Plimoth Trust Co. LLC Buys 500 Shares of Independent Bank Corp. (NASDAQ:INDB)

Plimoth Trust Co. LLC boosted its stake in shares of Independent Bank Corp. (NASDAQ:INDB) by 6.0% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 8,900 shares of the bank’s stock after purchasing an additional 500 shares during the quarter. Plimoth Trust Co. LLC’s holdings in Independent Bank were worth $463,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently bought and sold shares of the stock. Sachetta LLC acquired a new position in shares of Independent Bank in the fourth quarter valued at $56,000. Vanguard Personalized Indexing Management LLC acquired a new stake in shares of Independent Bank during the 4th quarter valued at about $217,000. TFO Wealth Partners LLC increased its stake in Independent Bank by 215,100.0% in the fourth quarter. TFO Wealth Partners LLC now owns 4,304 shares of the bank’s stock valued at $283,000 after acquiring an additional 4,302 shares during the period. HighTower Advisors LLC raised its position in Independent Bank by 5.1% in the third quarter. HighTower Advisors LLC now owns 5,892 shares of the bank’s stock worth $289,000 after purchasing an additional 287 shares in the last quarter. Finally, CIBC Asset Management Inc bought a new position in Independent Bank during the fourth quarter worth about $290,000. 83.40% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

INDB has been the topic of several analyst reports. StockNews.com lowered Independent Bank from a “hold” rating to a “sell” rating in a research note on Tuesday. TheStreet cut Independent Bank from a “b-” rating to a “c+” rating in a report on Wednesday, March 13th. Finally, Keefe, Bruyette & Woods lowered their target price on shares of Independent Bank from $64.00 to $60.00 and set a “market perform” rating on the stock in a report on Monday, April 22nd.

Independent Bank Trading Down 1.3 %

Shares of INDB opened at $48.97 on Thursday. The stock has a fifty day moving average price of $50.05 and a two-hundred day moving average price of $53.61. The company has a debt-to-equity ratio of 0.36, a quick ratio of 0.96 and a current ratio of 0.96. The company has a market cap of $2.08 billion, a price-to-earnings ratio of 9.45 and a beta of 0.77. Independent Bank Corp. has a 52-week low of $44.27 and a 52-week high of $68.75.

Independent Bank (NASDAQ:INDB) last posted its quarterly earnings data on Thursday, April 18th. The bank reported $1.12 earnings per share for the quarter, missing the consensus estimate of $1.15 by ($0.03). Independent Bank had a return on equity of 7.85% and a net margin of 23.97%. The company had revenue of $167.38 million during the quarter, compared to the consensus estimate of $171.80 million. Analysts predict that Independent Bank Corp. will post 4.46 EPS for the current fiscal year.

Independent Bank Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, July 8th. Stockholders of record on Monday, July 1st will be given a dividend of $0.57 per share. This represents a $2.28 annualized dividend and a dividend yield of 4.66%. The ex-dividend date is Monday, July 1st. Independent Bank’s dividend payout ratio is 44.02%.

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.