US Bancorp DE Buys 3,107 Shares of Independent Bank Corp. (NASDAQ:INDB)

US Bancorp DE boosted its position in Independent Bank Corp. (NASDAQ:INDB) by 45.1% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 10,001 shares of the bank’s stock after purchasing an additional 3,107 shares during the quarter. US Bancorp DE’s holdings in Independent Bank were worth $591,000 at the end of the most recent quarter.

Several other large investors have also recently made changes to their positions in the business. EntryPoint Capital LLC purchased a new stake in Independent Bank during the 1st quarter valued at $47,000. Innealta Capital LLC bought a new position in shares of Independent Bank during the 2nd quarter valued at approximately $73,000. Profund Advisors LLC bought a new stake in shares of Independent Bank during the 2nd quarter valued at $229,000. SG Americas Securities LLC raised its holdings in Independent Bank by 102.6% during the first quarter. SG Americas Securities LLC now owns 5,305 shares of the bank’s stock valued at $276,000 after acquiring an additional 2,687 shares during the period. Finally, Vanguard Personalized Indexing Management LLC lifted its holdings in Independent Bank by 29.7% in the 2nd quarter. Vanguard Personalized Indexing Management LLC now owns 5,378 shares of the bank’s stock worth $273,000 after purchasing an additional 1,231 shares in the last quarter. 83.40% of the stock is currently owned by hedge funds and other institutional investors.

Independent Bank Stock Up 2.1 %

Shares of INDB stock opened at $72.09 on Monday. 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 stock has a 50 day moving average of $61.50 and a 200 day moving average of $56.57. Independent Bank Corp. has a twelve month low of $45.11 and a twelve month high of $73.28. The stock has a market cap of $3.06 billion, a P/E ratio of 15.67 and a beta of 0.73.

Independent Bank (NASDAQ:INDB) last posted its quarterly earnings data on Thursday, October 17th. The bank reported $1.01 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.99 by $0.02. Independent Bank had a net margin of 20.26% and a return on equity of 6.79%. The business had revenue of $250.07 million for the quarter, compared to the consensus estimate of $173.24 million. During the same period last year, the firm posted $1.38 earnings per share. As a group, sell-side analysts expect that Independent Bank Corp. will post 4.5 EPS for the current year.

Independent Bank Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, October 4th. Investors of record on Monday, September 30th were given a $0.57 dividend. The ex-dividend date was Monday, September 30th. This represents a $2.28 annualized dividend and a yield of 3.16%. Independent Bank’s payout ratio is 49.57%.

Analysts Set New Price Targets

A number of brokerages recently commented on INDB. StockNews.com lowered Independent Bank from a “hold” rating to a “sell” rating in a research note 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 on the stock in a research report on Monday, October 21st. Seaport Res Ptn upgraded Independent Bank from a “hold” rating to a “strong-buy” rating in a research report on Monday, July 22nd. Finally, Keefe, Bruyette & Woods boosted their price target on Independent Bank from $62.00 to $65.00 and gave the company a “market perform” rating in a report 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 assigned a strong buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $69.50.

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.