Nuance Investments LLC Sells 8,662 Shares of Independent Bank Corp. $INDB

Nuance Investments LLC reduced its stake in Independent Bank Corp. (NASDAQ:INDB) by 13.4% in the 2nd quarter, according to the company in its most recent filing with the SEC. The fund owned 56,138 shares of the bank’s stock after selling 8,662 shares during the quarter. Nuance Investments LLC owned approximately 0.13% of Independent Bank worth $3,530,000 at the end of the most recent reporting period.

Other institutional investors also recently modified their holdings of the company. Connor Clark & Lunn Investment Management Ltd. bought a new stake in shares of Independent Bank during the 2nd quarter worth $361,000. Bank of New York Mellon Corp lifted its position in Independent Bank by 0.8% during the 2nd quarter. Bank of New York Mellon Corp now owns 411,441 shares of the bank’s stock worth $25,873,000 after acquiring an additional 3,204 shares during the last quarter. GHP Investment Advisors Inc. boosted its holdings in Independent Bank by 1.8% during the second quarter. GHP Investment Advisors Inc. now owns 34,273 shares of the bank’s stock valued at $2,155,000 after acquiring an additional 595 shares during the period. Y Intercept Hong Kong Ltd acquired a new stake in shares of Independent Bank in the second quarter valued at about $389,000. Finally, Bessemer Group Inc. grew its position in shares of Independent Bank by 95.1% in the second quarter. Bessemer Group Inc. now owns 638 shares of the bank’s stock valued at $40,000 after purchasing an additional 311 shares during the last quarter. Institutional investors own 83.40% of the company’s stock.

Independent Bank Price Performance

Shares of Independent Bank stock opened at $70.48 on Friday. The firm has a market cap of $3.49 billion, a P/E ratio of 17.15 and a beta of 0.89. The firm’s 50-day simple moving average is $69.37 and its 200-day simple moving average is $66.07. Independent Bank Corp. has a twelve month low of $52.15 and a twelve month 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.

Independent Bank (NASDAQ:INDB) last announced its quarterly earnings results on Wednesday, February 12th. The bank reported $1.01 EPS for the quarter. The firm had revenue of $175.25 million during the quarter. Independent Bank had a net margin of 16.64% and a return on equity of 7.19%. As a group, research analysts expect that Independent Bank Corp. will post 5.41 EPS for the current fiscal 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. The ex-dividend date of this dividend was Monday, September 29th. This represents a $2.36 annualized dividend and a yield of 3.3%. Independent Bank’s payout ratio is currently 57.42%.

Wall Street Analyst Weigh In

Several analysts recently weighed in on the company. Independent Research set a $83.00 target price on Independent Bank in a research note on Tuesday, October 21st. Weiss Ratings reiterated a “hold (c+)” rating on shares of Independent Bank in a report on Wednesday, October 8th. Keefe, Bruyette & Woods raised Independent Bank from a “market perform” rating to an “outperform” rating and increased their price objective for the company from $80.00 to $83.00 in a research report on Tuesday, October 21st. Wall Street Zen raised shares of Independent Bank from a “sell” rating to a “hold” rating in a research report on Sunday, August 10th. Finally, Zacks Research cut 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, one has issued a Buy rating and three have issued a Hold rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $76.75.

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.