AQR Capital Management LLC Sells 5,108 Shares of Independent Bank Corp. $INDB

Key Points

• AQR Capital Management LLC reduced its stake in Independent Bank Corp. by 4.2% in the first quarter, owning approximately $7.28 million worth of stock after selling 5,108 shares.
• Independent Bank's latest earnings report showed an EPS of $1.25, beating analysts’ estimates of $1.20, with revenue totaling $181.80 million compared to estimates of $179.47 million.
• The bank declared a quarterly dividend of $0.59 per share, representing an annual yield of 3.4%, and has a payout ratio of 53.27%.

AQR Capital Management LLC trimmed its position in shares of Independent Bank Corp. (NASDAQ:INDB - Free Report) by 4.2% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 116,177 shares of the bank's stock after selling 5,108 shares during the period. AQR Capital Management LLC owned 0.27% of Independent Bank worth $7,278,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also added to or reduced their stakes in the company. EP Wealth Advisors LLC acquired a new position in Independent Bank during the first quarter worth $389,000. FJ Capital Management LLC acquired a new position in shares of Independent Bank in the first quarter valued at $32,175,000. Royal Bank of Canada increased its holdings in shares of Independent Bank by 10.6% in the first quarter. Royal Bank of Canada now owns 12,451 shares of the bank's stock valued at $779,000 after purchasing an additional 1,189 shares during the last quarter. Quarry LP increased its holdings in shares of Independent Bank by 1,328.6% in the first quarter. Quarry LP now owns 1,300 shares of the bank's stock valued at $81,000 after purchasing an additional 1,209 shares during the last quarter. Finally, Panagora Asset Management Inc. increased its holdings in shares of Independent Bank by 0.7% in the first quarter. Panagora Asset Management Inc. now owns 113,314 shares of the bank's stock valued at $7,099,000 after purchasing an additional 774 shares during the last quarter. 83.40% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several research firms have commented on INDB. Zacks Research downgraded shares of Independent Bank from a "strong-buy" rating to a "hold" rating in a report on Tuesday, August 19th. Wall Street Zen upgraded shares of Independent Bank from a "sell" rating to a "hold" rating in a report on Sunday, August 10th. One equities research analyst has rated the stock with a Strong Buy rating and three have assigned a Hold rating to the company. According to MarketBeat, Independent Bank presently has a consensus rating of "Moderate Buy" and an average target price of $71.00.

Independent Bank Price Performance

INDB traded up $0.57 on Wednesday, hitting $70.45. 294,333 shares of the stock were exchanged, compared to its average volume of 275,035. Independent Bank Corp. has a 12 month low of $52.15 and a 12 month high of $77.23. The business has a 50-day moving average of $67.79 and a two-hundred day moving average of $63.79. The company has a debt-to-equity ratio of 0.25, a current ratio of 0.96 and a quick ratio of 0.96. The firm has a market capitalization of $3.52 billion, a price-to-earnings ratio of 15.90 and a beta of 0.91.

Independent Bank (NASDAQ:INDB - Get Free Report) last posted its earnings results on Thursday, July 17th. The bank reported $1.25 EPS for the quarter, topping analysts' consensus estimates of $1.20 by $0.05. The firm had revenue of $181.80 million during the quarter, compared to analysts' expectations of $179.47 million. Independent Bank had a net margin of 18.93% and a return on equity of 6.39%. Sell-side analysts forecast that Independent Bank Corp. will post 5.41 EPS for the current fiscal year.

About Independent Bank

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.