Boston Trust Walden Corp Cuts Stock Holdings in Independent Bank Corp. (NASDAQ:INDB)

Boston Trust Walden Corp decreased its holdings in shares of Independent Bank Corp. (NASDAQ:INDB - Free Report) by 2.5% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 619,313 shares of the bank's stock after selling 15,647 shares during the quarter. Boston Trust Walden Corp owned about 1.46% of Independent Bank worth $36,620,000 as of its most recent SEC filing.

Several other institutional investors have also bought and sold shares of INDB. Louisiana State Employees Retirement System raised its position in shares of Independent Bank by 0.9% during the 2nd 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 position in Independent Bank by 2.7% during the second quarter. CWM LLC now owns 8,704 shares of the bank's stock valued at $441,000 after purchasing an additional 232 shares during the period. Aries Wealth Management lifted its stake in shares of Independent Bank by 1.5% in the 2nd 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 shares of Independent Bank by 1.2% in the 3rd quarter. Stablepoint Partners LLC now owns 23,033 shares of the bank's stock worth $1,362,000 after purchasing an additional 283 shares during the period. Finally, Illinois Municipal Retirement Fund boosted its holdings in shares of Independent Bank by 1.8% in the 1st quarter. Illinois Municipal Retirement Fund now owns 25,325 shares of the bank's stock worth $1,317,000 after purchasing an additional 443 shares during the period. Institutional investors own 83.40% of the company's stock.

Analysts Set New Price Targets

A number of analysts recently issued reports on the company. StockNews.com downgraded Independent Bank from a "hold" rating to a "sell" rating in a research report on Tuesday, September 17th. Seaport Res Ptn raised shares of Independent Bank from a "hold" rating to a "strong-buy" rating in a research note on Monday, July 22nd. Keefe, Bruyette & Woods lifted their price target on shares of Independent Bank from $62.00 to $65.00 and gave the stock a "market perform" rating in a research note on Monday, October 21st. Finally, Raymond James raised shares of Independent Bank from a "market perform" rating to a "strong-buy" rating and set a $74.00 price objective on the stock in a research report on Monday, October 21st. One equities 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 stock. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $69.50.

Independent Bank Trading Down 1.5 %

INDB stock traded down $0.95 during midday trading on Friday, reaching $61.85. The company's stock had a trading volume of 214,317 shares, compared to its average volume of 317,301. The firm has a market capitalization of $2.63 billion, a price-to-earnings ratio of 11.94 and a beta of 0.74. Independent Bank Corp. has a 1 year low of $45.11 and a 1 year 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 stock has a fifty day simple moving average of $60.66 and a two-hundred day simple moving average of $55.40.

Independent Bank (NASDAQ:INDB - Get Free Report) last announced its quarterly earnings data on Thursday, October 17th. The bank reported $1.01 earnings per share for the quarter, beating analysts' consensus estimates of $0.99 by $0.02. The company had revenue of $250.07 million during the quarter, compared to analyst estimates of $173.24 million. Independent Bank had a net margin of 20.26% and a return on equity of 6.79%. During the same quarter last year, the business posted $1.38 EPS. On average, equities research analysts predict that Independent Bank Corp. will post 4.42 EPS for the current year.

Independent Bank Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, October 4th. Shareholders of record on Monday, September 30th were issued 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 3.69%. Independent Bank's payout ratio is currently 44.02%.

About Independent Bank

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.