Northern Trust Corp Decreases Stake in Independent Bank Corp. $INDB

Northern Trust Corp cut its holdings in Independent Bank Corp. (NASDAQ:INDB) by 2.3% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 475,789 shares of the bank’s stock after selling 10,977 shares during the quarter. Northern Trust Corp owned 1.12% of Independent Bank worth $29,808,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. GAMMA Investing LLC raised its holdings in Independent Bank by 156.9% during the first quarter. GAMMA Investing LLC now owns 429 shares of the bank’s stock worth $27,000 after purchasing an additional 262 shares during the last quarter. KBC Group NV increased its stake 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 purchasing an additional 293 shares during the last quarter. Xponance Inc. acquired a new position in Independent Bank in the first quarter valued at $203,000. Stifel Financial Corp acquired a new position in Independent Bank in the fourth quarter valued at $266,000. Finally, Persistent Asset Partners Ltd acquired a new position in Independent Bank in the first quarter valued at $337,000. 83.40% of the stock is owned by institutional investors and hedge funds.

Independent Bank Price Performance

INDB stock opened at $71.51 on Friday. The stock has a 50-day moving average price of $66.23 and a two-hundred day moving average price of $63.58. Independent Bank Corp. has a 12-month low of $52.15 and a 12-month high of $77.23. The company has a current ratio of 0.96, a quick ratio of 0.96 and a debt-to-equity ratio of 0.25. The company has a market cap of $3.57 billion, a PE ratio of 16.14 and a beta of 0.87.

Independent Bank (NASDAQ:INDB) last issued its earnings results on Thursday, July 17th. The bank reported $1.25 earnings per share for the quarter, topping the consensus estimate of $1.20 by $0.05. Independent Bank had a return on equity of 6.39% and a net margin of 18.93%.The company had revenue of $181.80 million during the quarter, compared to the consensus estimate of $179.47 million. As a group, research analysts predict that Independent Bank Corp. will post 5.41 EPS for the current year.

Independent Bank Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, July 7th. Stockholders of record on Monday, June 30th were paid a $0.59 dividend. The ex-dividend date was Monday, June 30th. This represents a $2.36 dividend on an annualized basis and a dividend yield of 3.3%. Independent Bank’s dividend payout ratio (DPR) is 53.27%.

Wall Street Analysts Forecast Growth

Several equities analysts recently commented on the company. Wall Street Zen upgraded Independent Bank from a “sell” rating to a “hold” rating in a research note 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. One equities research analyst has rated the stock with a Strong Buy rating and three have given a Hold rating to the company’s stock. According to MarketBeat, Independent Bank presently has a consensus rating of “Moderate Buy” and an average price target of $71.00.

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.