Boston Trust Walden Corp Sells 15,647 Shares of Independent Bank Corp. (NASDAQ:INDB)

Boston Trust Walden Corp trimmed its position in Independent Bank Corp. (NASDAQ:INDB) by 2.5% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 619,313 shares of the bank’s stock after selling 15,647 shares during the quarter. Boston Trust Walden Corp owned 1.46% of Independent Bank worth $36,620,000 at the end of the most recent reporting period.

Other institutional investors have also added to or reduced their stakes in the company. EntryPoint Capital LLC bought a new position in shares of Independent Bank in the 1st quarter valued at $47,000. Innealta Capital LLC bought a new position in shares of Independent Bank in the 2nd quarter valued at $73,000. Profund Advisors LLC acquired a new stake in shares of Independent Bank during the 2nd quarter valued at $229,000. Vanguard Personalized Indexing Management LLC grew its position in Independent Bank by 29.7% during the 2nd quarter. Vanguard Personalized Indexing Management LLC now owns 5,378 shares of the bank’s stock worth $273,000 after acquiring an additional 1,231 shares during the last quarter. Finally, SG Americas Securities LLC boosted its stake in shares of Independent Bank by 102.6% during the first quarter. SG Americas Securities LLC now owns 5,305 shares of the bank’s stock valued at $276,000 after purchasing an additional 2,687 shares in the last quarter. 83.40% of the stock is currently owned by institutional investors and hedge funds.

Independent Bank Stock Performance

Shares of INDB stock opened at $61.85 on Friday. The stock has a market capitalization of $2.63 billion, a PE ratio of 13.45 and a beta of 0.74. The business’s 50 day simple moving average is $60.66 and its 200 day simple moving average is $55.40. The company has a debt-to-equity ratio of 0.24, a current ratio of 0.95 and a quick ratio of 0.95. Independent Bank Corp. has a one year low of $45.11 and a one year high of $68.75.

Independent Bank (NASDAQ:INDB) last posted its quarterly earnings data on Thursday, October 17th. The bank reported $1.01 EPS for the quarter, beating analysts’ consensus estimates of $0.99 by $0.02. Independent Bank had a net margin of 20.26% and a return on equity of 6.79%. The company had revenue of $250.07 million for the quarter, compared to analyst estimates of $173.24 million. During the same period in the prior year, the firm posted $1.38 EPS. As a group, research analysts forecast that Independent Bank Corp. will post 4.42 earnings per share for the current year.

Independent Bank Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, October 4th. Shareholders of record on Monday, September 30th were issued a dividend of $0.57 per share. The ex-dividend date was Monday, September 30th. This represents a $2.28 dividend on an annualized basis and a yield of 3.69%. Independent Bank’s payout ratio is currently 49.57%.

Analyst Ratings Changes

Several research analysts have recently issued reports on the company. StockNews.com downgraded Independent Bank from a “hold” rating to a “sell” rating in a research note on Tuesday, September 17th. Seaport Res Ptn upgraded shares of Independent Bank from a “hold” rating to a “strong-buy” rating in a research report on Monday, July 22nd. Keefe, Bruyette & Woods lifted their price target on shares of Independent Bank from $62.00 to $65.00 and gave the stock a “market perform” rating in a report on Monday, October 21st. Finally, Raymond James raised shares of Independent Bank from a “market perform” rating to a “strong-buy” rating and set a $74.00 price objective on the stock in a research note on Monday, October 21st. One investment analyst has rated the stock with a sell rating, one has issued a hold rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $69.50.

Independent Bank Company 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.