Fmr LLC raised its position in shares of Independent Bank Corp (NASDAQ:INDB) by 0.6% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 669,962 shares of the bank’s stock after buying an additional 3,741 shares during the quarter. Fmr LLC’s holdings in Independent Bank were worth $52,525,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the business. Wells Fargo & Company MN boosted its holdings in Independent Bank by 5.5% during the 1st quarter. Wells Fargo & Company MN now owns 71,317 shares of the bank’s stock worth $5,103,000 after acquiring an additional 3,729 shares during the last quarter. SG Americas Securities LLC purchased a new position in Independent Bank during the 1st quarter worth $125,000. Prudential Financial Inc. boosted its holdings in Independent Bank by 2.0% during the 1st quarter. Prudential Financial Inc. now owns 46,703 shares of the bank’s stock worth $3,342,000 after acquiring an additional 910 shares during the last quarter. Swiss National Bank boosted its holdings in Independent Bank by 2.4% during the 1st quarter. Swiss National Bank now owns 47,800 shares of the bank’s stock worth $3,420,000 after acquiring an additional 1,100 shares during the last quarter. Finally, Schwab Charles Investment Management Inc. boosted its holdings in Independent Bank by 4.1% during the 1st quarter. Schwab Charles Investment Management Inc. now owns 135,871 shares of the bank’s stock worth $9,722,000 after acquiring an additional 5,336 shares during the last quarter. Institutional investors and hedge funds own 81.50% of the company’s stock.

In related news, Director Carl Ribeiro sold 1,000 shares of the business’s stock in a transaction dated Tuesday, July 24th. The stock was sold at an average price of $90.10, for a total value of $90,100.00. The sale was disclosed in a legal filing with the SEC, which is available through this link. Insiders own 2.67% of the company’s stock.

A number of research firms have issued reports on INDB. BidaskClub raised shares of Independent Bank from a “buy” rating to a “strong-buy” rating in a report on Saturday, June 23rd. Zacks Investment Research cut Independent Bank from a “buy” rating to a “hold” rating in a research note on Tuesday. Keefe, Bruyette & Woods upgraded Independent Bank from a “market perform” rating to an “outperform” rating in a research note on Sunday, July 22nd. ValuEngine cut Independent Bank from a “buy” rating to a “hold” rating in a research note on Monday. Finally, Sandler O’Neill reiterated a “hold” rating and set a $88.00 target price on shares of Independent Bank in a research note on Friday, July 20th. One research analyst has rated the stock with a sell rating, four have issued a hold rating and two have issued a buy rating to the stock. Independent Bank presently has an average rating of “Hold” and an average target price of $80.00.

NASDAQ INDB opened at $86.40 on Tuesday. The firm has a market cap of $2.42 billion, a PE ratio of 25.79 and a beta of 0.93. Independent Bank Corp has a one year low of $66.85 and a one year high of $95.00. The company has a current ratio of 0.94, a quick ratio of 0.94 and a debt-to-equity ratio of 0.16.

Independent Bank (NASDAQ:INDB) last released its earnings results on Thursday, July 19th. The bank reported $1.14 EPS for the quarter, topping the Zacks’ consensus estimate of $1.11 by $0.03. Independent Bank had a return on equity of 11.27% and a net margin of 27.38%. The company had revenue of $95.06 million for the quarter, compared to analysts’ expectations of $92.60 million. sell-side analysts forecast that Independent Bank Corp will post 4.68 EPS for the current fiscal year.

The company also recently disclosed a quarterly dividend, which will be paid on Friday, October 5th. Investors of record on Monday, October 1st will be paid a $0.38 dividend. This represents a $1.52 dividend on an annualized basis and a yield of 1.76%. The ex-dividend date of this dividend is Friday, September 28th. Independent Bank’s dividend payout ratio is currently 45.37%.

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 primarily in Massachusetts. The company's products and services include demand deposits and time certificates of deposit, as well as checking, money market, and savings accounts.

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Institutional Ownership by Quarter for Independent Bank (NASDAQ:INDB)

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