Moody Aldrich Partners LLC Purchases 38,014 Shares of Independent Bank Corp. (NASDAQ:INDB)

Moody Aldrich Partners LLC boosted its position in Independent Bank Corp. (NASDAQ:INDB - Free Report) by 39.8% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 133,538 shares of the bank's stock after purchasing an additional 38,014 shares during the period. Independent Bank makes up about 1.4% of Moody Aldrich Partners LLC's portfolio, making the stock its 9th largest holding. Moody Aldrich Partners LLC owned 0.31% of Independent Bank worth $7,896,000 at the end of the most recent reporting period.

Several other hedge funds also recently modified their holdings of the company. Louisiana State Employees Retirement System boosted its stake in Independent Bank by 0.9% during the second quarter. Louisiana State Employees Retirement System now owns 21,400 shares of the bank's stock valued at $1,085,000 after buying an additional 200 shares in the last quarter. CWM LLC raised its holdings in shares of Independent Bank by 2.7% in the 2nd quarter. CWM LLC now owns 8,704 shares of the bank's stock worth $441,000 after purchasing an additional 232 shares in the last quarter. Aries Wealth Management lifted its stake in Independent Bank by 1.5% during the second quarter. Aries Wealth Management now owns 16,122 shares of the bank's stock valued at $818,000 after purchasing an additional 232 shares during the last quarter. Stablepoint Partners LLC boosted its holdings in Independent Bank by 1.2% during the third quarter. Stablepoint Partners LLC now owns 23,033 shares of the bank's stock worth $1,362,000 after buying an additional 283 shares in the last quarter. Finally, Illinois Municipal Retirement Fund grew its position in Independent Bank by 1.8% in the first quarter. Illinois Municipal Retirement Fund now owns 25,325 shares of the bank's stock worth $1,317,000 after buying an additional 443 shares during the last quarter. 83.40% of the stock is currently owned by institutional investors and hedge funds.

Independent Bank Stock Up 0.1 %

Shares of INDB stock traded up $0.06 on Thursday, reaching $62.80. 354,315 shares of the company's stock traded hands, compared to its average volume of 282,666. The company has a market capitalization of $2.67 billion, a P/E ratio of 12.12 and a beta of 0.74. Independent Bank Corp. has a 12-month low of $44.63 and a 12-month high of $68.75. The company has a debt-to-equity ratio of 0.24, a quick ratio of 0.95 and a current ratio of 0.95. The business's 50 day moving average price is $60.62 and its two-hundred day moving average price is $55.28.

Independent Bank (NASDAQ:INDB - Get Free Report) last released its earnings results on Thursday, October 17th. The bank reported $1.01 earnings per share for the quarter, beating the consensus estimate of $0.99 by $0.02. The company had revenue of $250.07 million for the quarter, compared to analysts' expectations of $173.24 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 business posted $1.38 EPS. On average, equities analysts forecast that Independent Bank Corp. will post 4.49 earnings per share for the current year.

Independent Bank Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, October 4th. Shareholders of record on Monday, September 30th were given 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 yield of 3.63%. Independent Bank's payout ratio is 44.02%.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on INDB. 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 cut Independent Bank from a "hold" rating to a "sell" rating in a research note on Tuesday, September 17th. Raymond James raised 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. Finally, Keefe, Bruyette & Woods lifted their target price on shares of Independent Bank from $62.00 to $65.00 and gave the stock a "market perform" rating in a research report on Monday. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating and two have issued a strong buy rating to the company. According to data from MarketBeat, Independent Bank currently has a consensus rating of "Moderate Buy" and a consensus target price of $69.50.

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.