Independent Bank Corp. (NASDAQ:INDB) Shares Sold by Isthmus Partners LLC

Isthmus Partners LLC lowered its position in shares of Independent Bank Corp. (NASDAQ:INDB - Free Report) by 21.3% during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 37,068 shares of the bank's stock after selling 10,062 shares during the period. Isthmus Partners LLC owned about 0.09% of Independent Bank worth $2,192,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently made changes to their positions in the company. CANADA LIFE ASSURANCE Co raised its holdings in shares of Independent Bank by 2.2% in the 1st quarter. CANADA LIFE ASSURANCE Co now owns 36,689 shares of the bank's stock valued at $1,906,000 after purchasing an additional 782 shares in the last quarter. Price T Rowe Associates Inc. MD raised its stake in Independent Bank by 5.9% in the first quarter. Price T Rowe Associates Inc. MD now owns 28,160 shares of the bank's stock worth $1,465,000 after buying an additional 1,578 shares in the last quarter. Tidal Investments LLC lifted its holdings in Independent Bank by 6.1% during the first quarter. Tidal Investments LLC now owns 9,184 shares of the bank's stock worth $480,000 after buying an additional 532 shares during the period. Virtu Financial LLC bought a new stake in Independent Bank during the 1st quarter valued at $461,000. Finally, Cambridge Trust Co. increased its holdings in shares of Independent Bank by 20.3% in the 1st quarter. Cambridge Trust Co. now owns 18,048 shares of the bank's stock valued at $939,000 after acquiring an additional 3,048 shares during the period. 83.40% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

INDB has been the subject of a number of analyst reports. Keefe, Bruyette & Woods upped their price objective on Independent Bank from $62.00 to $65.00 and gave the stock a "market perform" rating 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 report on Tuesday, September 17th. Finally, Raymond James upgraded shares of 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 note on Monday, October 21st. One research analyst has rated the stock with a sell rating, one has issued a hold rating and two have given a strong buy rating to the company's stock. Based on data from MarketBeat, Independent Bank presently has a consensus rating of "Moderate Buy" and a consensus target price of $69.50.

Independent Bank Stock Down 0.8 %

NASDAQ:INDB traded down $0.60 during mid-day trading on Friday, hitting $72.39. 111,824 shares of the company's stock traded hands, compared to its average volume of 280,949. The company has a fifty day moving average of $65.01 and a 200 day moving average of $58.71. The company has a debt-to-equity ratio of 0.22, a quick ratio of 0.95 and a current ratio of 0.95. Independent Bank Corp. has a twelve month low of $45.11 and a twelve month high of $77.23. The company has a market capitalization of $3.08 billion, a P/E ratio of 15.74 and a beta of 0.73.

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

Independent Bank Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, October 4th. Shareholders of record on Monday, September 30th were issued a $0.57 dividend. The ex-dividend date of this dividend was Monday, September 30th. This represents a $2.28 dividend on an annualized basis and a dividend yield of 3.15%. Independent Bank's dividend 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.