Hsbc Holdings PLC Cuts Stake in Independent Bank Corp. $INDB

Hsbc Holdings PLC decreased its position in Independent Bank Corp. (NASDAQ:INDB - Free Report) by 74.2% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 6,614 shares of the bank's stock after selling 19,001 shares during the quarter. Hsbc Holdings PLC's holdings in Independent Bank were worth $414,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds also recently bought and sold shares of the company. HighTower Advisors LLC lifted its position in Independent Bank by 3.3% in the 1st quarter. HighTower Advisors LLC now owns 7,049 shares of the bank's stock worth $442,000 after buying an additional 226 shares during the last quarter. PNC Financial Services Group Inc. lifted its position in Independent Bank by 3.6% in the first quarter. PNC Financial Services Group Inc. now owns 6,616 shares of the bank's stock valued at $414,000 after purchasing an additional 232 shares during the last quarter. GAMMA Investing LLC lifted its position in 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 purchasing an additional 262 shares during the last quarter. KBC Group NV lifted its position in Independent Bank by 15.3% in the first quarter. KBC Group NV now owns 2,204 shares of the bank's stock valued at $138,000 after purchasing an additional 293 shares during the last quarter. Finally, Isthmus Partners LLC lifted its position in Independent Bank by 1.8% in the first quarter. Isthmus Partners LLC now owns 37,994 shares of the bank's stock valued at $2,380,000 after purchasing an additional 681 shares during the last quarter. Institutional investors own 83.40% of the company's stock.

Analysts Set New Price Targets

INDB has been the subject of several recent research reports. Zacks Research downgraded Independent Bank from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, August 19th. Wall Street Zen upgraded Independent Bank from a "sell" rating to a "hold" rating in a report on Sunday, August 10th. One investment analyst has rated the stock with a Strong Buy rating and three have issued a Hold rating to the stock. According to MarketBeat, the company has an average rating of "Moderate Buy" and an average price target of $71.00.

Independent Bank Stock Down 1.3%

INDB stock traded down $0.96 during midday trading on Friday, hitting $71.09. The stock had a trading volume of 358,896 shares, compared to its average volume of 265,576. The firm has a market cap of $3.55 billion, a price-to-earnings ratio of 16.05 and a beta of 0.91. The business has a 50-day moving average of $67.07 and a two-hundred day moving average of $63.69. Independent Bank Corp. has a 52-week low of $52.15 and a 52-week high of $77.23. 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 (NASDAQ:INDB - Get Free Report) last issued 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 analysts' expectations of $179.47 million. Independent Bank had a return on equity of 6.39% and a net margin of 18.93%. As a group, equities research analysts forecast that Independent Bank Corp. will post 5.41 earnings per share for the current fiscal year.

Independent Bank Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, July 7th. Investors of record on Monday, June 30th were paid a $0.59 dividend. This represents a $2.36 annualized dividend and a yield of 3.3%. The ex-dividend date of this dividend was Monday, June 30th. Independent Bank's dividend payout ratio is presently 53.27%.

Independent Bank Profile

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.