Independent Bank Corp. $INDB Stock: ProShare Advisors LLC Grows Position

ProShare Advisors LLC grew its position in Independent Bank Corp. (NASDAQ:INDB) by 37.8% during the 3rd quarter, HoldingsChannel.com reports. The fund owned 121,950 shares of the bank’s stock after buying an additional 33,457 shares during the quarter. ProShare Advisors LLC’s holdings in Independent Bank were worth $9,469,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in INDB. Ballast Advisors LLC purchased a new stake in shares of Independent Bank during the first quarter worth approximately $30,000. Public Employees Retirement System of Ohio purchased a new position in Independent Bank in the 2nd quarter valued at $48,000. Rockefeller Capital Management L.P. lifted its holdings in Independent Bank by 76.4% in the 4th quarter. Rockefeller Capital Management L.P. now owns 836 shares of the bank’s stock valued at $61,000 after purchasing an additional 362 shares in the last quarter. EverSource Wealth Advisors LLC lifted its holdings in Independent Bank by 27.4% in the 1st quarter. EverSource Wealth Advisors LLC now owns 898 shares of the bank’s stock valued at $68,000 after purchasing an additional 193 shares in the last quarter. Finally, GAMMA Investing LLC lifted its holdings in Independent Bank by 15.2% in the 3rd quarter. GAMMA Investing LLC now owns 1,270 shares of the bank’s stock valued at $99,000 after purchasing an additional 168 shares in the last quarter. 83.40% of the stock is owned by institutional investors and hedge funds.

Independent Bank Price Performance

INDB stock opened at $83.85 on Wednesday. Independent Bank Corp. has a 1 year low of $66.17 and a 1 year high of $87.50. The company has a debt-to-equity ratio of 0.18, a current ratio of 0.93 and a quick ratio of 0.93. The firm has a market capitalization of $3.90 billion, a PE ratio of 12.16 and a beta of 0.74. The business has a 50 day simple moving average of $81.07 and a 200-day simple moving average of $80.71.

Independent Bank (NASDAQ:INDB) last announced its quarterly earnings data on Thursday, October 15th. The bank reported $1.90 EPS for the quarter, topping analysts’ consensus estimates of $1.85 by $0.05. The firm had revenue of $261.95 million for the quarter, compared to the consensus estimate of $261.27 million. Independent Bank had a return on equity of 9.61% and a net margin of 24.27%. Equities research analysts anticipate that Independent Bank Corp. will post 7.25 earnings per share for the current fiscal year.

Independent Bank Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, October 9th. Shareholders of record on Monday, September 28th were paid a $0.64 dividend. The ex-dividend date of this dividend was Monday, September 28th. This represents a $2.56 dividend on an annualized basis and a dividend yield of 3.1%. Independent Bank’s dividend payout ratio (DPR) is 37.93%.

Insider Activity at Independent Bank

In other news, Director Thomas R. Venables sold 3,750 shares of Independent Bank stock in a transaction on Tuesday, August 25th. The stock was sold at an average price of $83.00, for a total transaction of $311,250.00. Following the transaction, the director owned 17,649 shares in the company, valued at $1,464,867. The trade was a 17.52% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 1.60% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

INDB has been the topic of several recent research reports. Barclays lifted their target price on shares of Independent Bank from $82.00 to $86.00 and gave the stock an “underweight” rating in a research note on Tuesday. Keefe, Bruyette & Woods reduced their target price on shares of Independent Bank from $99.00 to $96.00 and set an “outperform” rating for the company in a research report on Monday, July 20th. Piper Sandler raised shares of Independent Bank from a “hold” rating to a “strong-buy” rating in a research note on Friday, October 2nd. Finally, Weiss Ratings restated a “buy (b)” rating on shares of Independent Bank in a research report on Wednesday, August 5th. Two research analysts have rated the stock with a Strong Buy rating, four have issued a Buy rating and one has issued a Sell rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Buy” and a consensus target price of $92.43.

Independent Bank Profile

Independent Bank Corp. is the bank holding company for Rockland Trust Company, a full-service community bank headquartered in Rockland, Massachusetts. Through Rockland Trust, the company provides banking and financial services to individuals, families, businesses, municipalities and nonprofit organizations.

Its offerings include consumer and commercial deposit accounts, residential and commercial real estate lending, business loans, cash-management and treasury services, online and mobile banking, and wealth management.