Rockland Trust Co. Has $43.27 Million Stock Holdings in Independent Bank Corp. $INDB

Key Points

• Rockland Trust Co. has increased its stake in Independent Bank Corp. by 21.1%, now owning approximately 731,272 shares valued at $43.27 million.
• The bank recently reported a quarterly earnings per share (EPS) of $1.25, surpassing analysts' estimates of $1.20, and had a revenue of $181.80 million.
• Independent Bank announced a quarterly dividend of $0.59 per share, with a dividend yield of 3.2%, to be paid on October 7th to shareholders of record on September 29th.

Rockland Trust Co. grew its stake in Independent Bank Corp. (NASDAQ:INDB - Free Report) by 21.1% in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 731,272 shares of the bank's stock after purchasing an additional 127,332 shares during the period. Independent Bank makes up about 2.1% of Rockland Trust Co.'s portfolio, making the stock its 11th biggest position. Rockland Trust Co. owned about 1.72% of Independent Bank worth $43,268,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds have also bought and sold shares of the company. Alliancebernstein L.P. grew its stake in Independent Bank by 910.4% during the 1st quarter. Alliancebernstein L.P. now owns 1,078,311 shares of the bank's stock worth $67,556,000 after buying an additional 971,587 shares during the last quarter. FJ Capital Management LLC purchased a new stake in shares of Independent Bank in the first quarter valued at approximately $32,175,000. Reinhart Partners LLC. purchased a new position in Independent Bank in the second quarter worth approximately $31,927,000. Nuveen LLC acquired a new position in Independent Bank during the first quarter worth $13,414,000. Finally, Leeward Investments LLC MA raised its stake in shares of Independent Bank by 68.6% in the first quarter. Leeward Investments LLC MA now owns 293,736 shares of the bank's stock valued at $18,403,000 after acquiring an additional 119,471 shares in the last quarter. 83.40% of the stock is owned by institutional investors.

Independent Bank Price Performance

NASDAQ:INDB traded down $1.71 during mid-day trading on Friday, hitting $71.13. The company's stock had a trading volume of 1,012,941 shares, compared to its average volume of 275,770. Independent Bank Corp. has a fifty-two week low of $52.15 and a fifty-two week high of $77.23. 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 company has a market capitalization of $3.55 billion, a price-to-earnings ratio of 16.06 and a beta of 0.91. The stock has a fifty day moving average of $68.00 and a 200-day moving average of $63.86.

Independent Bank (NASDAQ:INDB - Get Free Report) last posted its quarterly earnings data 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. Independent Bank had a net margin of 18.93% and a return on equity of 6.39%. The company had revenue of $181.80 million during the quarter, compared to analyst estimates of $179.47 million. As a group, equities analysts forecast that Independent Bank Corp. will post 5.41 EPS for the current fiscal year.

Independent Bank Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 7th. Investors of record on Monday, September 29th will be issued 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 is Monday, September 29th. Independent Bank's dividend payout ratio (DPR) is presently 53.27%.

Wall Street Analysts Forecast Growth

A number of analysts have issued reports on INDB shares. Wall Street Zen raised Independent Bank from a "sell" rating to a "hold" rating in a report on Sunday, August 10th. Zacks Research cut Independent Bank from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, August 19th. One investment analyst has rated the stock with a Strong Buy rating and three have assigned a Hold rating to the company's stock. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average 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.