Rockland Trust Co. Raises Stake 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. raised its stake in Independent Bank Corp. (NASDAQ:INDB - Free Report) by 21.1% during the 2nd quarter, according to its most recent disclosure 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 accounts for approximately 2.1% of Rockland Trust Co.'s investment portfolio, making the stock its 11th largest holding. Rockland Trust Co. owned about 1.72% of Independent Bank worth $43,268,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. HighTower Advisors LLC grew its stake in shares of Independent Bank by 3.3% during the first quarter. HighTower Advisors LLC now owns 7,049 shares of the bank's stock worth $442,000 after acquiring an additional 226 shares during the last quarter. PNC Financial Services Group Inc. grew its stake in shares of Independent Bank by 3.6% during the first quarter. PNC Financial Services Group Inc. now owns 6,616 shares of the bank's stock worth $414,000 after acquiring an additional 232 shares during the last quarter. GAMMA Investing LLC grew its stake in shares of Independent Bank by 156.9% during the first quarter. GAMMA Investing LLC now owns 429 shares of the bank's stock worth $27,000 after acquiring an additional 262 shares during the last quarter. KBC Group NV grew its stake in shares of Independent Bank by 15.3% during the first quarter. KBC Group NV now owns 2,204 shares of the bank's stock worth $138,000 after acquiring an additional 293 shares during the last quarter. Finally, Isthmus Partners LLC lifted its holdings in shares of Independent Bank by 1.8% during the first quarter. Isthmus Partners LLC now owns 37,994 shares of the bank's stock worth $2,380,000 after purchasing an additional 681 shares during the period. Hedge funds and other institutional investors own 83.40% of the company's stock.

Independent Bank Price Performance

Shares of INDB stock traded down $0.98 during trading hours on Monday, hitting $70.15. 227,136 shares of the company's stock were exchanged, compared to its average volume of 309,762. The company has a quick ratio of 0.96, a current ratio of 0.96 and a debt-to-equity ratio of 0.25. Independent Bank Corp. has a fifty-two week low of $52.15 and a fifty-two week high of $77.23. The firm has a market cap of $3.50 billion, a P/E ratio of 15.84 and a beta of 0.91. The firm has a 50 day moving average of $68.07 and a two-hundred day moving average of $63.92.

Independent Bank (NASDAQ:INDB - Get Free Report) last issued its quarterly earnings results on Thursday, July 17th. The bank reported $1.25 EPS for the quarter, topping the consensus estimate of $1.20 by $0.05. Independent Bank had a return on equity of 6.39% and a net margin of 18.93%.The firm had revenue of $181.80 million during the quarter, compared to analysts' expectations of $179.47 million. Sell-side analysts forecast that Independent Bank Corp. will post 5.41 EPS for the current year.

Independent Bank Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, October 7th. Investors of record on Monday, September 29th will be given a dividend of $0.59 per share. This represents a $2.36 annualized dividend and a dividend yield of 3.4%. The ex-dividend date is Monday, September 29th. Independent Bank's payout ratio is presently 53.27%.

Analyst Upgrades and Downgrades

A number of research firms recently commented on INDB. Zacks Research downgraded Independent Bank from a "strong-buy" rating to a "hold" rating in a report on Tuesday, August 19th. Wall Street Zen raised Independent Bank from a "sell" rating to a "hold" rating in a report on Sunday, August 10th. One research analyst has rated the stock with a Strong Buy rating and three have issued a Hold rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average price target of $71.00.

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.