Janney Montgomery Scott LLC Acquires 5,638 Shares of Independent Bank Corp. $INDB

Janney Montgomery Scott LLC lifted its holdings in Independent Bank Corp. (NASDAQ:INDB) by 124.5% during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 10,168 shares of the bank’s stock after purchasing an additional 5,638 shares during the quarter. Janney Montgomery Scott LLC’s holdings in Independent Bank were worth $639,000 as of its most recent SEC filing.

Other institutional investors have also made changes to their positions in the company. GAMMA Investing LLC lifted its position in shares of Independent Bank by 156.9% in the first quarter. GAMMA Investing LLC now owns 429 shares of the bank’s stock worth $27,000 after purchasing an additional 262 shares in the last quarter. Quarry LP increased its holdings in Independent Bank by 1,328.6% during the first quarter. Quarry LP now owns 1,300 shares of the bank’s stock worth $81,000 after buying an additional 1,209 shares during the last quarter. KBC Group NV increased its holdings in Independent Bank by 15.3% during the first quarter. KBC Group NV now owns 2,204 shares of the bank’s stock worth $138,000 after buying an additional 293 shares during the last quarter. ST Germain D J Co. Inc. increased its holdings in Independent Bank by 358.4% during the second quarter. ST Germain D J Co. Inc. now owns 2,223 shares of the bank’s stock worth $140,000 after buying an additional 1,738 shares during the last quarter. Finally, Xponance Inc. acquired a new position in Independent Bank during the first quarter worth $203,000. Institutional investors own 83.40% of the company’s stock.

Independent Bank Price Performance

NASDAQ:INDB opened at $64.39 on Friday. Independent Bank Corp. has a one year low of $52.15 and a one year high of $77.23. The company has a market cap of $3.21 billion, a P/E ratio of 14.53 and a beta of 0.85. The firm’s fifty day moving average price is $69.37 and its two-hundred day moving average price is $64.62. The company has a debt-to-equity ratio of 0.25, a current ratio of 0.96 and a quick ratio of 0.96.

Independent Bank (NASDAQ:INDB) last released its quarterly earnings results on Wednesday, February 12th. The bank reported $1.01 EPS for the quarter. Independent Bank had a net margin of 18.93% and a return on equity of 6.39%. The business had revenue of $175.25 million for the quarter. Equities analysts expect that Independent Bank Corp. will post 5.41 earnings per share for the current year.

Independent Bank Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, October 7th. Investors of record on Monday, September 29th were paid a $0.59 dividend. The ex-dividend date was Monday, September 29th. This represents a $2.36 annualized dividend and a dividend yield of 3.7%. Independent Bank’s dividend payout ratio is 53.27%.

Analysts Set New Price Targets

A number of equities analysts recently weighed in on INDB shares. Weiss Ratings restated a “hold (c+)” rating on shares of Independent Bank in a report on Wednesday, October 8th. Zacks Research downgraded shares of Independent Bank from a “strong-buy” rating to a “hold” rating in a report on Tuesday, August 19th. Finally, Wall Street Zen upgraded shares of Independent Bank from a “sell” rating to a “hold” rating in a report on Sunday, August 10th. One investment analyst has rated the stock with a Strong Buy rating and four have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus 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.