Independent Bank Corp. $INDB Shares Sold by Carl P. Sherr & Co. LLC

Carl P. Sherr & Co. LLC decreased its position in shares of Independent Bank Corp. (NASDAQ:INDB) by 8.2% during the 2nd quarter, Holdings Channel.com reports. The fund owned 9,155 shares of the bank’s stock after selling 820 shares during the period. Carl P. Sherr & Co. LLC’s holdings in Independent Bank were worth $576,000 at the end of the most recent quarter.

Other institutional investors also recently bought and sold shares of the company. Nisa Investment Advisors LLC increased its stake in Independent Bank by 1.5% during the second quarter. Nisa Investment Advisors LLC now owns 10,705 shares of the bank’s stock worth $680,000 after purchasing an additional 162 shares during the period. Vanguard Personalized Indexing Management LLC grew its holdings in shares of Independent Bank by 2.9% in the second quarter. Vanguard Personalized Indexing Management LLC now owns 7,862 shares of the bank’s stock valued at $495,000 after purchasing an additional 218 shares in the last quarter. HighTower Advisors LLC increased its stake in Independent Bank by 3.3% during the 1st quarter. HighTower Advisors LLC now owns 7,049 shares of the bank’s stock worth $442,000 after buying an additional 226 shares during the period. PNC Financial Services Group Inc. lifted its holdings in Independent Bank by 3.6% during the 1st quarter. PNC Financial Services Group Inc. now owns 6,616 shares of the bank’s stock worth $414,000 after buying an additional 232 shares in the last quarter. Finally, Bessemer Group Inc. boosted its position in Independent Bank by 95.1% in the 2nd quarter. Bessemer Group Inc. now owns 638 shares of the bank’s stock valued at $40,000 after buying an additional 311 shares during the period. 83.40% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In other news, Director Ken S. Ansin sold 144,000 shares of the company’s stock in a transaction on Monday, November 10th. The shares were sold at an average price of $69.94, for a total value of $10,071,360.00. Following the completion of the transaction, the director owned 288,481 shares in the company, valued at approximately $20,176,361.14. This represents a 33.30% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Insiders own 0.81% of the company’s stock.

Analyst Ratings Changes

A number of analysts have recently weighed in on the company. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Independent Bank in a research report on Wednesday, October 8th. Wall Street Zen upgraded Independent Bank from a “sell” rating to a “hold” rating in a report on Sunday, August 10th. Independent Research set a $83.00 price objective on Independent Bank in a research note on Tuesday, October 21st. Zacks Research lowered shares of Independent Bank from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, August 19th. Finally, Keefe, Bruyette & Woods raised shares of Independent Bank from a “market perform” rating to an “outperform” rating and raised their target price for the company from $80.00 to $83.00 in a report on Tuesday, October 21st. One analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating and three have given a Hold rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $76.75.

Independent Bank Trading Up 0.2%

INDB opened at $69.16 on Friday. 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 Corp. has a one year low of $52.15 and a one year high of $77.23. The company has a market cap of $3.43 billion, a P/E ratio of 16.83 and a beta of 0.89. The business’s 50-day simple moving average is $69.20 and its 200-day simple moving average is $66.41.

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

Independent Bank Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, October 7th. Stockholders of record on Monday, September 29th were given a dividend of $0.59 per share. This represents a $2.36 annualized dividend and a dividend yield of 3.4%. The ex-dividend date was Monday, September 29th. Independent Bank’s payout ratio is currently 57.42%.

Independent Bank 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.