Public Sector Pension Investment Board Cuts Stock Position in Independent Bank Corp. (NASDAQ:INDB)

Public Sector Pension Investment Board trimmed its position in shares of Independent Bank Corp. (NASDAQ:INDB) by 3.5% in the 3rd quarter, according to the company in its most recent disclosure with the SEC. The fund owned 90,098 shares of the bank’s stock after selling 3,300 shares during the quarter. Public Sector Pension Investment Board’s holdings in Independent Bank were worth $5,327,000 at the end of the most recent reporting period.

Other institutional investors have also modified their holdings of the company. Louisiana State Employees Retirement System lifted its position in Independent Bank by 0.9% during the second quarter. Louisiana State Employees Retirement System now owns 21,400 shares of the bank’s stock valued at $1,085,000 after acquiring an additional 200 shares during the last quarter. Aries Wealth Management lifted its holdings in shares of Independent Bank by 1.5% during the 2nd quarter. Aries Wealth Management now owns 16,122 shares of the bank’s stock valued at $818,000 after purchasing an additional 232 shares during the last quarter. CWM LLC boosted its position in shares of Independent Bank by 2.7% in the 2nd quarter. CWM LLC now owns 8,704 shares of the bank’s stock worth $441,000 after purchasing an additional 232 shares in the last quarter. Stablepoint Partners LLC grew its stake in Independent Bank by 1.2% during the 3rd quarter. Stablepoint Partners LLC now owns 23,033 shares of the bank’s stock worth $1,362,000 after buying an additional 283 shares during the last quarter. Finally, Tidal Investments LLC increased its position in Independent Bank by 6.1% during the 1st quarter. Tidal Investments LLC now owns 9,184 shares of the bank’s stock valued at $480,000 after buying an additional 532 shares in the last quarter. 83.40% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several research firms have recently issued reports on INDB. Raymond James upgraded shares of Independent Bank from a “market perform” rating to a “strong-buy” rating and set a $74.00 price objective on the stock in a report on Monday, October 21st. Keefe, Bruyette & Woods upped their price target on shares of Independent Bank from $62.00 to $65.00 and gave the company a “market perform” rating in a research note on Monday, October 21st. Finally, StockNews.com downgraded shares of Independent Bank from a “hold” rating to a “sell” rating in a research note on Tuesday, September 17th. One investment analyst has rated the stock with a sell rating, one has issued a hold rating and two have issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $69.50.

Independent Bank Price Performance

Shares of NASDAQ:INDB opened at $72.39 on Monday. Independent Bank Corp. has a twelve month low of $45.11 and a twelve month high of $77.23. The company has a current ratio of 0.95, a quick ratio of 0.95 and a debt-to-equity ratio of 0.22. The company has a market cap of $3.08 billion, a PE ratio of 15.74 and a beta of 0.73. The company’s 50 day moving average is $65.01 and its 200 day moving average is $58.80.

Independent Bank (NASDAQ:INDB) last posted its quarterly earnings results on Thursday, October 17th. The bank reported $1.01 EPS for the quarter, beating the consensus estimate of $0.99 by $0.02. The company had revenue of $250.07 million for the quarter, compared to analyst estimates of $173.24 million. Independent Bank had a net margin of 20.26% and a return on equity of 6.74%. During the same period in the prior year, the company earned $1.38 earnings per share. On average, sell-side analysts forecast that Independent Bank Corp. will post 4.5 EPS for the current year.

Independent Bank Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, October 4th. Stockholders of record on Monday, September 30th were issued a dividend of $0.57 per share. This represents a $2.28 annualized dividend and a dividend yield of 3.15%. The ex-dividend date was Monday, September 30th. Independent Bank’s dividend payout ratio (DPR) is 49.57%.

Independent Bank Company Profile

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.