Moody Aldrich Partners LLC Reduces Stake in Independent Bank Corp. (NASDAQ:INDB)

Moody Aldrich Partners LLC trimmed its position in shares of Independent Bank Corp. (NASDAQ:INDB - Free Report) by 2.9% in the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 145,666 shares of the bank's stock after selling 4,376 shares during the quarter. Independent Bank accounts for approximately 1.9% of Moody Aldrich Partners LLC's investment portfolio, making the stock its 8th largest position. Moody Aldrich Partners LLC owned 0.34% of Independent Bank worth $9,126,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Stifel Financial Corp purchased a new position in shares of Independent Bank during the 4th quarter worth about $266,000. Natixis Advisors LLC purchased a new position in shares of Independent Bank during the 4th quarter worth about $722,000. SG Americas Securities LLC boosted its position in shares of Independent Bank by 215.0% during the first quarter. SG Americas Securities LLC now owns 5,739 shares of the bank's stock valued at $360,000 after buying an additional 3,917 shares during the period. Vest Financial LLC purchased a new position in shares of Independent Bank during the first quarter valued at approximately $795,000. Finally, Wealth Enhancement Advisory Services LLC boosted its position in shares of Independent Bank by 9.0% during the first quarter. Wealth Enhancement Advisory Services LLC now owns 25,359 shares of the bank's stock valued at $1,589,000 after buying an additional 2,092 shares during the period. 83.40% of the stock is owned by hedge funds and other institutional investors.

Independent Bank Trading Up 1.2%

INDB stock traded up $0.80 during mid-day trading on Friday, reaching $66.95. The company had a trading volume of 483,211 shares, compared to its average volume of 296,586. Independent Bank Corp. has a 12 month low of $47.43 and a 12 month high of $77.23. The company has a market capitalization of $2.85 billion, a PE ratio of 15.08 and a beta of 0.84. The firm has a 50 day moving average of $62.72 and a 200 day moving average of $63.34. The company has a debt-to-equity ratio of 0.28, a current ratio of 0.96 and a quick ratio of 0.96.

Independent Bank (NASDAQ:INDB - Get Free Report) last announced its quarterly earnings data on Thursday, April 17th. The bank reported $1.06 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.18 by ($0.12). Independent Bank had a return on equity of 6.41% and a net margin of 19.12%. The firm had revenue of $178.04 million during the quarter, compared to the consensus estimate of $175.03 million. On average, equities analysts predict that Independent Bank Corp. will post 5.41 earnings per share for the current fiscal year.

Independent Bank Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, July 7th. Shareholders of record on Monday, June 30th will be issued a dividend of $0.59 per share. This represents a $2.36 annualized dividend and a yield of 3.53%. The ex-dividend date is Monday, June 30th. Independent Bank's payout ratio is 53.15%.

Wall Street Analyst Weigh In

Several brokerages have issued reports on INDB. Wall Street Zen lowered Independent Bank from a "hold" rating to a "sell" rating in a research report on Saturday, April 26th. Keefe, Bruyette & Woods cut their price objective on Independent Bank from $80.00 to $72.00 and set a "market perform" rating on the stock in a research report on Monday, April 21st. Finally, Piper Sandler cut their price target on shares of Independent Bank from $74.00 to $63.00 and set a "neutral" rating on the stock in a report on Monday, April 21st. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and two have issued a strong buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" 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.