Independent Bank Corp. $INDB Shares Purchased by Harbor Capital Advisors Inc.

Key Points

• Harbor Capital Advisors Inc. significantly increased its stake in Independent Bank Corp. by 17,128.1% in the second quarter, owning 45,310 shares valued at approximately $2.85 million.
• Independent Bank's recent quarterly earnings showed an EPS of $1.25, beating the consensus estimate of $1.20, alongside a revenue of $181.80 million.
• Analysts maintain a consensus rating of "Moderate Buy" for Independent Bank Corp., with a price target of $71.00, following recent adjustments in ratings from Wall Street firms.

Harbor Capital Advisors Inc. grew its holdings in shares of Independent Bank Corp. (NASDAQ:INDB - Free Report) by 17,128.1% during the second quarter, according to the company in its most recent disclosure with the SEC. The fund owned 45,310 shares of the bank's stock after buying an additional 45,047 shares during the quarter. Harbor Capital Advisors Inc. owned 0.11% of Independent Bank worth $2,849,000 at the end of the most recent reporting period.

Other hedge funds have also recently modified their holdings of the company. Deutsche Bank AG grew its stake in Independent Bank by 51.6% in the fourth quarter. Deutsche Bank AG now owns 37,276 shares of the bank's stock worth $2,393,000 after purchasing an additional 12,687 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its stake in Independent Bank by 4.0% in the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 24,162 shares of the bank's stock worth $1,551,000 after purchasing an additional 932 shares in the last quarter. Twinbeech Capital LP bought a new position in Independent Bank in the fourth quarter worth approximately $503,000. Squarepoint Ops LLC bought a new position in Independent Bank in the fourth quarter worth approximately $3,207,000. Finally, Voloridge Investment Management LLC grew its stake in Independent Bank by 2.3% in the fourth quarter. Voloridge Investment Management LLC now owns 209,963 shares of the bank's stock worth $13,478,000 after purchasing an additional 4,798 shares in the last quarter. Institutional investors own 83.40% of the company's stock.

Independent Bank Stock Performance

INDB traded down $1.71 during midday trading on Friday, hitting $71.13. 1,012,941 shares of the company were exchanged, compared to its average volume of 275,770. The company's 50 day simple moving average is $68.00 and its 200 day simple moving average is $63.86. The firm has a market capitalization of $3.55 billion, a price-to-earnings ratio of 16.06 and a beta of 0.91. The company has a current ratio of 0.96, a quick ratio of 0.96 and a debt-to-equity ratio of 0.25. Independent Bank Corp. has a 1-year low of $52.15 and a 1-year high of $77.23.

Independent Bank (NASDAQ:INDB - Get Free Report) last announced its quarterly earnings results on Thursday, July 17th. The bank reported $1.25 earnings per share for the quarter, topping the consensus estimate of $1.20 by $0.05. The company had revenue of $181.80 million for the quarter, compared to the consensus estimate of $179.47 million. Independent Bank had a return on equity of 6.39% and a net margin of 18.93%. As a group, sell-side analysts predict that Independent Bank Corp. will post 5.41 earnings per share for the current year.

Independent Bank Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, October 7th. Stockholders of record on Monday, September 29th will be given a dividend of $0.59 per share. The ex-dividend date is Monday, September 29th. This represents a $2.36 dividend on an annualized basis and a dividend yield of 3.3%. Independent Bank's dividend payout ratio (DPR) is 53.27%.

Analyst Ratings Changes

A number of research firms have weighed in on INDB. Wall Street Zen upgraded Independent Bank from a "sell" rating to a "hold" rating in a report on Sunday, August 10th. Zacks Research lowered Independent Bank from a "strong-buy" rating to a "hold" rating in a report on Tuesday, August 19th. One research analyst has rated the stock with a Strong Buy rating and three have assigned a Hold rating to the stock. Based on data from MarketBeat, Independent Bank presently has a consensus rating of "Moderate Buy" and a consensus price target 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.