VIRGINIA RETIREMENT SYSTEMS ET Al Takes Position in Independent Bank Corp. $INDB

VIRGINIA RETIREMENT SYSTEMS ET Al acquired a new stake in Independent Bank Corp. (NASDAQ:INDB) in the second quarter, according to the company in its most recent Form 13F filing with the SEC. The firm acquired 4,100 shares of the bank’s stock, valued at approximately $258,000.

A number of other hedge funds and other institutional investors also recently modified their holdings of the company. Private Trust Co. NA grew its position in shares of Independent Bank by 296.8% in the 2nd quarter. Private Trust Co. NA now owns 619 shares of the bank’s stock valued at $39,000 after acquiring an additional 463 shares during the period. Vest Financial LLC grew its position in shares of Independent Bank by 164.9% in the 2nd quarter. Vest Financial LLC now owns 33,621 shares of the bank’s stock valued at $2,114,000 after acquiring an additional 20,930 shares during the period. LRI Investments LLC acquired a new position in shares of Independent Bank during the 2nd quarter worth approximately $59,000. Vanguard Personalized Indexing Management LLC increased its holdings in shares of Independent Bank by 2.9% during the 2nd quarter. Vanguard Personalized Indexing Management LLC now owns 7,862 shares of the bank’s stock worth $495,000 after acquiring an additional 218 shares during the last quarter. Finally, Polaris Capital Management LLC lifted its holdings in Independent Bank by 5.5% during the 2nd quarter. Polaris Capital Management LLC now owns 32,439 shares of the bank’s stock valued at $2,040,000 after purchasing an additional 1,700 shares during the last quarter. Institutional investors own 83.40% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts have issued reports on the company. Zacks Research downgraded Independent Bank from a “strong-buy” rating to a “hold” rating in a report on Tuesday, August 19th. Wall Street Zen raised Independent Bank from a “sell” rating to a “hold” rating in a report on Sunday, August 10th. Independent Research set a $83.00 price target on Independent Bank in a report on Tuesday, October 21st. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Independent Bank in a report on Saturday. Finally, Keefe, Bruyette & Woods raised Independent Bank from a “market perform” rating to an “outperform” rating and raised their price target for the company from $80.00 to $83.00 in a report on Tuesday, October 21st. One research analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating and three have issued a Hold rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $76.75.

Independent Bank Stock Up 1.6%

INDB opened at $69.20 on Monday. Independent Bank Corp. has a fifty-two week low of $52.15 and a fifty-two week high of $77.23. The company has a debt-to-equity ratio of 0.22, a quick ratio of 0.94 and a current ratio of 0.95. The company has a market capitalization of $3.45 billion, a P/E ratio of 16.84 and a beta of 0.85. The stock has a fifty day moving average of $69.61 and a 200-day moving average of $65.16.

Independent Bank (NASDAQ:INDB) last posted its earnings results on Wednesday, February 12th. The bank reported $1.01 earnings per share for the quarter. Independent Bank had a return on equity of 7.19% and a net margin of 16.64%.The company had revenue of $175.25 million during the quarter. On average, equities analysts expect that Independent Bank Corp. will post 5.41 EPS for the current year.

Independent Bank Dividend Announcement

The business 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. This represents a $2.36 dividend on an annualized basis and a yield of 3.4%. The ex-dividend date of this dividend was Monday, September 29th. Independent Bank’s payout ratio is 57.42%.

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.