Hsbc Holdings PLC Sells 19,001 Shares of Independent Bank Corp. $INDB

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

A number of other institutional investors have also added to or reduced their stakes in the company. Vanguard Group Inc. grew its position in Independent Bank by 2.3% in the 1st quarter. Vanguard Group Inc. now owns 5,134,903 shares of the bank's stock worth $321,702,000 after purchasing an additional 116,820 shares in the last quarter. Dimensional Fund Advisors LP boosted its stake in Independent Bank by 0.9% in the first quarter. Dimensional Fund Advisors LP now owns 2,339,253 shares of the bank's stock valued at $146,554,000 after acquiring an additional 20,603 shares during the last quarter. Deprince Race & Zollo Inc. boosted its stake in Independent Bank by 687.2% in the fourth quarter. Deprince Race & Zollo Inc. now owns 948,244 shares of the bank's stock valued at $60,868,000 after acquiring an additional 827,793 shares during the last quarter. Charles Schwab Investment Management Inc. boosted its stake in Independent Bank by 0.8% in the first quarter. Charles Schwab Investment Management Inc. now owns 549,547 shares of the bank's stock valued at $34,429,000 after acquiring an additional 4,599 shares during the last quarter. Finally, Bank of America Corp DE boosted its stake in Independent Bank by 11.0% in the fourth quarter. Bank of America Corp DE now owns 354,168 shares of the bank's stock valued at $22,734,000 after acquiring an additional 35,165 shares during the last quarter. 83.40% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of research firms have weighed in on INDB. Wall Street Zen upgraded shares of Independent Bank from a "sell" rating to a "hold" rating in a research note on Sunday, August 10th. Zacks Research cut shares of Independent Bank from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, August 19th. One investment analyst has rated the stock with a Strong Buy rating and three have issued a Hold rating to the stock. According to data from MarketBeat.com, Independent Bank has a consensus rating of "Moderate Buy" and an average price target of $71.00.

Independent Bank Stock Performance

Shares of INDB stock traded down $0.96 during trading on Friday, reaching $71.09. 358,896 shares of the company's stock traded hands, compared to its average volume of 276,468. The company has a market capitalization of $3.55 billion, a P/E ratio of 16.05 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. The firm's 50-day moving average is $67.07 and its 200 day moving average is $63.61. 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 EPS for the quarter, beating analysts' consensus estimates 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 net margin of 18.93% and a return on equity of 6.39%. Equities research analysts expect that Independent Bank Corp. will post 5.41 EPS for the current 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 paid a dividend of $0.59 per share. This represents a $2.36 dividend on an annualized basis and a dividend yield of 3.3%. The ex-dividend date was Monday, June 30th. Independent Bank's dividend payout ratio is presently 53.27%.

Independent Bank Company 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.