Independent Bank Corp. $INDB Stock Holdings Trimmed by Rockland Trust Co.

Key Points

• Rockland Trust reduced its Independent Bank holdings by 2.7%, selling 38,388 shares during the third quarter. It still owns 1.39 million shares, representing about 2.93% of INDB and a $107.9 million position.
• Analyst sentiment remains positive, with a consensus “Buy” rating and an average price target of $91.86. Piper Sandler upgraded the stock to “strong buy,” while Keefe, Bruyette & Woods lowered its target to $96.
• INDB traded near $79.86 and recently reported quarterly EPS of $1.70, below the $1.79 consensus estimate. The company also declared a quarterly dividend of $0.64, equal to an annualized yield of approximately 3.2%.

Rockland Trust Co. reduced its holdings in shares of Independent Bank Corp. (NASDAQ:INDB - Free Report) by 2.7% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,389,563 shares of the bank's stock after selling 38,388 shares during the period. Independent Bank makes up 4.1% of Rockland Trust Co.'s holdings, making the stock its 4th largest position. Rockland Trust Co. owned approximately 2.93% of Independent Bank worth $107,900,000 as of its most recent SEC filing.

Other institutional investors have also added to or reduced their stakes in the company. EverSource Wealth Advisors LLC increased its holdings in shares of Independent Bank by 27.4% during the first quarter. EverSource Wealth Advisors LLC now owns 898 shares of the bank's stock valued at $68,000 after acquiring an additional 193 shares in the last quarter. Sachetta LLC raised its position in shares of Independent Bank by 3.2% in the 1st quarter. Sachetta LLC now owns 8,304 shares of the bank's stock valued at $625,000 after purchasing an additional 259 shares during the last quarter. Rockefeller Capital Management L.P. boosted its stake in Independent Bank by 76.4% in the 4th quarter. Rockefeller Capital Management L.P. now owns 836 shares of the bank's stock worth $61,000 after purchasing an additional 362 shares in the last quarter. Ballast Advisors LLC purchased a new stake in Independent Bank during the 1st quarter worth approximately $30,000. Finally, GHP Investment Advisors Inc. grew its position in Independent Bank by 1.6% during the 1st quarter. GHP Investment Advisors Inc. now owns 35,763 shares of the bank's stock worth $2,690,000 after purchasing an additional 573 shares during the last quarter. Institutional investors and hedge funds own 83.40% of the company's stock.

Analyst Ratings Changes

INDB has been the subject of a number of research analyst reports. Keefe, Bruyette & Woods decreased their price target on shares of Independent Bank from $99.00 to $96.00 and set an "outperform" rating for the company in a report on Monday, July 20th. Piper Sandler raised Independent Bank from a "hold" rating to a "strong-buy" rating in a research report on Friday. Finally, Weiss Ratings restated a "buy (b)" rating on shares of Independent Bank in a research note on Wednesday, August 5th. Two equities research analysts have rated the stock with a Strong Buy rating, four have assigned a Buy rating and one has issued a Sell rating to the company's stock. According to MarketBeat, Independent Bank presently has a consensus rating of "Buy" and a consensus target price of $91.86.

Independent Bank Stock Performance

Shares of INDB traded down $0.20 during mid-day trading on Monday, reaching $79.86. The company had a trading volume of 77,754 shares, compared to its average volume of 350,067. The stock has a market capitalization of $3.78 billion, a P/E ratio of 14.42 and a beta of 0.78. Independent Bank Corp. has a 52-week low of $63.33 and a 52-week high of $87.50. The stock has a 50 day moving average of $82.89 and a two-hundred day moving average of $80.89. The company has a quick ratio of 0.94, a current ratio of 0.94 and a debt-to-equity ratio of 0.20.

Independent Bank (NASDAQ:INDB - Get Free Report) last announced its quarterly earnings results on Thursday, July 16th. The bank reported $1.70 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $1.79 by ($0.09). The company had revenue of $253.32 million during the quarter, compared to analyst estimates of $257.50 million. Independent Bank had a net margin of 20.31% and a return on equity of 9.19%. On average, analysts expect that Independent Bank Corp. will post 7.14 earnings per share for the current year.

Independent Bank Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, October 9th. Shareholders of record on Monday, September 28th will be issued a $0.64 dividend. The ex-dividend date of this dividend is Monday, September 28th. This represents a $2.56 dividend on an annualized basis and a yield of 3.2%. Independent Bank's payout ratio is presently 46.21%.

Insider Activity

In other Independent Bank news, Director Thomas R. Venables sold 3,750 shares of the stock in a transaction that occurred on Tuesday, August 25th. The stock was sold at an average price of $83.00, for a total transaction of $311,250.00. Following the transaction, the director owned 17,649 shares in the company, valued at approximately $1,464,867. This represents a 17.52% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Gerard F. Nadeau sold 5,307 shares of the firm's stock in a transaction that occurred on Monday, August 3rd. The shares were sold at an average price of $84.69, for a total value of $449,449.83. Following the completion of the sale, the director directly owned 16,907 shares in the company, valued at approximately $1,431,853.83. The trade was a 23.89% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Corporate insiders own 1.60% of the company's stock.

About Independent Bank

Independent Bank Corp. is the bank holding company for Rockland Trust Company, a full-service community bank headquartered in Rockland, Massachusetts. Through Rockland Trust, the company provides banking and financial services to individuals, families, businesses, nonprofits and municipalities.

Its products and services include checking and savings accounts, certificates of deposit, residential and commercial lending, home equity loans, mortgages, cash management, online and mobile banking, and other treasury management solutions.

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