Edgestream Partners L.P. Sells 61,734 Shares of Independent Bank Corp. (NASDAQ:INDB)

Edgestream Partners L.P. decreased its stake in shares of Independent Bank Corp. (NASDAQ:INDB - Free Report) by 65.7% during the third quarter, according to the company in its most recent filing with the SEC. The fund owned 32,161 shares of the bank's stock after selling 61,734 shares during the period. Edgestream Partners L.P. owned 0.08% of Independent Bank worth $1,902,000 as of its most recent filing with the SEC.

A number of other hedge funds have also made changes to their positions in INDB. Victory Capital Management Inc. lifted its position in shares of Independent Bank by 25.2% during the 2nd quarter. Victory Capital Management Inc. now owns 1,701,156 shares of the bank's stock worth $86,283,000 after buying an additional 342,201 shares during the period. Millennium Management LLC lifted its position in shares of Independent Bank by 258.9% during the 2nd quarter. Millennium Management LLC now owns 299,234 shares of the bank's stock worth $15,177,000 after buying an additional 215,860 shares during the period. Dimensional Fund Advisors LP lifted its position in shares of Independent Bank by 9.5% during the 2nd quarter. Dimensional Fund Advisors LP now owns 2,157,917 shares of the bank's stock worth $109,443,000 after buying an additional 186,680 shares during the period. Verition Fund Management LLC lifted its position in shares of Independent Bank by 1,697.7% during the 3rd quarter. Verition Fund Management LLC now owns 132,435 shares of the bank's stock worth $7,831,000 after buying an additional 125,068 shares during the period. Finally, Great Lakes Advisors LLC bought a new position in shares of Independent Bank during the 2nd quarter worth approximately $5,405,000. Institutional investors and hedge funds own 83.40% of the company's stock.

Wall Street Analyst Weigh In

Several research firms recently commented on INDB. Keefe, Bruyette & Woods raised their target price on Independent Bank from $65.00 to $77.00 and gave the stock a "market perform" rating in a research report on Wednesday. Raymond James upgraded Independent Bank from a "market perform" rating to a "strong-buy" rating and set a $74.00 price objective for the company in a research report on Monday, October 21st. Finally, StockNews.com downgraded Independent Bank from a "hold" rating to a "sell" rating in a research report on Tuesday, September 17th. One investment analyst has rated the stock with a sell rating, one has issued a hold rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat.com, Independent Bank currently has a consensus rating of "Moderate Buy" and a consensus target price of $75.50.

Independent Bank Trading Up 1.1 %

NASDAQ:INDB traded up $0.76 on Wednesday, reaching $72.34. The company's stock had a trading volume of 187,730 shares, compared to its average volume of 279,968. Independent Bank Corp. has a 1-year low of $45.11 and a 1-year high of $77.23. The company has a debt-to-equity ratio of 0.22, a quick ratio of 0.95 and a current ratio of 0.95. The firm has a market cap of $3.07 billion, a PE ratio of 15.53 and a beta of 0.76. The business's 50-day moving average price is $65.50 and its two-hundred day moving average price is $59.07.

Independent Bank (NASDAQ:INDB - Get Free Report) last issued its quarterly earnings results on Thursday, October 17th. The bank reported $1.01 EPS for the quarter, beating analysts' consensus estimates of $0.99 by $0.02. The company had revenue of $250.07 million for the quarter, compared to analyst estimates of $173.24 million. Independent Bank had a return on equity of 6.74% and a net margin of 20.26%. During the same period in the previous year, the company posted $1.38 earnings per share. Equities research analysts anticipate that Independent Bank Corp. will post 4.5 earnings per share for the current fiscal year.

Independent Bank Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, October 4th. Investors of record on Monday, September 30th were issued a dividend of $0.57 per share. The ex-dividend date was Monday, September 30th. This represents a $2.28 annualized dividend and a yield of 3.15%. Independent Bank's payout ratio is presently 49.57%.

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.