Independent Bank Corp. (NASDAQ:INDB) Shares Sold by Edgestream Partners L.P.

Edgestream Partners L.P. lowered its position in shares of Independent Bank Corp. (NASDAQ:INDB) by 65.7% during the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 32,161 shares of the bank’s stock after selling 61,734 shares during the quarter. Edgestream Partners L.P. owned about 0.08% of Independent Bank worth $1,902,000 at the end of the most recent quarter.

Other large investors also recently bought and sold shares of the company. Price T Rowe Associates Inc. MD lifted its position in shares of Independent Bank by 5.9% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 28,160 shares of the bank’s stock worth $1,465,000 after buying an additional 1,578 shares during the last quarter. Tidal Investments LLC lifted its holdings in Independent Bank by 6.1% in the first quarter. Tidal Investments LLC now owns 9,184 shares of the bank’s stock worth $480,000 after acquiring an additional 532 shares during the last quarter. CWM LLC lifted its holdings in Independent Bank by 2.7% in the second quarter. CWM LLC now owns 8,704 shares of the bank’s stock worth $441,000 after acquiring an additional 232 shares during the last quarter. SG Americas Securities LLC boosted its stake in Independent Bank by 186.3% in the second quarter. SG Americas Securities LLC now owns 15,186 shares of the bank’s stock valued at $770,000 after acquiring an additional 9,881 shares during the period. Finally, Wealth Enhancement Advisory Services LLC grew its holdings in shares of Independent Bank by 4.3% during the second quarter. Wealth Enhancement Advisory Services LLC now owns 23,236 shares of the bank’s stock valued at $1,179,000 after purchasing an additional 968 shares during the last quarter. Institutional investors own 83.40% of the company’s stock.

Independent Bank Stock Down 1.5 %

INDB opened at $71.58 on Wednesday. The stock’s 50 day moving average price is $65.50 and its 200 day moving average price is $59.07. The company has a debt-to-equity ratio of 0.22, a current ratio of 0.95 and a quick ratio of 0.95. The stock has a market cap of $3.04 billion, a P/E ratio of 15.56 and a beta of 0.76. Independent Bank Corp. has a 12 month low of $45.11 and a 12 month high of $77.23.

Independent Bank (NASDAQ:INDB) last issued its quarterly earnings results on Thursday, October 17th. The bank reported $1.01 EPS for the quarter, beating analysts’ consensus estimates of $0.99 by $0.02. The company had revenue of $250.07 million for the quarter, compared to analyst estimates of $173.24 million. Independent Bank had a return on equity of 6.74% and a net margin of 20.26%. During the same period last year, the company earned $1.38 earnings per share. As a group, research analysts predict that Independent Bank Corp. will post 4.5 earnings per share for the current year.

Independent Bank Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, October 4th. Stockholders of record on Monday, September 30th were paid a $0.57 dividend. This represents a $2.28 dividend on an annualized basis and a dividend yield of 3.19%. The ex-dividend date of this dividend was Monday, September 30th. Independent Bank’s dividend payout ratio is currently 49.57%.

Wall Street Analyst Weigh In

INDB has been the topic of several recent research reports. Raymond James raised Independent Bank from a “market perform” rating to a “strong-buy” rating and set a $74.00 price target on the stock in a report on Monday, October 21st. Keefe, Bruyette & Woods raised their target price on Independent Bank from $62.00 to $65.00 and gave the company a “market perform” rating in a research note on Monday, October 21st. Finally, StockNews.com lowered shares of Independent Bank from a “hold” rating to a “sell” rating in a research report on Tuesday, September 17th. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating and two have assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, Independent Bank has an average rating of “Moderate Buy” and a consensus target price of $69.50.

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.