Moors & Cabot Inc. Sells 1,191 Shares of Independent Bank Corp. (NASDAQ:INDB)

Moors & Cabot Inc. lessened its position in shares of Independent Bank Corp. (NASDAQ:INDB) by 2.4% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 48,378 shares of the bank’s stock after selling 1,191 shares during the period. Moors & Cabot Inc. owned approximately 0.11% of Independent Bank worth $2,454,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also bought and sold shares of the company. Vanguard Group Inc. increased its position in shares of Independent Bank by 1.3% in the fourth quarter. Vanguard Group Inc. now owns 5,272,986 shares of the bank’s stock worth $347,015,000 after purchasing an additional 69,312 shares during the last quarter. Dimensional Fund Advisors LP increased its holdings in shares of Independent Bank by 9.5% in the 2nd quarter. Dimensional Fund Advisors LP now owns 2,157,917 shares of the bank’s stock worth $109,443,000 after buying an additional 186,680 shares during the last quarter. Victory Capital Management Inc. raised its position in shares of Independent Bank by 25.2% during the 2nd quarter. Victory Capital Management Inc. now owns 1,701,156 shares of the bank’s stock valued at $86,283,000 after buying an additional 342,201 shares in the last quarter. Rockland Trust Co. lifted its holdings in shares of Independent Bank by 14.3% during the 2nd quarter. Rockland Trust Co. now owns 737,477 shares of the bank’s stock worth $37,405,000 after acquiring an additional 92,438 shares during the last quarter. Finally, Goldman Sachs Group Inc. grew its position in Independent Bank by 5.3% in the fourth quarter. Goldman Sachs Group Inc. now owns 509,236 shares of the bank’s stock worth $33,513,000 after acquiring an additional 25,664 shares in the last quarter. 83.40% of the stock is currently owned by hedge funds and other institutional investors.

Independent Bank Price Performance

Shares of NASDAQ:INDB opened at $62.12 on Wednesday. The company’s fifty day moving average is $59.85 and its 200 day moving average is $53.54. The company has a quick ratio of 0.95, a current ratio of 0.95 and a debt-to-equity ratio of 0.24. Independent Bank Corp. has a 52 week low of $44.63 and a 52 week high of $68.75. The stock has a market cap of $2.64 billion, a PE ratio of 11.99 and a beta of 0.75.

Independent Bank (NASDAQ:INDB) last released its quarterly earnings data on Thursday, July 18th. The bank reported $1.21 EPS for the quarter, topping the consensus estimate of $1.11 by $0.10. Independent Bank had a return on equity of 7.41% and a net margin of 22.42%. The firm had revenue of $244.19 million for the quarter, compared to the consensus estimate of $169.07 million. During the same quarter in the previous year, the business earned $1.42 earnings per share. Research analysts anticipate that Independent Bank Corp. will post 4.75 earnings per share for the current year.

Independent Bank Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, July 8th. Stockholders of record on Monday, July 1st were issued a $0.57 dividend. This represents a $2.28 annualized dividend and a dividend yield of 3.67%. The ex-dividend date of this dividend was Monday, July 1st. Independent Bank’s dividend payout ratio is 44.02%.

Analyst Upgrades and Downgrades

Several brokerages have issued reports on INDB. Seaport Res Ptn raised Independent Bank from a “hold” rating to a “strong-buy” rating in a research note on Monday, July 22nd. StockNews.com lowered Independent Bank from a “hold” rating to a “sell” rating in a research note on Tuesday.

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.