Plimoth Trust Co. LLC Cuts Stake in Independent Bank Corp. (NASDAQ:INDB)

Plimoth Trust Co. LLC reduced its holdings in shares of Independent Bank Corp. (NASDAQ:INDB) by 5.2% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 8,440 shares of the bank’s stock after selling 460 shares during the period. Plimoth Trust Co. LLC’s holdings in Independent Bank were worth $499,000 at the end of the most recent reporting period.

Several other large investors have also recently made changes to their positions in INDB. Goldman Sachs Group Inc. lifted its stake in shares of Independent Bank by 5.3% in the 4th quarter. Goldman Sachs Group Inc. now owns 509,236 shares of the bank’s stock valued at $33,513,000 after acquiring an additional 25,664 shares during the last quarter. Quantbot Technologies LP purchased a new stake in shares of Independent Bank during the first quarter valued at approximately $1,169,000. BNP Paribas Financial Markets grew its holdings in shares of Independent Bank by 89.8% in the first quarter. BNP Paribas Financial Markets now owns 23,769 shares of the bank’s stock worth $1,236,000 after purchasing an additional 11,244 shares during the last quarter. Edgestream Partners L.P. grew its holdings in shares of Independent Bank by 462.0% in the first quarter. Edgestream Partners L.P. now owns 52,784 shares of the bank’s stock worth $2,746,000 after purchasing an additional 43,391 shares during the last quarter. Finally, Virtu Financial LLC purchased a new position in shares of Independent Bank in the first quarter worth $461,000. 83.40% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

INDB has been the subject of several analyst reports. Raymond James raised shares of Independent Bank from a “market perform” rating to a “strong-buy” rating and set a $74.00 price target for the company in a research report on Monday. Seaport Res Ptn raised Independent Bank from a “hold” rating to a “strong-buy” rating in a research note on Monday, July 22nd. Keefe, Bruyette & Woods upped their price target on Independent Bank from $62.00 to $65.00 and gave the company a “market perform” rating in a research report on Monday. Finally, StockNews.com cut Independent Bank from a “hold” rating to a “sell” rating in a report on Tuesday, September 17th. One analyst has rated the stock with a sell rating, one has issued a hold rating and two have given a strong buy rating to the company. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $69.50.

Independent Bank Trading Up 1.3 %

Shares of NASDAQ:INDB traded up $0.80 on Monday, hitting $62.37. The company had a trading volume of 449,016 shares, compared to its average volume of 280,599. Independent Bank Corp. has a 1 year low of $44.63 and a 1 year high of $68.75. The company has a quick ratio of 0.95, a current ratio of 0.95 and a debt-to-equity ratio of 0.24. The firm’s 50-day simple moving average is $60.26 and its two-hundred day simple moving average is $54.99. The firm has a market capitalization of $2.65 billion, a price-to-earnings ratio of 11.89 and a beta of 0.74.

Independent Bank (NASDAQ:INDB) last posted its quarterly earnings data on Thursday, October 17th. The bank reported $1.01 earnings per share for the quarter, beating the consensus estimate of $0.99 by $0.02. Independent Bank had a return on equity of 7.41% and a net margin of 22.42%. The business had revenue of $250.07 million for the quarter, compared to analysts’ expectations of $173.24 million. During the same period in the previous year, the firm posted $1.38 EPS. Equities analysts anticipate that Independent Bank Corp. will post 4.49 earnings per share for the current fiscal year.

Independent Bank Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, October 4th. Investors of record on Monday, September 30th were paid a $0.57 dividend. The ex-dividend date of this dividend was Monday, September 30th. This represents a $2.28 annualized dividend and a yield of 3.66%. Independent Bank’s payout ratio is 44.02%.

About Independent Bank

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.