Eastern Bank lessened its holdings in shares of Independent Bank Corp. (NASDAQ:INDB – Free Report) by 2.1% in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 22,752 shares of the bank’s stock after selling 485 shares during the quarter. Eastern Bank owned about 0.05% of Independent Bank worth $1,460,000 at the end of the most recent reporting period.
A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Stablepoint Partners LLC boosted its position in Independent Bank by 1.2% during the third quarter. Stablepoint Partners LLC now owns 23,033 shares of the bank’s stock worth $1,362,000 after purchasing an additional 283 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its position in shares of Independent Bank by 0.3% in the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 83,048 shares of the bank’s stock valued at $4,911,000 after acquiring an additional 285 shares during the period. HighTower Advisors LLC boosted its position in shares of Independent Bank by 6.8% in the third quarter. HighTower Advisors LLC now owns 6,556 shares of the bank’s stock valued at $383,000 after acquiring an additional 415 shares during the period. GHP Investment Advisors Inc. boosted its position in shares of Independent Bank by 2.3% in the third quarter. GHP Investment Advisors Inc. now owns 32,222 shares of the bank’s stock valued at $1,905,000 after acquiring an additional 713 shares during the period. Finally, Zurcher Kantonalbank Zurich Cantonalbank boosted its position in shares of Independent Bank by 9.9% in the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 9,418 shares of the bank’s stock valued at $557,000 after acquiring an additional 850 shares during the period. Institutional investors own 83.40% of the company’s stock.
Wall Street Analyst Weigh In
INDB has been the subject of a number of analyst reports. StockNews.com lowered shares of Independent Bank from a “hold” rating to a “sell” rating in a research report on Tuesday, September 17th. Keefe, Bruyette & Woods raised their price objective on shares of Independent Bank from $77.00 to $82.00 and gave the company a “market perform” rating in a research report on Thursday, December 12th. Finally, Raymond James raised shares of Independent Bank from a “market perform” rating to a “strong-buy” rating and set a $74.00 target price on the stock in a research note on Monday, October 21st. One analyst has rated the stock with a sell rating, one has given a hold rating and two have assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Independent Bank currently has an average rating of “Moderate Buy” and a consensus price target of $78.00.
Independent Bank Trading Up 1.2 %
Shares of INDB opened at $61.04 on Tuesday. The firm’s 50 day simple moving average is $68.88 and its 200 day simple moving average is $62.64. The company has a market capitalization of $2.59 billion, a P/E ratio of 13.27 and a beta of 0.78. The company has a debt-to-equity ratio of 0.22, a current ratio of 0.95 and a quick ratio of 0.95. Independent Bank Corp. has a 1-year low of $45.11 and a 1-year high of $77.23.
Independent Bank (NASDAQ:INDB – Get Free Report) last announced its earnings results on Thursday, October 17th. The bank reported $1.01 earnings per share for the quarter, beating analysts’ consensus estimates of $0.99 by $0.02. The business had revenue of $250.07 million for the quarter, compared to the consensus estimate of $173.24 million. Independent Bank had a net margin of 20.26% and a return on equity of 6.74%. During the same period last year, the firm posted $1.38 earnings per share. Sell-side analysts forecast that Independent Bank Corp. will post 4.5 earnings per share for the current fiscal year.
Independent Bank Announces Dividend
The firm also recently disclosed a quarterly dividend, which was paid on Monday, January 6th. Stockholders of record on Monday, December 30th were issued a $0.57 dividend. The ex-dividend date of this dividend was Monday, December 30th. This represents a $2.28 dividend on an annualized basis and a dividend yield of 3.74%. Independent Bank’s payout ratio is 49.57%.
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.
Read More
- Five stocks we like better than Independent Bank
- EV Stocks and How to Profit from Them
- 2 Stocks to Gain From Trump Universal Tariffs on Critical Imports
- Investing in Construction Stocks
- Rigetti Computing, Inc.: Buy, Sell, or Hold for 2025
- What is Forex and How Does it Work?
- Delta Can Fly to New Highs in 2025; Here’s Why
Want to see what other hedge funds are holding INDB? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Independent Bank Corp. (NASDAQ:INDB – Free Report).
Receive News & Ratings for Independent Bank Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Independent Bank and related companies with MarketBeat.com's FREE daily email newsletter.