Independent Bank Corp. (NASDAQ:INDB) Shares Sold by Renaissance Technologies LLC

Renaissance Technologies LLC trimmed its holdings in Independent Bank Corp. (NASDAQ:INDB) by 26.4% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 174,639 shares of the bank’s stock after selling 62,700 shares during the quarter. Renaissance Technologies LLC owned 0.41% of Independent Bank worth $8,858,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors also recently made changes to their positions in the business. Vanguard Personalized Indexing Management LLC bought a new stake in Independent Bank during the fourth quarter worth approximately $217,000. Norges Bank bought a new stake in shares of Independent Bank during the 4th quarter worth $32,784,000. Hsbc Holdings PLC grew its holdings in shares of Independent Bank by 902.8% in the 4th quarter. Hsbc Holdings PLC now owns 268,315 shares of the bank’s stock worth $17,730,000 after acquiring an additional 241,558 shares during the last quarter. TFO Wealth Partners LLC raised its position in shares of Independent Bank by 215,100.0% during the fourth quarter. TFO Wealth Partners LLC now owns 4,304 shares of the bank’s stock worth $283,000 after purchasing an additional 4,302 shares during the period. Finally, Isthmus Partners LLC lifted its holdings in shares of Independent Bank by 6.3% during the fourth quarter. Isthmus Partners LLC now owns 29,788 shares of the bank’s stock valued at $1,960,000 after purchasing an additional 1,765 shares during the last quarter. Institutional investors own 83.40% of the company’s stock.

Independent Bank Stock Performance

Shares of Independent Bank stock opened at $59.52 on Wednesday. Independent Bank Corp. has a 12 month low of $44.63 and a 12 month high of $68.75. The company has a quick ratio of 0.95, a current ratio of 0.95 and a debt-to-equity ratio of 0.24. The stock has a market cap of $2.53 billion, a PE ratio of 11.49 and a beta of 0.75. The business has a fifty day simple moving average of $60.64 and a 200-day simple moving average of $53.89.

Independent Bank (NASDAQ:INDB) last released its earnings results on Thursday, July 18th. The bank reported $1.21 earnings per share for the quarter, beating the consensus estimate of $1.11 by $0.10. The company had revenue of $244.19 million for the quarter, compared to analysts’ expectations of $169.07 million. Independent Bank had a return on equity of 7.41% and a net margin of 22.42%. During the same quarter in the previous year, the business posted $1.42 EPS. On average, sell-side analysts anticipate that Independent Bank Corp. will post 4.75 EPS for the current fiscal year.

Independent Bank Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, October 4th. Stockholders of record on Monday, September 30th will be issued a dividend of $0.57 per share. This represents a $2.28 annualized dividend and a dividend yield of 3.83%. The ex-dividend date of this dividend is Monday, September 30th. Independent Bank’s dividend payout ratio is currently 44.02%.

Wall Street Analyst Weigh In

A number of brokerages recently weighed in on INDB. StockNews.com cut Independent Bank from a “hold” rating to a “sell” rating in a research note on Tuesday, September 17th. Seaport Res Ptn upgraded shares of Independent Bank from a “hold” rating to a “strong-buy” rating in a report on Monday, July 22nd.

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.