Public Sector Pension Investment Board Reduces Stock Position in Independent Bank Corp. (NASDAQ:INDB)

Public Sector Pension Investment Board trimmed its holdings in shares of Independent Bank Corp. (NASDAQ:INDB) by 3.5% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 90,098 shares of the bank’s stock after selling 3,300 shares during the quarter. Public Sector Pension Investment Board owned 0.21% of Independent Bank worth $5,327,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in INDB. Innealta Capital LLC purchased a new stake in Independent Bank during the second quarter valued at approximately $73,000. Connor Clark & Lunn Investment Management Ltd. purchased a new stake in Independent Bank during the 3rd quarter valued at $222,000. Profund Advisors LLC bought a new stake in Independent Bank in the second quarter worth $229,000. Los Angeles Capital Management LLC purchased a new position in Independent Bank during the third quarter worth $257,000. Finally, Vanguard Personalized Indexing Management LLC increased its position in Independent Bank by 29.7% during the second quarter. Vanguard Personalized Indexing Management LLC now owns 5,378 shares of the bank’s stock valued at $273,000 after acquiring an additional 1,231 shares during the last quarter. Institutional investors own 83.40% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms have recently issued reports on INDB. StockNews.com lowered shares of Independent Bank from a “hold” rating to a “sell” rating in a report on Tuesday, September 17th. Raymond James raised shares of Independent Bank from a “market perform” rating to a “strong-buy” rating and set a $74.00 price objective for the company in a research note on Monday, October 21st. Finally, Keefe, Bruyette & Woods upped 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. One equities research analyst has rated the stock with a sell rating, one has given a hold rating and two have given a strong buy rating to the stock. Based on data from MarketBeat.com, Independent Bank currently has an average rating of “Moderate Buy” and an average price target of $69.50.

Independent Bank Trading Down 0.8 %

Shares of INDB opened at $72.39 on Monday. 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 firm has a market capitalization of $3.08 billion, a price-to-earnings ratio of 15.74 and a beta of 0.73. The company has a 50-day moving average of $65.01 and a 200 day moving average of $58.80. Independent Bank Corp. has a 1-year low of $45.11 and a 1-year high of $77.23.

Independent Bank (NASDAQ:INDB) last issued its earnings results on Thursday, October 17th. The bank reported $1.01 earnings per share 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 business had revenue of $250.07 million during the quarter, compared to analyst estimates of $173.24 million. During the same period in the previous year, the company posted $1.38 EPS. On average, research analysts expect that Independent Bank Corp. will post 4.5 EPS for the current year.

Independent Bank Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, October 4th. Stockholders of record on Monday, September 30th were given a $0.57 dividend. The ex-dividend date of this dividend was Monday, September 30th. This represents a $2.28 annualized dividend and a dividend yield of 3.15%. Independent Bank’s payout ratio is presently 49.57%.

Independent Bank Company 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.