State Street Corp Sells 75,508 Shares of Independent Bank Corp. (NASDAQ:INDB)

State Street Corp trimmed its holdings in Independent Bank Corp. (NASDAQ:INDB - Free Report) by 3.2% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 2,287,911 shares of the bank's stock after selling 75,508 shares during the period. State Street Corp owned about 5.38% of Independent Bank worth $136,578,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also recently made changes to their positions in the company. Victory Capital Management Inc. boosted its stake in Independent Bank by 25.2% during the 2nd quarter. Victory Capital Management Inc. now owns 1,701,156 shares of the bank's stock valued at $86,283,000 after purchasing an additional 342,201 shares during the last quarter. Millennium Management LLC lifted its position in shares of Independent Bank by 258.9% during the 2nd quarter. Millennium Management LLC now owns 299,234 shares of the bank's stock worth $15,177,000 after buying an additional 215,860 shares in the last quarter. Dimensional Fund Advisors LP boosted its stake in shares of Independent Bank by 9.5% in the 2nd quarter. Dimensional Fund Advisors LP now owns 2,157,917 shares of the bank's stock worth $109,443,000 after buying an additional 186,680 shares during the last quarter. Verition Fund Management LLC grew its holdings in shares of Independent Bank by 1,697.7% in the third quarter. Verition Fund Management LLC now owns 132,435 shares of the bank's stock valued at $7,831,000 after acquiring an additional 125,068 shares in the last quarter. Finally, Great Lakes Advisors LLC purchased a new stake in shares of Independent Bank during the second quarter valued at approximately $5,405,000. 83.40% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several research analysts have weighed in on the company. StockNews.com cut Independent Bank from a "hold" rating to a "sell" rating in a research report on Tuesday, September 17th. Raymond James upgraded shares of Independent Bank from a "market perform" rating to a "strong-buy" rating and set a $74.00 price target for the company in a research report on Monday, October 21st. Finally, Keefe, Bruyette & Woods lifted their price objective on shares of Independent Bank from $77.00 to $82.00 and gave the stock a "market perform" rating in a research report on Thursday. One 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. According to MarketBeat, Independent Bank has a consensus rating of "Moderate Buy" and an average target price of $78.00.

Independent Bank Price Performance

Independent Bank stock traded down $0.80 during midday trading on Friday, reaching $70.80. 217,172 shares of the stock were exchanged, compared to its average volume of 279,887. The firm has a market cap of $3.01 billion, a PE ratio of 15.39 and a beta of 0.76. Independent Bank Corp. has a 52 week low of $45.11 and a 52 week high of $77.23. The company's fifty day moving average is $67.61 and its 200-day moving average is $60.18. 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 (NASDAQ:INDB - Get Free Report) last announced its quarterly earnings data on Thursday, October 17th. The bank reported $1.01 EPS for the quarter, beating the consensus estimate of $0.99 by $0.02. Independent Bank had a return on equity of 6.74% and a net margin of 20.26%. The firm had revenue of $250.07 million for the quarter, compared to analyst estimates of $173.24 million. During the same period in the prior year, the company earned $1.38 EPS. On average, sell-side analysts forecast that Independent Bank Corp. will post 4.5 EPS for the current year.

Independent Bank Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, October 4th. Investors of record on Monday, September 30th were given a $0.57 dividend. This represents a $2.28 dividend on an annualized basis and a yield of 3.22%. The ex-dividend date was Monday, September 30th. Independent Bank's payout ratio is presently 49.57%.

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.