Independent Bank Corp. (NASDAQ:INDB) Shares Sold by The Manufacturers Life Insurance Company

The Manufacturers Life Insurance Company lessened its position in shares of Independent Bank Corp. (NASDAQ:INDB) by 2.5% in the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 233,079 shares of the bank’s stock after selling 5,902 shares during the quarter. The Manufacturers Life Insurance Company owned approximately 0.55% of Independent Bank worth $13,782,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also made changes to their positions in the business. Louisiana State Employees Retirement System raised its position in 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 acquiring an additional 200 shares during the last quarter. Aries Wealth Management increased its position in 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 buying an additional 232 shares in the last quarter. CWM LLC lifted its position in shares of 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 in the last quarter. Stablepoint Partners LLC boosted its stake 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 valued at $1,362,000 after acquiring an additional 283 shares during the last quarter. Finally, Tidal Investments LLC increased its position in Independent Bank by 6.1% during the 1st quarter. Tidal Investments LLC now owns 9,184 shares of the bank’s stock worth $480,000 after purchasing an additional 532 shares in the last quarter. 83.40% of the stock is currently owned by hedge funds and other institutional investors.

Independent Bank Price Performance

Independent Bank stock opened at $72.39 on Monday. Independent Bank Corp. has a 1 year low of $45.11 and a 1 year high of $77.23. 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 firm has a 50 day moving average price of $65.01 and a 200 day moving average price of $58.80. The company has a market cap of $3.08 billion, a price-to-earnings ratio of 15.74 and a beta of 0.73.

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

Independent Bank Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, October 4th. Stockholders of record on Monday, September 30th were issued a dividend of $0.57 per share. This represents a $2.28 dividend on an annualized basis and a dividend yield of 3.15%. The ex-dividend date was Monday, September 30th. Independent Bank’s payout ratio is currently 49.57%.

Analysts Set New Price Targets

Several equities research analysts have issued reports 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 target on the stock in a research note on Monday, October 21st. Keefe, Bruyette & Woods raised their target price on shares of Independent Bank from $62.00 to $65.00 and gave the stock a “market perform” rating in a research report on Monday, October 21st. Finally, StockNews.com lowered Independent Bank from a “hold” rating to a “sell” rating in a research note on Tuesday, September 17th. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and two have issued a strong buy rating to the stock. According to MarketBeat, Independent Bank presently has an average rating of “Moderate Buy” and a consensus 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.