Boston Trust Walden Corp Has $36.79 Million Stake in Independent Bank Corp. $INDB

Key Points

• Boston Trust Walden Corp reduced its stake in Independent Bank Corp. by 2.3%, now holding approximately 584,985 shares valued at about $36.79 million.
• Independent Bank reported a net margin of 18.93% and earnings of $1.01 per share for the last quarter, with expected earnings per share of 5.41 for the current fiscal year.
• The bank recently declared a quarterly dividend of $0.59 per share, representing an annualized dividend yield of 3.4% with a payout ratio of 53.27%.

Boston Trust Walden Corp reduced its holdings in shares of Independent Bank Corp. (NASDAQ:INDB - Free Report) by 2.3% in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 584,985 shares of the bank's stock after selling 13,749 shares during the quarter. Boston Trust Walden Corp owned approximately 1.37% of Independent Bank worth $36,787,000 as of its most recent SEC filing.

A number of other large investors have also added to or reduced their stakes in INDB. Alliancebernstein L.P. boosted its position in Independent Bank by 910.4% during the first quarter. Alliancebernstein L.P. now owns 1,078,311 shares of the bank's stock worth $67,556,000 after purchasing an additional 971,587 shares during the period. FJ Capital Management LLC bought a new stake in shares of Independent Bank during the 1st quarter worth about $32,175,000. Reinhart Partners LLC. acquired a new position in Independent Bank in the 2nd quarter valued at about $31,927,000. Nuveen LLC bought a new position in Independent Bank in the 1st quarter valued at about $13,414,000. Finally, Rockland Trust Co. lifted its position in Independent Bank by 21.1% during the second quarter. Rockland Trust Co. now owns 731,272 shares of the bank's stock worth $43,268,000 after acquiring an additional 127,332 shares during the last quarter. Institutional investors own 83.40% of the company's stock.

Independent Bank Price Performance

Shares of NASDAQ INDB opened at $69.84 on Wednesday. The business has a fifty day moving average price of $69.26 and a two-hundred day moving average price of $64.59. The stock has a market capitalization of $3.49 billion, a PE ratio of 15.77 and a beta of 0.85. The company has a debt-to-equity ratio of 0.25, a current ratio of 0.96 and a quick ratio of 0.96. Independent Bank Corp. has a fifty-two week low of $52.15 and a fifty-two week high of $77.23.

Independent Bank (NASDAQ:INDB - Get Free Report) last released its earnings results on Wednesday, February 12th. The bank reported $1.01 earnings per share for the quarter. Independent Bank had a return on equity of 6.39% and a net margin of 18.93%.The firm had revenue of $175.25 million during the quarter. As a group, equities analysts predict that Independent Bank Corp. will post 5.41 earnings per share for the current fiscal year.

Independent Bank Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Tuesday, October 7th. Stockholders of record on Monday, September 29th were issued a dividend of $0.59 per share. This represents a $2.36 dividend on an annualized basis and a dividend yield of 3.4%. The ex-dividend date of this dividend was Monday, September 29th. Independent Bank's dividend payout ratio is 53.27%.

Analyst Ratings Changes

A number of brokerages have recently weighed in on INDB. Weiss Ratings reiterated a "hold (c+)" rating on shares of Independent Bank in a research note on Wednesday, October 8th. Zacks Research cut Independent Bank from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, August 19th. Finally, Wall Street Zen raised shares of Independent Bank from a "sell" rating to a "hold" rating in a research report on Sunday, August 10th. One analyst has rated the stock with a Strong Buy rating and four have assigned a Hold rating to the stock. According to MarketBeat, the company presently has an average rating of "Hold" 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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