M&T Bank Corp Trims Stock Holdings in Independent Bank Corp. (NASDAQ:INDB)

M&T Bank Corp reduced its holdings in shares of Independent Bank Corp. (NASDAQ:INDB) by 27.7% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 5,421 shares of the bank’s stock after selling 2,075 shares during the quarter. M&T Bank Corp’s holdings in Independent Bank were worth $321,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently bought and sold shares of the business. Innealta Capital LLC bought a new stake in Independent Bank during the 2nd quarter valued at $73,000. Connor Clark & Lunn Investment Management Ltd. bought a new stake in shares of Independent Bank during the 3rd quarter valued at $222,000. Profund Advisors LLC bought a new stake in shares of Independent Bank during the 2nd quarter valued at $229,000. Los Angeles Capital Management LLC purchased a new stake in Independent Bank during the 3rd quarter worth about $257,000. Finally, Vanguard Personalized Indexing Management LLC boosted its stake in Independent Bank by 29.7% in the 2nd quarter. Vanguard Personalized Indexing Management LLC now owns 5,378 shares of the bank’s stock worth $273,000 after purchasing an additional 1,231 shares during the period. 83.40% of the stock is owned by institutional investors.

Independent Bank Stock Performance

Shares of INDB opened at $65.74 on Thursday. Independent Bank Corp. has a 12-month low of $45.11 and a 12-month high of $77.23. The company has a current ratio of 0.95, a quick ratio of 0.95 and a debt-to-equity ratio of 0.22. The company has a market cap of $2.79 billion, a PE ratio of 14.29 and a beta of 0.76. The stock has a 50-day moving average price of $68.30 and a 200-day moving average price of $60.50.

Independent Bank (NASDAQ:INDB) last announced its earnings results on Thursday, October 17th. The bank reported $1.01 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.99 by $0.02. The business had revenue of $250.07 million during 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 in the previous year, the business posted $1.38 earnings per share. As a group, equities analysts forecast that Independent Bank Corp. will post 4.5 earnings per share for the current fiscal year.

Independent Bank Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, January 6th. Investors of record on Monday, December 30th will be paid a $0.57 dividend. The ex-dividend date is Monday, December 30th. This represents a $2.28 dividend on an annualized basis and a yield of 3.47%. Independent Bank’s dividend payout ratio is presently 49.57%.

Analyst Upgrades and Downgrades

Several equities research analysts have recently weighed in on the company. Raymond James upgraded 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. StockNews.com lowered shares of Independent Bank from a “hold” rating to a “sell” rating in a report on Tuesday, September 17th. Finally, Keefe, Bruyette & Woods raised their price target on shares of Independent Bank from $77.00 to $82.00 and gave the company a “market perform” rating in a report on Thursday, December 12th. One equities research analyst has rated the stock with a sell rating, one has given a hold rating and two have issued a strong buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $78.00.

About Independent Bank

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.