock after acquiring an additional 232 shares during the quarter. Aries Wealth Management’s holdings in Independent Bank were worth $818,000 at the end of the most recent reporting period.

A number of other large investors have also recently modified their holdings of INDB. EntryPoint Capital LLC purchased a new stake in shares of Independent Bank in the 1st quarter worth $47,000. Sachetta LLC purchased a new position in Independent Bank during the 4th quarter valued at about $56,000. Vanguard Personalized Indexing Management LLC bought a new stake in shares of Independent Bank in the 4th quarter valued at about $217,000. SG Americas Securities LLC lifted its position in shares of Independent Bank by 102.6% in the 1st quarter. SG Americas Securities LLC now owns 5,305 shares of the bank’s stock worth $276,000 after purchasing an additional 2,687 shares during the period. Finally, TFO Wealth Partners LLC boosted its stake 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 valued at $283,000 after purchasing an additional 4,302 shares in the last quarter. Hedge funds and other institutional investors own 83.40% of the company’s stock.

Independent Bank Stock Performance

INDB stock traded up $3.82 during trading on Friday, reaching $62.99. The company had a trading volume of 262,633 shares, compared to its average volume of 281,967. The company has a market cap of $2.67 billion, a price-to-earnings ratio of 12.16 and a beta of 0.77. Independent Bank Corp. has a twelve month low of $44.63 and a twelve month high of $68.75. The company has a debt-to-equity ratio of 0.24, a quick ratio of 0.95 and a current ratio of 0.95. The firm has a 50-day simple moving average of $55.24 and a 200-day simple moving average of $52.48.

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

Independent Bank Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, July 8th. Shareholders of record on Monday, July 1st were paid a dividend of $0.57 per share. The ex-dividend date was Monday, July 1st. This represents a $2.28 annualized dividend and a yield of 3.62%. Independent Bank’s payout ratio is presently 44.02%.

Wall Street Analyst Weigh In

Several analysts have issued reports on INDB shares. 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 raised shares of Independent Bank from a “sell” rating to a “hold” rating in a report on Saturday.

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.