Vanguard Personalized Indexing Management LLC Raises Stock Position in Independent Bank Corp. (NASDAQ:INDB)

Vanguard Personalized Indexing Management LLC boosted its position in shares of Independent Bank Corp. (NASDAQ:INDB) by 29.7% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 5,378 shares of the bank’s stock after purchasing an additional 1,231 shares during the period. Vanguard Personalized Indexing Management LLC’s holdings in Independent Bank were worth $273,000 at the end of the most recent quarter.

A number of other institutional investors have also made changes to their positions in INDB. EntryPoint Capital LLC purchased a new position in shares of Independent Bank during the 1st quarter worth approximately $47,000. Innealta Capital LLC acquired a new stake in shares of Independent Bank in the second quarter valued at $73,000. SG Americas Securities LLC grew its stake in shares of Independent Bank by 102.6% in the first quarter. SG Americas Securities LLC now owns 5,305 shares of the bank’s stock valued at $276,000 after buying an additional 2,687 shares in the last quarter. TFO Wealth Partners LLC lifted its stake in Independent Bank by 215,100.0% during the 4th quarter. TFO Wealth Partners LLC now owns 4,304 shares of the bank’s stock worth $283,000 after acquiring an additional 4,302 shares in the last quarter. Finally, CIBC Asset Management Inc acquired a new position in Independent Bank during the 4th quarter worth about $290,000. 83.40% of the stock is currently owned by institutional investors and hedge funds.

Independent Bank Stock Down 1.1 %

Independent Bank stock opened at $58.44 on Monday. Independent Bank Corp. has a twelve month low of $44.63 and a twelve month high of $68.75. The stock’s fifty day simple moving average is $60.72 and its 200-day simple moving average is $54.02. The company has a current ratio of 0.95, a quick ratio of 0.95 and a debt-to-equity ratio of 0.24. The firm has a market capitalization of $2.48 billion, a P/E ratio of 11.28 and a beta of 0.75.

Independent Bank (NASDAQ:INDB) last posted its quarterly earnings data on Thursday, July 18th. The bank reported $1.21 earnings per share for the quarter, topping analysts’ consensus estimates of $1.11 by $0.10. Independent Bank had a return on equity of 7.41% and a net margin of 22.42%. The business had revenue of $244.19 million for the quarter, compared to analyst estimates of $169.07 million. During the same quarter in the prior year, the company earned $1.42 earnings per share. As a group, equities analysts expect that Independent Bank Corp. will post 4.68 earnings per share for the current fiscal year.

Independent Bank Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, October 4th. Investors of record on Monday, September 30th will be paid a dividend of $0.57 per share. The ex-dividend date is Monday, September 30th. This represents a $2.28 dividend on an annualized basis and a dividend yield of 3.90%. Independent Bank’s payout ratio is currently 44.02%.

Analysts Set New Price Targets

INDB has been the topic of a number of recent research reports. Seaport Res Ptn upgraded shares of Independent Bank from a “hold” rating to a “strong-buy” rating in a research note on Monday, July 22nd. StockNews.com cut shares of Independent Bank from a “hold” rating to a “sell” rating in a research report on Tuesday, September 17th.

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.