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Eastern Bank Boosts Stake in Independent Bank Corp. (NASDAQ:INDB)

Independent Bank logo with Finance background

Eastern Bank lifted its stake in shares of Independent Bank Corp. (NASDAQ:INDB - Free Report) by 454.7% in the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 23,237 shares of the bank's stock after buying an additional 19,048 shares during the quarter. Eastern Bank owned about 0.05% of Independent Bank worth $1,374,000 as of its most recent filing with the Securities & Exchange Commission.

Several other large investors also recently modified their holdings of the stock. Stablepoint Partners LLC grew its position in shares of Independent Bank by 1.2% during the 3rd quarter. Stablepoint Partners LLC now owns 23,033 shares of the bank's stock worth $1,362,000 after buying an additional 283 shares during the period. CWM LLC grew its position in shares of Independent Bank by 28.1% during the 3rd quarter. CWM LLC now owns 11,154 shares of the bank's stock worth $660,000 after buying an additional 2,450 shares during the period. Point72 Asia Singapore Pte. Ltd. grew its position in shares of Independent Bank by 59.0% during the 2nd quarter. Point72 Asia Singapore Pte. Ltd. now owns 5,737 shares of the bank's stock worth $291,000 after buying an additional 2,129 shares during the period. Point72 Asset Management L.P. grew its position in Independent Bank by 26.5% in the 2nd quarter. Point72 Asset Management L.P. now owns 8,600 shares of the bank's stock valued at $436,000 after purchasing an additional 1,800 shares during the period. Finally, Algert Global LLC grew its position in Independent Bank by 9.2% in the 2nd quarter. Algert Global LLC now owns 50,706 shares of the bank's stock valued at $2,572,000 after purchasing an additional 4,277 shares during the period. Institutional investors and hedge funds own 83.40% of the company's stock.

Independent Bank Stock Performance

Shares of Independent Bank stock traded up $0.57 on Wednesday, reaching $62.74. 209,051 shares of the company traded hands, compared to its average volume of 282,316. The company has a 50 day moving average of $60.45 and a 200 day moving average of $55.17. The firm has a market capitalization of $2.66 billion, a PE ratio of 12.11 and a beta of 0.74. Independent Bank Corp. has a 52 week low of $44.63 and a 52 week high of $68.75. The company has a debt-to-equity ratio of 0.24, a current ratio of 0.95 and a quick ratio of 0.95.

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, topping the consensus estimate of $0.99 by $0.02. The company had revenue of $250.07 million during the quarter, compared to the consensus estimate of $173.24 million. Independent Bank had a net margin of 22.42% and a return on equity of 7.41%. During the same period last year, the firm earned $1.38 EPS. Equities analysts forecast that Independent Bank Corp. will post 4.49 earnings per share for the current year.

Independent Bank Dividend Announcement

The company 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. This represents a $2.28 annualized dividend and a yield of 3.63%. The ex-dividend date was Monday, September 30th. Independent Bank's payout ratio is 44.02%.

Analyst Ratings Changes

Several research firms recently issued reports on INDB. Keefe, Bruyette & Woods lifted their price target on shares of Independent Bank from $62.00 to $65.00 and gave the company a "market perform" rating in a research report on Monday. Seaport Res Ptn raised shares of Independent Bank from a "hold" rating to a "strong-buy" rating in a research report on Monday, July 22nd. StockNews.com downgraded 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 target price for the company in a report on Monday. One equities research analyst has rated the stock with a sell rating, one has given a hold rating and two have issued a strong buy rating to the company's stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $69.50.

Get Our Latest Report on INDB

Independent Bank Profile

(Free Report)

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.

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Institutional Ownership by Quarter for Independent Bank (NASDAQ:INDB)

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