Profund Advisors LLC Makes New Investment in Independent Bank Corp. (NASDAQ:INDB)

Profund Advisors LLC purchased a new stake in Independent Bank Corp. (NASDAQ:INDB) in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund purchased 4,522 shares of the bank’s stock, valued at approximately $229,000.

Several other hedge funds also recently made changes to their positions in the stock. Norges Bank bought a new position in Independent Bank in the 4th quarter worth about $32,784,000. Victory Capital Management Inc. boosted its position in shares of Independent Bank by 25.2% in the second quarter. Victory Capital Management Inc. now owns 1,701,156 shares of the bank’s stock valued at $86,283,000 after acquiring an additional 342,201 shares during the period. Hsbc Holdings PLC grew its stake in Independent Bank by 902.8% during the fourth quarter. Hsbc Holdings PLC now owns 268,315 shares of the bank’s stock valued at $17,730,000 after acquiring an additional 241,558 shares in the last quarter. Dimensional Fund Advisors LP increased its holdings in Independent Bank by 9.5% during the 2nd quarter. Dimensional Fund Advisors LP now owns 2,157,917 shares of the bank’s stock worth $109,443,000 after acquiring an additional 186,680 shares during the period. Finally, Great Lakes Advisors LLC purchased a new stake in Independent Bank in the 2nd quarter worth approximately $5,405,000. 83.40% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on the stock. Seaport Res Ptn raised shares of Independent Bank from a “hold” rating to a “strong-buy” rating in a report on Monday, July 22nd. StockNews.com lowered Independent Bank from a “hold” rating to a “sell” rating in a research note on Tuesday, September 17th.

Independent Bank Price Performance

INDB stock opened at $58.44 on Friday. The firm has a 50 day simple moving average of $60.72 and a two-hundred day simple moving average of $54.00. The stock has a market cap of $2.48 billion, a PE ratio of 11.28 and a beta of 0.75. Independent Bank Corp. has a one year low of $44.63 and a one year high of $68.75. The company has a debt-to-equity ratio of 0.24, a current ratio of 0.95 and a quick ratio of 0.95.

Independent Bank (NASDAQ:INDB) last announced its earnings results on Thursday, July 18th. The bank reported $1.21 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.11 by $0.10. Independent Bank had a net margin of 22.42% and a return on equity of 7.41%. The company had revenue of $244.19 million during the quarter, compared to analyst estimates of $169.07 million. During the same period in the previous year, the business earned $1.42 earnings per share. On average, analysts predict that Independent Bank Corp. will post 4.68 EPS for the current fiscal year.

Independent Bank Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, October 4th. Investors of record on Monday, September 30th will be issued a dividend of $0.57 per share. The ex-dividend date is Monday, September 30th. This represents a $2.28 dividend on an annualized basis and a dividend yield of 3.90%. Independent Bank’s dividend payout ratio is 44.02%.

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.