Point72 Asia Singapore Pte. Ltd. Acquires 2,129 Shares of Independent Bank Corp. (NASDAQ:INDB)

Point72 Asia Singapore Pte. Ltd. lifted its stake in Independent Bank Corp. (NASDAQ:INDB) by 59.0% during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 5,737 shares of the bank’s stock after purchasing an additional 2,129 shares during the quarter. Point72 Asia Singapore Pte. Ltd.’s holdings in Independent Bank were worth $291,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors also recently made changes to their positions in INDB. Victory Capital Management Inc. boosted its holdings in Independent Bank by 25.2% in the second quarter. Victory Capital Management Inc. now owns 1,701,156 shares of the bank’s stock worth $86,283,000 after acquiring an additional 342,201 shares in the last quarter. Millennium Management LLC boosted its stake in Independent Bank by 258.9% in the 2nd quarter. Millennium Management LLC now owns 299,234 shares of the bank’s stock worth $15,177,000 after purchasing an additional 215,860 shares in the last quarter. Dimensional Fund Advisors LP grew its position in Independent Bank by 9.5% during the 2nd quarter. Dimensional Fund Advisors LP now owns 2,157,917 shares of the bank’s stock valued at $109,443,000 after purchasing an additional 186,680 shares during the last quarter. Great Lakes Advisors LLC purchased a new position in Independent Bank in the second quarter worth about $5,405,000. Finally, Rockland Trust Co. lifted its stake in shares of Independent Bank by 14.3% in the second quarter. Rockland Trust Co. now owns 737,477 shares of the bank’s stock worth $37,405,000 after buying an additional 92,438 shares in the last quarter. Hedge funds and other institutional investors own 83.40% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on INDB. Seaport Res Ptn upgraded shares of Independent Bank from a “hold” rating to a “strong-buy” rating in a report on Monday, July 22nd. StockNews.com cut Independent Bank from a “hold” rating to a “sell” rating in a research report on Tuesday, September 17th.

Independent Bank Trading Down 3.1 %

Shares of INDB stock opened at $57.27 on Wednesday. The firm’s 50 day moving average is $60.56 and its 200 day moving average is $54.17. The stock has a market capitalization of $2.43 billion, a P/E ratio of 11.06 and a beta of 0.75. The company has a current ratio of 0.95, a quick ratio of 0.95 and a debt-to-equity ratio of 0.24. Independent Bank Corp. has a 12-month low of $44.63 and a 12-month high of $68.75.

Independent Bank (NASDAQ:INDB) last posted its earnings results on Thursday, July 18th. The bank reported $1.21 earnings per share for the quarter, beating analysts’ consensus estimates of $1.11 by $0.10. The company had revenue of $244.19 million for the quarter, compared to the consensus estimate of $169.07 million. Independent Bank had a return on equity of 7.41% and a net margin of 22.42%. During the same quarter in the prior year, the company earned $1.42 earnings per share. Research analysts expect that Independent Bank Corp. will post 4.68 earnings per share for the current year.

Independent Bank Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, October 4th. Shareholders of record on Monday, September 30th will be issued a dividend of $0.57 per share. The ex-dividend date of this dividend is Monday, September 30th. This represents a $2.28 dividend on an annualized basis and a yield of 3.98%. Independent Bank’s dividend payout ratio is currently 44.02%.

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.