Independent Bank Corp. $INDB Shares Sold by Invesco Ltd.

Invesco Ltd. decreased its position in Independent Bank Corp. (NASDAQ:INDB) by 59.2% in the first quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 181,645 shares of the bank’s stock after selling 263,058 shares during the period. Invesco Ltd. owned about 0.43% of Independent Bank worth $11,380,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. GAMMA Investing LLC increased its holdings in Independent Bank by 156.9% in the first quarter. GAMMA Investing LLC now owns 429 shares of the bank’s stock valued at $27,000 after buying an additional 262 shares in the last quarter. KBC Group NV increased its holdings in Independent Bank by 15.3% in the first quarter. KBC Group NV now owns 2,204 shares of the bank’s stock valued at $138,000 after buying an additional 293 shares in the last quarter. Xponance Inc. purchased a new position in Independent Bank in the first quarter valued at $203,000. Stifel Financial Corp purchased a new position in Independent Bank in the fourth quarter valued at $266,000. Finally, Independence Financial Advisors LLC purchased a new position in Independent Bank in the first quarter valued at $347,000. Hedge funds and other institutional investors own 83.40% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on INDB. Zacks Research cut shares of Independent Bank from a “strong-buy” rating to a “hold” rating in a report on Tuesday, August 19th. Wall Street Zen raised shares of Independent Bank from a “sell” rating to a “hold” rating in a research note on Sunday, August 10th. One investment analyst has rated the stock with a Strong Buy rating and three have issued a Hold rating to the stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $71.00.

Independent Bank Stock Up 5.9%

INDB stock opened at $70.94 on Friday. The stock has a market capitalization of $3.54 billion, a P/E ratio of 16.01 and a beta of 0.87. The firm has a 50-day simple moving average of $65.25 and a 200-day simple moving average of $63.52. The company has a quick ratio of 0.96, a current ratio of 0.96 and a debt-to-equity ratio of 0.25. Independent Bank Corp. has a 52 week low of $52.15 and a 52 week high of $77.23.

Independent Bank (NASDAQ:INDB) last announced its quarterly earnings data on Thursday, July 17th. The bank reported $1.25 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.20 by $0.05. Independent Bank had a net margin of 18.93% and a return on equity of 6.39%. The company had revenue of $181.80 million during the quarter, compared to analysts’ expectations of $179.47 million. Equities analysts forecast that Independent Bank Corp. will post 5.41 earnings per share for the current fiscal year.

Independent Bank Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, July 7th. Investors of record on Monday, June 30th were paid a dividend of $0.59 per share. This represents a $2.36 annualized dividend and a yield of 3.3%. The ex-dividend date of this dividend was Monday, June 30th. Independent Bank’s dividend payout ratio is currently 53.27%.

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.