Nationwide Fund Advisors Lowers Position in Independent Bank Corp. (INDB)

Nationwide Fund Advisors reduced its stake in shares of Independent Bank Corp. (NASDAQ:INDB) by 1.4% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 31,834 shares of the company’s stock after selling 464 shares during the period. Nationwide Fund Advisors owned approximately 0.12% of Independent Bank Corp. worth $1,455,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. First Republic Investment Management Inc. raised its position in shares of Independent Bank Corp. by 2.0% in the first quarter. First Republic Investment Management Inc. now owns 10,716 shares of the company’s stock valued at $493,000 after buying an additional 206 shares during the period. GHP Investment Advisors Inc. raised its position in shares of Independent Bank Corp. by 3.7% in the second quarter. GHP Investment Advisors Inc. now owns 6,709 shares of the company’s stock valued at $307,000 after buying an additional 242 shares during the period. Capstone Asset Management Co. raised its position in shares of Independent Bank Corp. by 6.3% in the second quarter. Capstone Asset Management Co. now owns 8,156 shares of the company’s stock valued at $373,000 after buying an additional 480 shares during the period. American Century Companies Inc. raised its position in shares of Independent Bank Corp. by 3.8% in the second quarter. American Century Companies Inc. now owns 15,318 shares of the company’s stock valued at $700,000 after buying an additional 558 shares during the period. Finally, Aperio Group LLC raised its position in shares of Independent Bank Corp. by 14.6% in the first quarter. Aperio Group LLC now owns 9,465 shares of the company’s stock valued at $435,000 after buying an additional 1,205 shares during the period. Hedge funds and other institutional investors own 76.88% of the company’s stock.

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

Shares of Independent Bank Corp. (NASDAQ:INDB) opened at 52.85 on Wednesday. The company’s 50 day moving average is $53.14 and its 200 day moving average is $49.20. The company has a market capitalization of $1.39 billion, a P/E ratio of 18.07 and a beta of 1.04. Independent Bank Corp. has a 12-month low of $39.58 and a 12-month high of $54.51.

Independent Bank Corp. (NASDAQ:INDB) last released its quarterly earnings data on Thursday, July 21st. The company reported $0.77 earnings per share for the quarter, topping the consensus estimate of $0.74 by $0.03. Independent Bank Corp. had a net margin of 24.05% and a return on equity of 9.95%. Analysts expect that Independent Bank Corp. will post $3.03 earnings per share for the current fiscal year.

The business also recently declared a quarterly dividend, which was paid on Friday, October 7th. Shareholders of record on Monday, September 26th were paid a $0.29 dividend. This represents a $1.16 dividend on an annualized basis and a yield of 2.21%. The ex-dividend date of this dividend was Friday, September 23rd. Independent Bank Corp.’s payout ratio is currently 39.59%.

Several research analysts have recently commented on INDB shares. Zacks Investment Research upgraded shares of Independent Bank Corp. from a “hold” rating to a “buy” rating and set a $56.00 price target on the stock in a research note on Wednesday, July 27th. Compass Point lowered shares of Independent Bank Corp. from a “neutral” rating to a “sell” rating and increased their price target for the stock from $48.00 to $49.00 in a research note on Tuesday, September 20th. Finally, Sandler O’Neill lowered shares of Independent Bank Corp. from a “hold” rating to a “sell” rating and increased their price target for the stock from $50.00 to $51.00 in a research note on Wednesday, August 31st. Two equities research analysts have rated the stock with a sell rating and three have given a hold rating to the stock. The stock presently has an average rating of “Hold” and an average target price of $50.50.

In other Independent Bank Corp. news, insider Gerard F. Nadeau sold 2,600 shares of Independent Bank Corp. stock in a transaction that occurred on Wednesday, August 17th. The shares were sold at an average price of $51.93, for a total value of $135,018.00. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Maurice H. Sullivan, Jr. sold 2,475 shares of Independent Bank Corp. stock in a transaction that occurred on Tuesday, July 26th. The shares were sold at an average price of $50.15, for a total transaction of $124,121.25. Following the completion of the transaction, the director now directly owns 28,455 shares in the company, valued at approximately $1,427,018.25. The disclosure for this sale can be found here. 3.02% of the stock is currently owned by company insiders.

Independent Bank Corp. Company Profile

Independent Bank Corp. is a bank holding company. The Company is the sole stockholder of Rockland Trust Company (Rockland or the Bank). The Bank is a community-oriented commercial bank. The Company operates in community banking business segment. The Company’s community banking business provides a range of banking services, including lending activities, acceptance of demand, savings, and time deposits, and investment management.

5 Day Chart for NASDAQ:INDB

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