Commerce Bank Sells 155 Shares of Independent Bank Corp. (NASDAQ:INDB)

Commerce Bank lowered its holdings in Independent Bank Corp. (NASDAQ:INDB) by 3.0% during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 4,956 shares of the bank’s stock after selling 155 shares during the quarter. Commerce Bank’s holdings in Independent Bank were worth $293,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in the business. Innealta Capital LLC bought a new stake in Independent Bank during the second quarter worth about $73,000. Profund Advisors LLC bought a new stake in Independent Bank during the second quarter worth about $229,000. Los Angeles Capital Management LLC bought a new stake in Independent Bank during the third quarter worth about $257,000. Vanguard Personalized Indexing Management LLC grew its stake in Independent Bank by 29.7% during 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 during the last quarter. Finally, Point72 Asia Singapore Pte. Ltd. grew its stake in Independent Bank by 59.0% during the second quarter. Point72 Asia Singapore Pte. Ltd. now owns 5,737 shares of the bank’s stock worth $291,000 after buying an additional 2,129 shares during the last quarter. Institutional investors own 83.40% of the company’s stock.

Independent Bank Trading Down 0.5 %

Shares of NASDAQ INDB opened at $72.99 on Thursday. The company’s 50 day simple moving average is $64.56 and its 200 day simple moving average is $58.47. Independent Bank Corp. has a fifty-two week low of $45.11 and a fifty-two week high of $77.23. The firm has a market capitalization of $3.10 billion, a P/E ratio of 15.87 and a beta of 0.73. The company has a debt-to-equity ratio of 0.22, a current ratio of 0.95 and a quick ratio of 0.95.

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

Independent Bank Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, October 4th. Investors of record on Monday, September 30th were issued a dividend of $0.57 per share. The ex-dividend date was Monday, September 30th. This represents a $2.28 dividend on an annualized basis and a dividend yield of 3.12%. Independent Bank’s payout ratio is 49.57%.

Analyst Upgrades and Downgrades

Several analysts have weighed in on the stock. Raymond James raised shares of Independent Bank from a “market perform” rating to a “strong-buy” rating and set a $74.00 price objective on the stock in a research note on Monday, October 21st. Keefe, Bruyette & Woods upped their price objective on shares of Independent Bank from $62.00 to $65.00 and gave the stock a “market perform” rating in a research note on Monday, October 21st. Finally, StockNews.com cut shares of 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 assigned a hold rating and two have assigned a strong buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target 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.