Handelsinvest Investeringsforvaltning Cuts Stake in Independent Bank Corp. (NASDAQ:INDB)

Handelsinvest Investeringsforvaltning lowered its holdings in shares of Independent Bank Corp. (NASDAQ:INDB) by 34.2% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 4,302 shares of the bank’s stock after selling 2,234 shares during the quarter. Handelsinvest Investeringsforvaltning’s holdings in Independent Bank were worth $224,000 at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. Sachetta LLC purchased a new stake in shares of Independent Bank during the fourth quarter worth about $56,000. Vanguard Personalized Indexing Management LLC purchased a new position in Independent Bank during the 4th quarter valued at approximately $217,000. TFO Wealth Partners LLC grew its holdings in Independent Bank by 215,100.0% during the 4th quarter. TFO Wealth Partners LLC now owns 4,304 shares of the bank’s stock valued at $283,000 after buying an additional 4,302 shares in the last quarter. HighTower Advisors LLC grew its holdings in Independent Bank by 5.1% during the 3rd quarter. HighTower Advisors LLC now owns 5,892 shares of the bank’s stock valued at $289,000 after buying an additional 287 shares in the last quarter. Finally, CIBC Asset Management Inc purchased a new position in Independent Bank during the 4th quarter valued at approximately $290,000. Hedge funds and other institutional investors own 83.40% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts have weighed in on the company. StockNews.com cut Independent Bank from a “hold” rating to a “sell” rating in a report on Tuesday. TheStreet cut Independent Bank from a “b-” rating to a “c+” rating in a report on Wednesday, March 13th. Finally, Keefe, Bruyette & Woods cut their price target on Independent Bank from $64.00 to $60.00 and set a “market perform” rating for the company in a report on Monday, April 22nd.

Independent Bank Price Performance

Shares of Independent Bank stock opened at $48.97 on Thursday. The stock has a market cap of $2.08 billion, a price-to-earnings ratio of 9.45 and a beta of 0.77. The company has a debt-to-equity ratio of 0.36, a quick ratio of 0.96 and a current ratio of 0.96. The stock has a 50 day moving average price of $50.05 and a 200-day moving average price of $53.61. Independent Bank Corp. has a one year low of $44.27 and a one year high of $68.75.

Independent Bank (NASDAQ:INDB) last issued its earnings results on Thursday, April 18th. The bank reported $1.12 earnings per share for the quarter, missing analysts’ consensus estimates of $1.15 by ($0.03). The firm had revenue of $167.38 million for the quarter, compared to the consensus estimate of $171.80 million. Independent Bank had a net margin of 23.97% and a return on equity of 7.85%. Equities analysts expect that Independent Bank Corp. will post 4.46 EPS for the current year.

Independent Bank Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, July 8th. Stockholders of record on Monday, July 1st will be given a $0.57 dividend. This represents a $2.28 annualized dividend and a dividend yield of 4.66%. The ex-dividend date is Monday, July 1st. Independent Bank’s payout ratio is 44.02%.

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.