5,939 Shares in Independent Bank Corp. (NASDAQ:INDB) Purchased by LMR Partners LLP

LMR Partners LLP purchased a new stake in Independent Bank Corp. (NASDAQ:INDB) in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm purchased 5,939 shares of the bank’s stock, valued at approximately $351,000.

A number of other hedge funds and other institutional investors have also modified their holdings of the stock. Louisiana State Employees Retirement System lifted its holdings in shares of Independent Bank by 0.9% during the second quarter. Louisiana State Employees Retirement System now owns 21,400 shares of the bank’s stock worth $1,085,000 after buying an additional 200 shares during the last quarter. CWM LLC grew its position in Independent Bank by 2.7% in the second quarter. CWM LLC now owns 8,704 shares of the bank’s stock valued at $441,000 after acquiring an additional 232 shares during the period. Aries Wealth Management grew its holdings in shares of Independent Bank by 1.5% during the second quarter. Aries Wealth Management now owns 16,122 shares of the bank’s stock worth $818,000 after purchasing an additional 232 shares during the last quarter. Stablepoint Partners LLC grew its holdings in shares of Independent Bank by 1.2% during the third quarter. Stablepoint Partners LLC now owns 23,033 shares of the bank’s stock worth $1,362,000 after purchasing an additional 283 shares during the last quarter. Finally, Tidal Investments LLC grew its holdings in shares of Independent Bank by 6.1% during the first quarter. Tidal Investments LLC now owns 9,184 shares of the bank’s stock worth $480,000 after purchasing an additional 532 shares during the last quarter. Institutional investors and hedge funds own 83.40% of the company’s stock.

Independent Bank Stock Up 0.0 %

NASDAQ:INDB opened at $70.81 on Thursday. The company has a debt-to-equity ratio of 0.22, a quick ratio of 0.95 and a current ratio of 0.95. The stock has a 50-day simple moving average of $63.09 and a 200 day simple moving average of $57.61. The company has a market cap of $3.01 billion, a PE ratio of 15.39 and a beta of 0.73. Independent Bank Corp. has a 52-week low of $45.11 and a 52-week high of $75.63.

Independent Bank (NASDAQ:INDB) last posted its quarterly earnings results on Thursday, October 17th. The bank reported $1.01 earnings per share for the quarter, beating analysts’ consensus estimates of $0.99 by $0.02. The firm had revenue of $250.07 million during the quarter, compared to the consensus estimate of $173.24 million. Independent Bank had a return on equity of 6.74% and a net margin of 20.26%. During the same period last year, the company earned $1.38 earnings per share. On average, sell-side analysts expect that Independent Bank Corp. will post 4.5 EPS for the current fiscal year.

Independent Bank Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, October 4th. Shareholders of record on Monday, September 30th were paid a $0.57 dividend. The ex-dividend date was Monday, September 30th. This represents a $2.28 dividend on an annualized basis and a yield of 3.22%. Independent Bank’s dividend payout ratio is 49.57%.

Wall Street Analyst Weigh In

INDB has been the topic of several research reports. Keefe, Bruyette & Woods upped their price target on Independent Bank from $62.00 to $65.00 and gave the company a “market perform” rating in a research note on Monday, October 21st. StockNews.com lowered Independent Bank from a “hold” rating to a “sell” rating in a research report on Tuesday, September 17th. Finally, Raymond James raised Independent Bank from a “market perform” rating to a “strong-buy” rating and set a $74.00 price target on the stock in a research report on Monday, October 21st. One research analyst has rated the stock with a sell rating, one has issued a hold rating and two have issued a strong buy rating to the company’s stock. According to MarketBeat.com, Independent Bank has an average rating of “Moderate Buy” and an average target price of $69.50.

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.