Isthmus Partners LLC lifted its position in Independent Bank Corp. (NASDAQ:INDB) by 2.7% in the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 20,182 shares of the bank’s stock after purchasing an additional 527 shares during the quarter. Isthmus Partners LLC owned approximately 0.06% of Independent Bank worth $1,524,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Toronto Dominion Bank boosted its position in shares of Independent Bank by 70.7% in the 2nd quarter. Toronto Dominion Bank now owns 623 shares of the bank’s stock valued at $47,000 after purchasing an additional 258 shares during the period. Point72 Hong Kong Ltd acquired a new stake in shares of Independent Bank in the 1st quarter valued at about $81,000. The PNC Financial Services Group Inc. boosted its position in shares of Independent Bank by 101.7% in the 1st quarter. The PNC Financial Services Group Inc. now owns 1,511 shares of the bank’s stock valued at $127,000 after purchasing an additional 762 shares during the period. Cambridge Investment Research Advisors Inc. acquired a new stake in shares of Independent Bank in the 2nd quarter valued at about $209,000. Finally, D. E. Shaw & Co. Inc. acquired a new stake in shares of Independent Bank in the 1st quarter valued at about $210,000. 85.67% of the stock is owned by hedge funds and other institutional investors.
Separately, Zacks Investment Research cut Independent Bank from a “hold” rating to a “sell” rating in a research report on Wednesday, July 28th. One investment analyst has rated the stock with a sell rating and three have assigned a buy rating to the company’s stock. According to data from MarketBeat, Independent Bank currently has a consensus rating of “Buy” and an average price target of $85.75.
Independent Bank stock traded up $0.43 during mid-day trading on Wednesday, reaching $69.86. 129 shares of the company were exchanged, compared to its average volume of 176,663. Independent Bank Corp. has a twelve month low of $49.25 and a twelve month high of $99.85. The firm’s 50-day simple moving average is $73.29 and its two-hundred day simple moving average is $79.31. The company has a debt-to-equity ratio of 0.10, a quick ratio of 0.93 and a current ratio of 0.93. The firm has a market cap of $2.31 billion, a PE ratio of 15.39 and a beta of 0.97.
Independent Bank (NASDAQ:INDB) last posted its quarterly earnings data on Wednesday, July 21st. The bank reported $1.17 earnings per share for the quarter, topping analysts’ consensus estimates of $1.08 by $0.09. Independent Bank had a return on equity of 8.79% and a net margin of 29.87%. The company had revenue of $118.32 million during the quarter, compared to analysts’ expectations of $118.43 million. As a group, equities research analysts anticipate that Independent Bank Corp. will post 4.5 EPS for the current year.
The firm also recently announced a quarterly dividend, which was paid on Friday, July 9th. Stockholders of record on Monday, June 28th were paid a dividend of $0.48 per share. This represents a $1.92 dividend on an annualized basis and a dividend yield of 2.75%. The ex-dividend date of this dividend was Friday, June 25th. Independent Bank’s dividend payout ratio (DPR) is 52.46%.
Independent Bank Company Profile
Independent Bank Corp. operates as a bank holding company. The company provides commercial banking, retail banking, and wealth management services and is engaged in sale of retail investments and insurance products in Massachusetts. It offers deposit products, including demand deposits, interest checking, money market accounts, savings accounts and time certificates of deposit.
Further Reading: Why do corrections happen?
Want to see what other hedge funds are holding INDB? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Independent Bank Corp. (NASDAQ:INDB).
Receive News & Ratings for Independent Bank Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Independent Bank and related companies with MarketBeat.com's FREE daily email newsletter.