Squarepoint Ops LLC Buys New Shares in Independent Bank Corp. $INDB

Key Points

• Squarepoint Ops LLC initiated a position in Independent Bank Corp., purchasing 17,448 shares valued at approximately $1.46 million. Institutional investors collectively own 83.4% of the company.
• Independent Bank reported quarterly EPS of $1.70, below the $1.79 analyst consensus, while revenue of $253.32 million also fell short of expectations. The company maintains a quarterly dividend of $0.64 per share, yielding about 3.1% annually.
• Analysts have a “Moderate Buy” consensus rating with an average price target of $91.86, compared with the stock’s recent price of $83.64. Two directors recently sold shares, and insiders own 1.6% of the company.

Squarepoint Ops LLC bought a new position in Independent Bank Corp. (NASDAQ:INDB - Free Report) during the second quarter, according to the company in its most recent filing with the SEC. The firm bought 17,448 shares of the bank's stock, valued at approximately $1,461,000.

Other hedge funds have also added to or reduced their stakes in the company. BlackRock Inc. bought a new position in shares of Independent Bank during the second quarter valued at about $584,333,000. Geode Capital Management LLC lifted its stake in shares of Independent Bank by 1.7% in the 4th quarter. Geode Capital Management LLC now owns 1,232,467 shares of the bank's stock valued at $90,082,000 after acquiring an additional 20,278 shares during the last quarter. Reinhart Partners LLC. boosted its holdings in Independent Bank by 1.3% during the 2nd quarter. Reinhart Partners LLC. now owns 657,871 shares of the bank's stock valued at $55,078,000 after acquiring an additional 8,575 shares during the period. Norges Bank purchased a new stake in Independent Bank during the 4th quarter valued at about $46,117,000. Finally, Bank of America Corp DE bought a new position in Independent Bank during the 2nd quarter worth approximately $44,640,000. 83.40% of the stock is owned by institutional investors.

Independent Bank Stock Performance

Shares of INDB stock opened at $83.64 on Wednesday. The firm has a market capitalization of $3.96 billion, a price-to-earnings ratio of 15.10 and a beta of 0.76. The stock has a fifty day moving average of $83.98 and a 200 day moving average of $80.63. Independent Bank Corp. has a 52 week low of $63.33 and a 52 week high of $87.50. 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 issued its quarterly earnings data 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). Independent Bank had a net margin of 20.31% and a return on equity of 9.19%. The company had revenue of $253.32 million for the quarter, compared to analysts' expectations of $257.50 million. As a group, research analysts expect that Independent Bank Corp. will post 7.11 earnings per share for the current year.

Independent Bank Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, July 9th. Investors of record on Monday, June 29th were given a dividend of $0.64 per share. The ex-dividend date was Monday, June 29th. This represents a $2.56 annualized dividend and a dividend yield of 3.1%. Independent Bank's payout ratio is currently 46.21%.

Insider Activity

In related news, Director Gerard Nadeau sold 5,307 shares of the stock in a transaction dated 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 transaction, the director directly owned 16,907 shares of the company's stock, valued at $1,431,853.83. This represents a 23.89% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Thomas R. Venables sold 3,750 shares of the firm's stock in a transaction dated Tuesday, August 25th. The stock was sold at an average price of $83.00, for a total transaction of $311,250.00. Following the completion of the sale, the director owned 17,649 shares of the company's stock, valued at $1,464,867. This trade represents a 17.52% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 1.60% of the stock is owned by insiders.

Wall Street Analyst Weigh In

A number of equities analysts have commented on the company. Piper Sandler lifted their price target on Independent Bank from $84.00 to $90.00 and gave the stock a "neutral" rating in a research note on Friday, June 26th. Weiss Ratings restated a "buy (b)" rating on shares of Independent Bank in a report on Wednesday, August 5th. Finally, Keefe, Bruyette & Woods decreased their target price on shares of Independent Bank from $99.00 to $96.00 and set an "outperform" rating on the stock in a research note on Monday, July 20th. One investment analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, Independent Bank has an average rating of "Moderate Buy" and an average price target of $91.86.

About Independent Bank

Independent Bank Corp. is a bank holding company headquartered in Rockland, Massachusetts. Its principal subsidiary, Rockland Trust Company, provides banking and financial services to individuals, families, businesses and institutions.

Rockland Trust offers a range of consumer and commercial banking products, including checking and savings accounts, residential and commercial lending, mortgages, home equity financing, business loans, cash-management services and online and mobile banking.

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