City Center Advisors LLC Cuts Holdings in Independent Bank Corp. (NASDAQ:INDB)

City Center Advisors LLC reduced its position in Independent Bank Corp. (NASDAQ:INDB) by 26.7% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 3,620 shares of the bank’s stock after selling 1,320 shares during the period. City Center Advisors LLC’s holdings in Independent Bank were worth $232,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Stablepoint Partners LLC raised its holdings in shares of Independent Bank by 1.2% during the 3rd quarter. Stablepoint Partners LLC now owns 23,033 shares of the bank’s stock worth $1,362,000 after acquiring an additional 283 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its position in Independent Bank by 0.3% in the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 83,048 shares of the bank’s stock worth $4,911,000 after purchasing an additional 285 shares during the last quarter. HighTower Advisors LLC raised its stake in Independent Bank by 6.8% during the third quarter. HighTower Advisors LLC now owns 6,556 shares of the bank’s stock valued at $383,000 after purchasing an additional 415 shares in the last quarter. GHP Investment Advisors Inc. lifted its position in Independent Bank by 2.3% during the third quarter. GHP Investment Advisors Inc. now owns 32,222 shares of the bank’s stock valued at $1,905,000 after purchasing an additional 713 shares during the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank grew its stake in shares of Independent Bank by 9.9% in the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 9,418 shares of the bank’s stock worth $557,000 after buying an additional 850 shares in the last quarter. 83.40% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of brokerages recently commented on INDB. Raymond James raised shares of Independent Bank from a “market perform” rating to a “strong-buy” rating and set a $74.00 price target for the company in a report on Monday, October 21st. Keefe, Bruyette & Woods raised their price objective on Independent Bank from $77.00 to $82.00 and gave the company a “market perform” rating in a research note on Thursday, December 12th. Finally, StockNews.com downgraded Independent Bank from a “hold” rating to a “sell” rating in a research report on Tuesday, September 17th. One analyst has rated the stock with a sell rating, one has issued a hold rating and two have given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $78.00.

Independent Bank Price Performance

INDB stock opened at $61.04 on Tuesday. The company has a current ratio of 0.95, a quick ratio of 0.95 and a debt-to-equity ratio of 0.22. Independent Bank Corp. has a 12 month low of $45.11 and a 12 month high of $77.23. The stock has a market cap of $2.59 billion, a PE ratio of 13.27 and a beta of 0.78. The company has a 50-day moving average price of $68.88 and a 200 day moving average price of $62.64.

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. 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 analyst estimates of $173.24 million. During the same quarter in the previous year, the business earned $1.38 earnings per share. Equities research analysts anticipate that Independent Bank Corp. will post 4.5 earnings per share for the current year.

Independent Bank Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, January 6th. Shareholders of record on Monday, December 30th were paid a $0.57 dividend. The ex-dividend date of this dividend was Monday, December 30th. This represents a $2.28 dividend on an annualized basis and a yield of 3.74%. Independent Bank’s payout ratio is 49.57%.

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.