Rockland Trust Co. Has $38.85 Million Stock Position in Independent Bank Corp. (NASDAQ:INDB)

Rockland Trust Co. trimmed its stake in Independent Bank Corp. (NASDAQ:INDB - Free Report) by 6.0% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 605,183 shares of the bank's stock after selling 38,718 shares during the period. Independent Bank makes up 2.0% of Rockland Trust Co.'s investment portfolio, making the stock its 13th largest holding. Rockland Trust Co. owned about 1.42% of Independent Bank worth $38,847,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also made changes to their positions in the company. ST Germain D J Co. Inc. lifted its position in shares of Independent Bank by 364.9% during the 4th quarter. ST Germain D J Co. Inc. now owns 2,213 shares of the bank's stock valued at $142,000 after acquiring an additional 1,737 shares during the period. Connor Clark & Lunn Investment Management Ltd. acquired a new stake in shares of Independent Bank during the third quarter worth $222,000. Profund Advisors LLC purchased a new stake in Independent Bank in the 2nd quarter valued at about $229,000. Los Angeles Capital Management LLC purchased a new stake in Independent Bank in the third quarter valued at approximately $257,000. Finally, Vanguard Personalized Indexing Management LLC increased its holdings in shares of Independent Bank by 29.7% during the 2nd quarter. Vanguard Personalized Indexing Management LLC now owns 5,378 shares of the bank's stock worth $273,000 after buying an additional 1,231 shares during the last quarter. Institutional investors and hedge funds own 83.40% of the company's stock.

Analyst Ratings Changes

A number of equities research analysts have recently issued reports on INDB shares. Raymond James upgraded Independent Bank from a "market perform" rating to a "strong-buy" rating and set a $74.00 target price for the company in a research note on Monday, October 21st. StockNews.com cut shares of Independent Bank from a "hold" rating to a "sell" rating in a research report on Tuesday, September 17th. Finally, Keefe, Bruyette & Woods boosted their price target on Independent Bank from $77.00 to $82.00 and gave the stock a "market perform" rating in a research note on Thursday, December 12th. One research analyst has rated the stock with a sell rating, one has issued a hold rating and two have issued a strong buy rating to the company's stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $78.00.

Independent Bank Stock Up 2.0 %

NASDAQ INDB traded up $1.24 during trading hours on Wednesday, reaching $64.80. 270,706 shares of the company traded hands, compared to its average volume of 232,928. The stock has a market capitalization of $2.75 billion, a PE ratio of 14.09 and a beta of 0.78. The company has a current ratio of 0.95, a quick ratio of 0.95 and a debt-to-equity ratio of 0.22. Independent Bank Corp. has a 12 month low of $45.11 and a 12 month high of $77.23. The company has a 50 day moving average of $68.89 and a two-hundred day moving average of $62.73.

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

Independent Bank Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, January 6th. Investors of record on Monday, December 30th were issued a $0.57 dividend. This represents a $2.28 dividend on an annualized basis and a dividend yield of 3.52%. The ex-dividend date of this dividend was Monday, December 30th. 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.