AQR Capital Management LLC Has $7.28 Million Holdings in 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 cut its stake in Independent Bank Corp. (NASDAQ:INDB - Free Report) by 4.2% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 116,177 shares of the bank's stock after selling 5,108 shares during the period. AQR Capital Management LLC owned approximately 0.27% of Independent Bank worth $7,278,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently made changes to their positions in the company. GAMMA Investing LLC lifted its stake in shares of Independent Bank by 156.9% in the first quarter. GAMMA Investing LLC now owns 429 shares of the bank's stock valued at $27,000 after buying an additional 262 shares during the period. Quarry LP raised its holdings in Independent Bank by 1,328.6% in the 1st quarter. Quarry LP now owns 1,300 shares of the bank's stock valued at $81,000 after acquiring an additional 1,209 shares in the last quarter. KBC Group NV raised its holdings in Independent Bank by 15.3% in the 1st quarter. KBC Group NV now owns 2,204 shares of the bank's stock valued at $138,000 after acquiring an additional 293 shares in the last quarter. Xponance Inc. bought a new stake in shares of Independent Bank in the 1st quarter worth approximately $203,000. Finally, Landscape Capital Management L.L.C. acquired a new stake in shares of Independent Bank during the 1st quarter worth approximately $217,000. Institutional investors own 83.40% of the company's stock.

Independent Bank Trading Up 1.1%

Shares of Independent Bank stock opened at $70.09 on Friday. Independent Bank Corp. has a 12-month low of $52.15 and a 12-month high of $77.23. The stock has a market capitalization of $3.50 billion, a P/E ratio of 15.82 and a beta of 0.91. The company has a 50-day simple moving average of $67.45 and a 200 day simple moving average of $63.73. The company has a quick ratio of 0.96, a current ratio of 0.96 and a debt-to-equity ratio of 0.25.

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

Independent Bank Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, July 7th. Investors of record on Monday, June 30th were given a dividend of $0.59 per share. The ex-dividend date was Monday, June 30th. This represents a $2.36 dividend on an annualized basis and a yield of 3.4%. Independent Bank's dividend payout ratio is 53.27%.

Wall Street Analysts Forecast Growth

INDB has been the subject of a number of recent research reports. Zacks Research lowered Independent Bank from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, August 19th. Wall Street Zen raised 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 data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $71.00.

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.

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