Moors & Cabot Inc. Has $2.56 Million Position in Independent Bank Corp. (INDB)

Moors & Cabot Inc. lifted its position in Independent Bank Corp. (NASDAQ:INDB) by 8.4% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 38,319 shares of the bank’s stock after buying an additional 2,984 shares during the quarter. Moors & Cabot Inc. owned about 0.14% of Independent Bank Corp. worth $2,555,000 as of its most recent SEC filing.

Several other large investors have also recently added to or reduced their stakes in the stock. US Bancorp DE grew its stake in shares of Independent Bank Corp. by 2.7% in the second quarter. US Bancorp DE now owns 1,893 shares of the bank’s stock valued at $126,000 after buying an additional 49 shares in the last quarter. Louisiana State Employees Retirement System grew its stake in shares of Independent Bank Corp. by 0.9% in the second quarter. Louisiana State Employees Retirement System now owns 11,100 shares of the bank’s stock valued at $740,000 after buying an additional 100 shares in the last quarter. Arizona State Retirement System grew its stake in shares of Independent Bank Corp. by 0.7% in the second quarter. Arizona State Retirement System now owns 14,171 shares of the bank’s stock valued at $944,000 after buying an additional 100 shares in the last quarter. Oppenheimer Asset Management Inc. grew its stake in shares of Independent Bank Corp. by 8.3% in the second quarter. Oppenheimer Asset Management Inc. now owns 1,566 shares of the bank’s stock valued at $104,000 after buying an additional 120 shares in the last quarter. Finally, Amalgamated Bank grew its stake in shares of Independent Bank Corp. by 3.6% in the second quarter. Amalgamated Bank now owns 3,640 shares of the bank’s stock valued at $243,000 after buying an additional 126 shares in the last quarter. 76.45% of the stock is owned by institutional investors and hedge funds.

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In other Independent Bank Corp. news, Director Eileen C. Miskell sold 1,100 shares of the company’s stock in a transaction on Tuesday, July 25th. The stock was sold at an average price of $72.05, for a total value of $79,255.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Gerard F. Nadeau sold 5,193 shares of the company’s stock in a transaction on Monday, July 31st. The shares were sold at an average price of $71.75, for a total value of $372,597.75. The disclosure for this sale can be found here. Insiders sold a total of 8,443 shares of company stock valued at $607,108 in the last 90 days. Corporate insiders own 2.67% of the company’s stock.

Shares of Independent Bank Corp. (NASDAQ:INDB) remained flat at $74.85 during midday trading on Friday. 90,320 shares of the company’s stock were exchanged. Independent Bank Corp. has a 12-month low of $47.50 and a 12-month high of $76.30. The company’s 50 day moving average is $70.95 and its 200-day moving average is $66.68. The firm has a market cap of $2.05 billion, a PE ratio of 25.45 and a beta of 1.01.

Independent Bank Corp. (NASDAQ:INDB) last announced its quarterly earnings data on Thursday, July 20th. The bank reported $0.82 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.81 by $0.01. The firm had revenue of $85.15 million during the quarter, compared to the consensus estimate of $85.20 million. Independent Bank Corp. had a return on equity of 9.70% and a net margin of 23.17%. During the same quarter in the prior year, the company earned $0.78 EPS. Equities research analysts anticipate that Independent Bank Corp. will post $3.35 earnings per share for the current fiscal year.

The firm also recently disclosed a quarterly dividend, which was paid on Friday, October 6th. Shareholders of record on Monday, September 25th were paid a $0.32 dividend. The ex-dividend date was Friday, September 22nd. This represents a $1.28 dividend on an annualized basis and a yield of 1.71%. Independent Bank Corp.’s dividend payout ratio (DPR) is presently 43.69%.

Several research firms recently weighed in on INDB. Keefe, Bruyette & Woods reissued a “hold” rating and issued a $71.00 target price on shares of Independent Bank Corp. in a research note on Wednesday, June 28th. BidaskClub cut shares of Independent Bank Corp. from a “buy” rating to a “hold” rating in a research note on Wednesday, June 21st. Zacks Investment Research raised shares of Independent Bank Corp. from a “hold” rating to a “buy” rating and set a $81.00 target price for the company in a research note on Wednesday, July 26th. Finally, Compass Point raised shares of Independent Bank Corp. from a “neutral” rating to a “buy” rating and set a $72.00 target price for the company in a research note on Friday, July 21st. Four investment analysts have rated the stock with a hold rating and two have given a buy rating to the stock. The stock currently has an average rating of “Hold” and a consensus price target of $72.00.

Independent Bank Corp. Profile

Independent Bank Corp. is a bank holding company. The Company operates through its subsidiary, Rockland Trust Company (the Bank). The Bank is a community-oriented commercial bank. Its community banking business provides a range of banking services, including lending activities, acceptance of demand, savings, and time deposits, and investment management.

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Institutional Ownership by Quarter for Independent Bank Corp. (NASDAQ:INDB)

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