Hsbc Holdings PLC Sells 19,001 Shares of Independent Bank Corp. $INDB

Hsbc Holdings PLC cut its stake in Independent Bank Corp. (NASDAQ:INDB) by 74.2% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 6,614 shares of the bank’s stock after selling 19,001 shares during the quarter. Hsbc Holdings PLC’s holdings in Independent Bank were worth $414,000 at the end of the most recent quarter.

Several other institutional investors have also added to or reduced their stakes in the stock. Vanguard Group Inc. raised its holdings in Independent Bank by 2.3% in the 1st quarter. Vanguard Group Inc. now owns 5,134,903 shares of the bank’s stock worth $321,702,000 after purchasing an additional 116,820 shares in the last quarter. Dimensional Fund Advisors LP grew its position in shares of Independent Bank by 0.9% in the 1st quarter. Dimensional Fund Advisors LP now owns 2,339,253 shares of the bank’s stock worth $146,554,000 after buying an additional 20,603 shares during the period. Deprince Race & Zollo Inc. increased its stake in shares of Independent Bank by 687.2% in the 4th quarter. Deprince Race & Zollo Inc. now owns 948,244 shares of the bank’s stock worth $60,868,000 after acquiring an additional 827,793 shares in the last quarter. Charles Schwab Investment Management Inc. increased its stake in shares of Independent Bank by 0.8% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 549,547 shares of the bank’s stock worth $34,429,000 after acquiring an additional 4,599 shares in the last quarter. Finally, Bank of America Corp DE increased its stake in shares of Independent Bank by 11.0% in the 4th quarter. Bank of America Corp DE now owns 354,168 shares of the bank’s stock worth $22,734,000 after acquiring an additional 35,165 shares in the last quarter. 83.40% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several research analysts recently issued reports on INDB shares. Wall Street Zen upgraded shares of Independent Bank from a “sell” rating to a “hold” rating in a research note on Sunday, August 10th. Zacks Research lowered shares of Independent Bank from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, August 19th. One 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, Independent Bank currently has a consensus rating of “Moderate Buy” and an average target price of $71.00.

Independent Bank Stock Performance

Shares of INDB stock opened at $71.05 on Wednesday. Independent Bank Corp. has a one year low of $52.15 and a one year high of $77.23. The company’s 50-day moving average is $66.58 and its 200 day moving average is $63.61. The company has a market capitalization of $3.55 billion, a price-to-earnings ratio of 16.04 and a beta of 0.91. The company has a debt-to-equity ratio of 0.25, a quick ratio of 0.96 and a current ratio of 0.96.

Independent Bank (NASDAQ:INDB) last announced its quarterly earnings data on Thursday, July 17th. The bank reported $1.25 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 for the quarter, compared to the consensus estimate of $179.47 million. Sell-side analysts expect that Independent Bank Corp. will post 5.41 EPS for the current fiscal year.

Independent Bank Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, July 7th. Investors of record on Monday, June 30th were given 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 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.