Isthmus Partners LLC Increases Position in Independent Bank Corp. (NASDAQ:INDB)

Isthmus Partners LLC lifted its holdings in shares of Independent Bank Corp. (NASDAQ:INDB) by 2.7% during the second quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 20,182 shares of the bank’s stock after acquiring an additional 527 shares during the quarter. Isthmus Partners LLC’s holdings in Independent Bank were worth $1,524,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also made changes to their positions in the company. The PNC Financial Services Group Inc. increased its holdings in Independent Bank by 101.7% in the first quarter. The PNC Financial Services Group Inc. now owns 1,511 shares of the bank’s stock valued at $127,000 after buying an additional 762 shares during the last quarter. Keybank National Association OH increased its holdings in Independent Bank by 3.7% in the first quarter. Keybank National Association OH now owns 16,700 shares of the bank’s stock valued at $1,406,000 after buying an additional 600 shares during the last quarter. Envestnet Asset Management Inc. bought a new stake in Independent Bank in the first quarter valued at about $580,000. Eaton Vance Management increased its holdings in Independent Bank by 9.8% in the first quarter. Eaton Vance Management now owns 452,198 shares of the bank’s stock valued at $38,070,000 after buying an additional 40,280 shares during the last quarter. Finally, US Bancorp DE increased its holdings in Independent Bank by 7.3% in the second quarter. US Bancorp DE now owns 35,109 shares of the bank’s stock valued at $2,650,000 after buying an additional 2,394 shares during the last quarter. 85.67% of the stock is currently owned by institutional investors and hedge funds.

INDB stock traded up $0.43 during midday trading on Wednesday, reaching $69.86. The company had a trading volume of 129 shares, compared to its average volume of 176,663. The company has a quick ratio of 0.93, a current ratio of 0.93 and a debt-to-equity ratio of 0.10. The stock has a 50 day moving average price of $73.29 and a 200 day moving average price of $79.31. Independent Bank Corp. has a fifty-two week low of $49.25 and a fifty-two week high of $99.85. The firm has a market capitalization of $2.31 billion, a PE ratio of 15.39 and a beta of 0.97.

Independent Bank (NASDAQ:INDB) last issued its earnings results on Wednesday, July 21st. The bank reported $1.17 EPS for the quarter, beating the Zacks’ consensus estimate of $1.08 by $0.09. Independent Bank had a return on equity of 8.79% and a net margin of 29.87%. The company had revenue of $118.32 million during the quarter, compared to the consensus estimate of $118.43 million. Research analysts predict that Independent Bank Corp. will post 4.5 EPS for the current year.

The business also recently announced a quarterly dividend, which was paid on Friday, July 9th. Shareholders of record on Monday, June 28th were paid a $0.48 dividend. The ex-dividend date was Friday, June 25th. This represents a $1.92 dividend on an annualized basis and a yield of 2.75%. Independent Bank’s payout ratio is currently 52.46%.

Separately, Zacks Investment Research lowered Independent Bank from a “hold” rating to a “sell” rating in a report on Wednesday, July 28th. One research analyst has rated the stock with a sell rating and three have assigned a buy rating to the company. Based on data from MarketBeat, Independent Bank currently has an average rating of “Buy” and an average price target of $85.75.

In other news, Director Eileen C. Miskell sold 2,645 shares of the business’s stock in a transaction that occurred on Friday, August 6th. The stock was sold at an average price of $72.79, for a total transaction of $192,529.55. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Insiders own 1.20% of the company’s stock.

Independent Bank Profile

Independent Bank Corp. operates as a bank holding company. The company provides commercial banking, retail banking, and wealth management services and is engaged in sale of retail investments and insurance products in Massachusetts. It offers deposit products, including demand deposits, interest checking, money market accounts, savings accounts and time certificates of deposit.

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

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