Carl P. Sherr & Co. LLC Has $356,000 Stock Position in Independent Bank Corp. (NASDAQ:INDB)

Carl P. Sherr & Co. LLC lowered its position in shares of Independent Bank Corp. (NASDAQ:INDB) by 23.0% in the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 6,025 shares of the bank’s stock after selling 1,801 shares during the quarter. Carl P. Sherr & Co. LLC’s holdings in Independent Bank were worth $356,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently made changes to their positions in the stock. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its holdings in Independent Bank by 0.3% in the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 83,048 shares of the bank’s stock valued at $4,911,000 after buying an additional 285 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank grew its holdings in shares of Independent Bank by 9.9% during the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 9,418 shares of the bank’s stock worth $557,000 after purchasing an additional 850 shares in the last quarter. Glenmede Trust Co. NA boosted its stake in Independent Bank by 44.6% in the third quarter. Glenmede Trust Co. NA now owns 17,090 shares of the bank’s stock valued at $1,011,000 after buying an additional 5,270 shares in the last quarter. BNP Paribas Financial Markets boosted its stake in Independent Bank by 106.0% in the third quarter. BNP Paribas Financial Markets now owns 25,077 shares of the bank’s stock valued at $1,483,000 after buying an additional 12,904 shares in the last quarter. Finally, FMR LLC raised its position in shares of Independent Bank by 312.3% during the third quarter. FMR LLC now owns 26,728 shares of the bank’s stock worth $1,580,000 after acquiring an additional 20,246 shares during the last quarter. Institutional investors own 83.40% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts have recently issued reports on INDB shares. StockNews.com downgraded Independent Bank from a “hold” rating to a “sell” rating in a research report on Tuesday, September 17th. Keefe, Bruyette & Woods lifted their target price on 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 upgraded Independent Bank from a “market perform” rating to a “strong-buy” rating and set a $74.00 target price for the company in a report on Monday, October 21st. One equities research analyst has rated the stock with a sell rating, one has given a hold rating and two have assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $69.50.

Independent Bank Trading Down 0.5 %

Shares of INDB stock opened at $72.99 on Friday. The company has a debt-to-equity ratio of 0.22, a quick ratio of 0.95 and a current ratio of 0.95. Independent Bank Corp. has a fifty-two week low of $45.11 and a fifty-two week high of $77.23. The stock has a 50 day simple moving average of $64.78 and a two-hundred day simple moving average of $58.57. The company has a market cap of $3.10 billion, a P/E ratio of 15.87 and a beta of 0.73.

Independent Bank (NASDAQ:INDB) last announced 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 return on equity of 6.74% and a net margin of 20.26%. The firm had revenue of $250.07 million during the quarter, compared to analysts’ expectations of $173.24 million. During the same quarter last year, the firm posted $1.38 earnings per share. Research analysts forecast that Independent Bank Corp. will post 4.5 earnings per share for the current year.

Independent Bank Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, October 4th. Investors of record on Monday, September 30th were given a dividend of $0.57 per share. The ex-dividend date of this dividend was Monday, September 30th. This represents a $2.28 annualized dividend and a dividend yield of 3.12%. Independent Bank’s payout ratio is 49.57%.

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.