Voya Investment Management LLC Trims Position in Independent Bank Corp. $INDB

Voya Investment Management LLC lowered its position in Independent Bank Corp. (NASDAQ:INDB) by 10.2% in the 1st quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 11,498 shares of the bank’s stock after selling 1,301 shares during the period. Voya Investment Management LLC’s holdings in Independent Bank were worth $720,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently made changes to their positions in INDB. Principal Financial Group Inc. raised its holdings in Independent Bank by 2.7% in the first quarter. Principal Financial Group Inc. now owns 211,600 shares of the bank’s stock worth $13,257,000 after purchasing an additional 5,521 shares in the last quarter. KBC Group NV grew its position in shares of Independent Bank by 15.3% in the 1st 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 period. GAMMA Investing LLC increased its stake in shares of Independent Bank by 156.9% in the 1st quarter. GAMMA Investing LLC now owns 429 shares of the bank’s stock worth $27,000 after acquiring an additional 262 shares in the last quarter. New York State Teachers Retirement System lifted its position in Independent Bank by 3.2% during the 1st quarter. New York State Teachers Retirement System now owns 35,706 shares of the bank’s stock valued at $2,237,000 after acquiring an additional 1,121 shares during the period. Finally, Independence Financial Advisors LLC bought a new stake in Independent Bank during the first quarter worth about $347,000. Hedge funds and other institutional investors own 83.40% of the company’s stock.

Independent Bank Stock Performance

Shares of INDB stock opened at $70.41 on Friday. The company has a quick ratio of 0.96, a current ratio of 0.96 and a debt-to-equity ratio of 0.25. The company has a 50 day moving average price of $68.41 and a 200-day moving average price of $64.07. Independent Bank Corp. has a 52 week low of $52.15 and a 52 week high of $77.23. The firm has a market capitalization of $3.51 billion, a PE ratio of 15.89 and a beta of 0.91.

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

Independent Bank Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 7th. Stockholders of record on Monday, September 29th will be paid a $0.59 dividend. This represents a $2.36 annualized dividend and a dividend yield of 3.4%. The ex-dividend date is Monday, September 29th. Independent Bank’s dividend payout ratio is 53.27%.

Analysts Set New Price Targets

Several research firms have recently issued reports on INDB. Zacks Research cut Independent Bank from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, August 19th. Wall Street Zen upgraded shares of Independent Bank from a “sell” rating to a “hold” rating in a research note on Sunday, August 10th. One research analyst has rated the stock with a Strong Buy rating and three have given a Hold rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $71.00.

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.