Isthmus Partners LLC Increases Stock Position in Independent Bank Corp. (NASDAQ:INDB)

Isthmus Partners LLC grew its position in Independent Bank Corp. (NASDAQ:INDB) by 2.7% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 20,182 shares of the bank’s stock after purchasing an additional 527 shares during the period. Isthmus Partners LLC owned about 0.06% of Independent Bank worth $1,524,000 at the end of the most recent reporting period.

Other hedge funds have also recently made changes to their positions in the company. Toronto Dominion Bank raised its holdings in shares of Independent Bank by 70.7% in the second 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 last quarter. Point72 Hong Kong Ltd purchased a new stake in Independent Bank during the first quarter worth about $81,000. The PNC Financial Services Group Inc. increased its holdings in Independent Bank by 101.7% during the first quarter. The PNC Financial Services Group Inc. now owns 1,511 shares of the bank’s stock worth $127,000 after buying an additional 762 shares during the last quarter. Cambridge Investment Research Advisors Inc. purchased a new stake in Independent Bank during the second quarter worth about $209,000. Finally, D. E. Shaw & Co. Inc. purchased a new stake in Independent Bank during the first quarter worth about $210,000. Institutional investors own 85.67% of the company’s stock.

NASDAQ:INDB traded up $0.43 on Wednesday, reaching $69.86. 129 shares of the company’s stock were exchanged, compared to its average volume of 176,663. The company has a debt-to-equity ratio of 0.10, a current ratio of 0.93 and a quick ratio of 0.93. The firm has a market cap of $2.31 billion, a price-to-earnings ratio of 15.39 and a beta of 0.97. Independent Bank Corp. has a 52 week low of $49.25 and a 52 week high of $99.85. The stock has a fifty day simple moving average of $73.29 and a 200-day simple moving average of $79.31.

Independent Bank (NASDAQ:INDB) last issued its earnings results 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. The firm had revenue of $118.32 million during the quarter, compared to analyst estimates of $118.43 million. Independent Bank had a net margin of 29.87% and a return on equity of 8.79%. As a group, sell-side analysts predict 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. Shareholders of record on Monday, June 28th were given a dividend of $0.48 per share. The ex-dividend date was Friday, June 25th. This represents a $1.92 dividend on an annualized basis and a yield of 2.75%. Independent Bank’s dividend payout ratio is presently 52.46%.

In other news, Director Eileen C. Miskell sold 2,645 shares of the firm’s stock in a transaction that occurred on Friday, August 6th. The shares were sold at an average price of $72.79, for a total value of $192,529.55. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 1.20% of the stock is currently owned by company insiders.

Separately, Zacks Investment Research downgraded shares of Independent Bank from a “hold” rating to a “sell” rating in a report on Wednesday, July 28th. One research analyst has rated the stock with a sell rating and three have given a buy rating to the stock. According to MarketBeat.com, Independent Bank has an average rating of “Buy” and a consensus target price of $85.75.

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.

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

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