Eastern Bank Purchases 19,048 Shares of Independent Bank Corp. (NASDAQ:INDB)

Eastern Bank lifted its stake in shares of Independent Bank Corp. (NASDAQ:INDB) by 454.7% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 23,237 shares of the bank’s stock after buying an additional 19,048 shares during the period. Eastern Bank owned about 0.05% of Independent Bank worth $1,374,000 at the end of the most recent quarter.

Several other institutional investors also recently modified their holdings of the business. EntryPoint Capital LLC bought a new stake in shares of Independent Bank in the first quarter valued at $47,000. Innealta Capital LLC purchased a new position in Independent Bank during the 2nd quarter valued at about $73,000. Profund Advisors LLC purchased a new stake in Independent Bank in the 2nd quarter worth approximately $229,000. Vanguard Personalized Indexing Management LLC raised its position in shares of Independent Bank by 29.7% in the second quarter. Vanguard Personalized Indexing Management LLC now owns 5,378 shares of the bank’s stock worth $273,000 after buying an additional 1,231 shares in the last quarter. Finally, SG Americas Securities LLC raised its holdings in shares of Independent Bank by 102.6% in the 1st quarter. SG Americas Securities LLC now owns 5,305 shares of the bank’s stock valued at $276,000 after acquiring an additional 2,687 shares in the last quarter. 83.40% of the stock is owned by institutional investors.

Analysts Set New Price Targets

INDB has been the topic of several research analyst reports. Seaport Res Ptn upgraded shares of Independent Bank from a “hold” rating to a “strong-buy” rating in a research report on Monday, July 22nd. Keefe, Bruyette & Woods raised their price objective on shares of Independent Bank from $62.00 to $65.00 and gave the company a “market perform” rating in a research report on Monday. Raymond James upgraded shares of Independent Bank from a “market perform” rating to a “strong-buy” rating and set a $74.00 target price for the company in a research report on Monday. Finally, StockNews.com lowered Independent Bank from a “hold” rating to a “sell” rating in a research note on Tuesday, September 17th. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating and two have assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $69.50.

Independent Bank Price Performance

Shares of NASDAQ:INDB opened at $62.17 on Wednesday. The company’s fifty day moving average is $60.45 and its 200 day moving average is $55.17. The company has a quick ratio of 0.95, a current ratio of 0.95 and a debt-to-equity ratio of 0.24. Independent Bank Corp. has a 52 week low of $44.63 and a 52 week high of $68.75. The stock has a market cap of $2.64 billion, a PE ratio of 12.00 and a beta of 0.74.

Independent Bank (NASDAQ:INDB) last issued its earnings results on Thursday, October 17th. The bank reported $1.01 earnings per share for the quarter, beating the consensus estimate of $0.99 by $0.02. Independent Bank had a return on equity of 7.41% and a net margin of 22.42%. The company had revenue of $250.07 million during the quarter, compared to analysts’ expectations of $173.24 million. During the same period in the prior year, the business posted $1.38 EPS. Research analysts anticipate that Independent Bank Corp. will post 4.49 earnings per share for the current year.

Independent Bank Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, October 4th. Stockholders of record on Monday, September 30th were paid a dividend of $0.57 per share. The ex-dividend date was Monday, September 30th. This represents a $2.28 annualized dividend and a dividend yield of 3.67%. Independent Bank’s dividend payout ratio (DPR) is presently 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.