Y Intercept Hong Kong Ltd Trims Stake in Independent Bank Corp. (NASDAQ:INDB)

Y Intercept Hong Kong Ltd trimmed its holdings in shares of Independent Bank Corp. (NASDAQ:INDB - Free Report) by 29.1% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 22,458 shares of the bank's stock after selling 9,238 shares during the quarter. Y Intercept Hong Kong Ltd owned approximately 0.05% of Independent Bank worth $1,328,000 at the end of the most recent quarter.

Other large investors also recently added to or reduced their stakes in the company. Innealta Capital LLC bought a new stake in Independent Bank during the 2nd quarter worth approximately $73,000. Connor Clark & Lunn Investment Management Ltd. bought a new stake in shares of Independent Bank during the 3rd quarter valued at $222,000. Profund Advisors LLC purchased a new position in shares of Independent Bank during the 2nd quarter valued at $229,000. Los Angeles Capital Management LLC bought a new position in Independent Bank in the 3rd quarter worth $257,000. Finally, Vanguard Personalized Indexing Management LLC increased its stake in Independent Bank by 29.7% in 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 in the last quarter. 83.40% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

INDB has been the subject of a number of recent analyst reports. StockNews.com lowered Independent Bank from a "hold" rating to a "sell" rating in a research note on Tuesday, September 17th. Raymond James upgraded Independent Bank from a "market perform" rating to a "strong-buy" rating and set a $74.00 price target for the company in a research note on Monday, October 21st. Finally, Keefe, Bruyette & Woods lifted 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. 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 stock. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $78.00.

Independent Bank Price Performance

NASDAQ INDB traded up $0.21 during trading on Thursday, hitting $71.60. 215,776 shares of the stock traded hands, compared to its average volume of 280,149. The firm has a 50-day simple moving average of $67.06 and a 200-day simple moving average of $59.82. Independent Bank Corp. has a 12-month low of $45.11 and a 12-month high of $77.23. The company has a quick ratio of 0.95, a current ratio of 0.95 and a debt-to-equity ratio of 0.22. The company has a market capitalization of $3.04 billion, a P/E ratio of 15.53 and a beta of 0.76.

Independent Bank (NASDAQ:INDB - Get Free Report) last released its quarterly earnings data on Thursday, October 17th. The bank reported $1.01 EPS for the quarter, beating the consensus estimate of $0.99 by $0.02. Independent Bank had a net margin of 20.26% and a return on equity of 6.74%. The business had revenue of $250.07 million during the quarter, compared to analyst estimates of $173.24 million. During the same quarter last year, the business earned $1.38 earnings per share. As a group, analysts predict that Independent Bank Corp. will post 4.5 EPS for the current year.

Independent Bank Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, October 4th. Shareholders of record on Monday, September 30th were paid a dividend of $0.57 per share. The ex-dividend date of this dividend was Monday, September 30th. This represents a $2.28 annualized dividend and a yield of 3.18%. Independent Bank's payout ratio is currently 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.