Rockland Trust Co. Reduces Stake in Independent Bank Corp. (NASDAQ:INDB)

Rockland Trust Co. decreased its position in Independent Bank Corp. (NASDAQ:INDB - Free Report) by 12.7% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 643,901 shares of the bank's stock after selling 93,576 shares during the period. Independent Bank makes up 1.9% of Rockland Trust Co.'s holdings, making the stock its 13th biggest holding. Rockland Trust Co. owned about 1.52% of Independent Bank worth $38,074,000 at the end of the most recent quarter.

A number of other institutional investors have also bought and sold shares of INDB. CIBC Asset Management Inc bought a new stake in shares of Independent Bank in the 4th quarter valued at $290,000. Rafferty Asset Management LLC boosted its position in shares of Independent Bank by 58.8% during the 4th quarter. Rafferty Asset Management LLC now owns 53,486 shares of the bank's stock worth $3,520,000 after purchasing an additional 19,810 shares in the last quarter. Goldman Sachs Group Inc. grew its stake in shares of Independent Bank by 5.3% in the 4th quarter. Goldman Sachs Group Inc. now owns 509,236 shares of the bank's stock valued at $33,513,000 after buying an additional 25,664 shares during the period. Vanguard Group Inc. grew its stake in shares of Independent Bank by 1.3% in the 4th quarter. Vanguard Group Inc. now owns 5,272,986 shares of the bank's stock valued at $347,015,000 after buying an additional 69,312 shares during the period. Finally, Plimoth Trust Co. LLC increased its position in Independent Bank by 6.0% in the 1st quarter. Plimoth Trust Co. LLC now owns 8,900 shares of the bank's stock valued at $463,000 after buying an additional 500 shares in the last quarter. Institutional investors own 83.40% of the company's stock.

Wall Street Analyst Weigh In

A number of equities research analysts have commented on the company. Seaport Res Ptn raised Independent Bank from a "hold" rating to a "strong-buy" rating in a research note on Monday, July 22nd. StockNews.com downgraded shares of Independent Bank from a "hold" rating to a "sell" rating in a research report on Tuesday, September 17th.

Independent Bank Stock Up 1.3 %

NASDAQ INDB traded up $0.76 during trading hours on Friday, hitting $57.97. The company's stock had a trading volume of 258,445 shares, compared to its average volume of 277,740. The company has a market capitalization of $2.46 billion, a PE ratio of 11.19 and a beta of 0.74. The company has a current ratio of 0.95, a quick ratio of 0.95 and a debt-to-equity ratio of 0.24. Independent Bank Corp. has a 52 week low of $44.63 and a 52 week high of $68.75. The company's 50-day simple moving average is $60.22 and its two-hundred day simple moving average is $54.27.

Independent Bank (NASDAQ:INDB - Get Free Report) last announced its earnings results on Thursday, July 18th. The bank reported $1.21 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.11 by $0.10. The company had revenue of $244.19 million for the quarter, compared to analysts' expectations of $169.07 million. Independent Bank had a return on equity of 7.41% and a net margin of 22.42%. During the same quarter in the previous year, the firm earned $1.42 earnings per share. Research analysts anticipate that Independent Bank Corp. will post 4.68 EPS for the current fiscal year.

Independent Bank Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, October 4th. Investors of record on Monday, September 30th will be given a dividend of $0.57 per share. This represents a $2.28 dividend on an annualized basis and a dividend yield of 3.93%. The ex-dividend date is Monday, September 30th. Independent Bank's payout ratio is currently 44.02%.

Independent Bank 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.