Clearbridge Investments LLC Has $15.42 Million Stock Position in Independent Bank Corp. (NASDAQ:INDB)

Clearbridge Investments LLC reduced its position in shares of Independent Bank Corp. (NASDAQ:INDB) by 2.0% in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 304,065 shares of the bank’s stock after selling 6,316 shares during the quarter. Clearbridge Investments LLC owned about 0.72% of Independent Bank worth $15,422,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors also recently added to or reduced their stakes in INDB. EntryPoint Capital LLC bought a new stake in shares of Independent Bank during the first quarter worth approximately $47,000. Innealta Capital LLC bought a new stake in shares of Independent Bank during the 2nd quarter valued at $73,000. CIBC Asset Management Inc acquired a new position in shares of Independent Bank in the 4th quarter valued at $290,000. Profund Advisors LLC bought a new position in shares of Independent Bank in the 2nd quarter worth $229,000. Finally, SG Americas Securities LLC boosted its position in shares of Independent Bank by 102.6% in the 1st quarter. SG Americas Securities LLC now owns 5,305 shares of the bank’s stock worth $276,000 after purchasing an additional 2,687 shares during the last quarter. 83.40% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

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, September 17th. Seaport Res Ptn raised shares of Independent Bank from a “hold” rating to a “strong-buy” rating in a research note on Monday, July 22nd.

Independent Bank Stock Performance

Shares of Independent Bank stock opened at $57.97 on Friday. Independent Bank Corp. has a 12 month low of $44.63 and a 12 month high of $68.75. The company has a current ratio of 0.95, a quick ratio of 0.95 and a debt-to-equity ratio of 0.24. The company has a market capitalization of $2.46 billion, a PE ratio of 11.19 and a beta of 0.74. The stock’s fifty day simple moving average is $60.22 and its 200 day simple moving average is $54.27.

Independent Bank (NASDAQ:INDB) last released its quarterly earnings data on Thursday, July 18th. The bank reported $1.21 earnings per share for the quarter, beating the consensus estimate of $1.11 by $0.10. The business had revenue of $244.19 million for the quarter, compared to analysts’ expectations 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 previous year, the business posted $1.42 EPS. On average, research analysts predict that Independent Bank Corp. will post 4.68 EPS for the current year.

Independent Bank Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, October 4th. Stockholders of record on Monday, September 30th were given a dividend of $0.57 per share. This represents a $2.28 annualized dividend and a dividend yield of 3.93%. The ex-dividend date was Monday, September 30th. Independent Bank’s dividend payout ratio is 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.