SG Americas Securities LLC Has $770,000 Holdings in Independent Bank Corp. (NASDAQ:INDB)

SG Americas Securities LLC grew its stake in Independent Bank Corp. (NASDAQ:INDB) by 186.3% in the second quarter, Holdings Channel.com reports. The institutional investor owned 15,186 shares of the bank’s stock after buying an additional 9,881 shares during the quarter. SG Americas Securities LLC’s holdings in Independent Bank were worth $770,000 as of its most recent SEC filing.

A number of other hedge funds have also made changes to their positions in the stock. Norges Bank bought a new position in shares of Independent Bank in the fourth quarter valued at approximately $32,784,000. Hsbc Holdings PLC lifted its position in shares of Independent Bank by 902.8% during the 4th quarter. Hsbc Holdings PLC now owns 268,315 shares of the bank’s stock worth $17,730,000 after purchasing an additional 241,558 shares during the last quarter. Dimensional Fund Advisors LP grew its holdings in Independent Bank by 10.3% in the 4th quarter. Dimensional Fund Advisors LP now owns 1,753,697 shares of the bank’s stock valued at $115,415,000 after buying an additional 164,254 shares during the last quarter. Vanguard Group Inc. lifted its holdings in shares of Independent Bank by 1.3% during the fourth quarter. Vanguard Group Inc. now owns 5,272,986 shares of the bank’s stock worth $347,015,000 after buying an additional 69,312 shares during the last quarter. Finally, Edgestream Partners L.P. grew its stake in shares of Independent Bank by 462.0% in the first quarter. Edgestream Partners L.P. now owns 52,784 shares of the bank’s stock worth $2,746,000 after acquiring an additional 43,391 shares during the last quarter. Institutional investors and hedge funds own 83.40% of the company’s stock.

Independent Bank Stock Performance

NASDAQ INDB opened at $60.03 on Monday. The firm has a market cap of $2.55 billion, a price-to-earnings ratio of 11.59 and a beta of 0.77. Independent Bank Corp. has a 1-year low of $44.63 and a 1-year high of $68.75. The company has a 50 day moving average of $53.98 and a 200-day moving average of $52.27. The company has a current ratio of 0.95, a quick ratio of 0.95 and a debt-to-equity ratio of 0.24.

Independent Bank (NASDAQ:INDB) last posted its quarterly earnings data 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. Independent Bank had a net margin of 22.42% and a return on equity of 7.41%. The firm had revenue of $244.19 million during the quarter, compared to analysts’ expectations of $169.07 million. During the same quarter last year, the company posted $1.42 EPS. On average, equities analysts forecast that Independent Bank Corp. will post 4.75 earnings per share for the current fiscal year.

Independent Bank Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, July 8th. Shareholders of record on Monday, July 1st were paid a $0.57 dividend. The ex-dividend date was Monday, July 1st. This represents a $2.28 dividend on an annualized basis and a yield of 3.80%. Independent Bank’s payout ratio is presently 44.02%.

Wall Street Analyst Weigh In

Several research firms have recently issued reports on INDB. StockNews.com downgraded shares of Independent Bank from a “hold” rating to a “sell” rating in a report on Friday. Keefe, Bruyette & Woods reduced their target price on Independent Bank from $64.00 to $60.00 and set a “market perform” rating for the company in a research report on Monday, April 22nd. Finally, Seaport Res Ptn upgraded shares of Independent Bank from a “hold” rating to a “strong-buy” rating in a research note 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.