Moody Aldrich Partners LLC Has $9.02 Million Stock Holdings in Independent Bank Corp. $INDB

Moody Aldrich Partners LLC cut its holdings in Independent Bank Corp. (NASDAQ:INDB) by 1.5% during the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 143,467 shares of the bank’s stock after selling 2,199 shares during the quarter. Independent Bank makes up 1.7% of Moody Aldrich Partners LLC’s holdings, making the stock its 4th biggest holding. Moody Aldrich Partners LLC owned approximately 0.34% of Independent Bank worth $9,022,000 as of its most recent SEC filing.

Several other institutional investors have also recently bought and sold shares of the business. Y Intercept Hong Kong Ltd acquired a new stake in shares of Independent Bank in the 2nd quarter valued at approximately $389,000. Bessemer Group Inc. increased its position in Independent Bank by 95.1% during the 2nd quarter. Bessemer Group Inc. now owns 638 shares of the bank’s stock worth $40,000 after purchasing an additional 311 shares in the last quarter. Envestnet Asset Management Inc. lifted its stake in Independent Bank by 38.9% in the 2nd quarter. Envestnet Asset Management Inc. now owns 30,984 shares of the bank’s stock valued at $1,948,000 after purchasing an additional 8,681 shares during the last quarter. Nisa Investment Advisors LLC boosted its position in Independent Bank by 1.5% in the second quarter. Nisa Investment Advisors LLC now owns 10,705 shares of the bank’s stock valued at $680,000 after buying an additional 162 shares in the last quarter. Finally, Oppenheimer Asset Management Inc. acquired a new stake in Independent Bank in the second quarter valued at approximately $230,000. Institutional investors and hedge funds own 83.40% of the company’s stock.

Independent Bank Price Performance

Shares of INDB opened at $67.17 on Friday. The business has a 50-day moving average of $69.67 and a 200-day moving average of $65.44. The company has a debt-to-equity ratio of 0.22, a current ratio of 0.95 and a quick ratio of 0.94. The company has a market capitalization of $3.35 billion, a price-to-earnings ratio of 16.34 and a beta of 0.85. Independent Bank Corp. has a 1 year low of $52.15 and a 1 year high of $77.23.

Independent Bank (NASDAQ:INDB) last released its earnings results on Wednesday, February 12th. The bank reported $1.01 earnings per share for the quarter. Independent Bank had a net margin of 16.64% and a return on equity of 7.19%. The business had revenue of $175.25 million during the quarter. As a group, equities research analysts anticipate that Independent Bank Corp. will post 5.41 earnings per share for the current year.

Independent Bank Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, October 7th. Investors of record on Monday, September 29th were issued a $0.59 dividend. The ex-dividend date was Monday, September 29th. This represents a $2.36 annualized dividend and a yield of 3.5%. Independent Bank’s payout ratio is presently 57.42%.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on INDB. Wall Street Zen upgraded shares of Independent Bank from a “sell” rating to a “hold” rating in a report on Sunday, August 10th. Zacks Research downgraded Independent Bank from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, August 19th. Weiss Ratings restated a “hold (c+)” rating on shares of Independent Bank in a report on Wednesday, October 8th. Keefe, Bruyette & Woods raised Independent Bank from a “market perform” rating to an “outperform” rating and upped their price objective for the company from $80.00 to $83.00 in a research note on Tuesday, October 21st. Finally, Independent Research set a $83.00 target price on shares of Independent Bank in a research report on Tuesday, October 21st. One research analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating and three have assigned a Hold rating to the company. Based on data from MarketBeat.com, Independent Bank presently has a consensus rating of “Moderate Buy” and an average price target of $76.75.

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.