Independent Bank Corp. (NASDAQ:INDB) Shares Sold by City Center Advisors LLC

City Center Advisors LLC decreased its holdings in Independent Bank Corp. (NASDAQ:INDB) by 10.7% in the 3rd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 4,940 shares of the bank’s stock after selling 590 shares during the quarter. City Center Advisors LLC’s holdings in Independent Bank were worth $292,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors also recently bought and sold shares of INDB. Goldman Sachs Group Inc. increased its holdings in shares of Independent Bank by 5.3% in the 4th quarter. Goldman Sachs Group Inc. now owns 509,236 shares of the bank’s stock valued at $33,513,000 after purchasing an additional 25,664 shares in the last quarter. Quantbot Technologies LP acquired a new stake in shares of Independent Bank during the 1st quarter valued at approximately $1,169,000. BNP Paribas Financial Markets boosted its stake in shares of Independent Bank by 89.8% during the 1st quarter. BNP Paribas Financial Markets now owns 23,769 shares of the bank’s stock worth $1,236,000 after acquiring an additional 11,244 shares in the last quarter. Edgestream Partners L.P. grew its holdings in shares of Independent Bank by 462.0% in the 1st quarter. Edgestream Partners L.P. now owns 52,784 shares of the bank’s stock worth $2,746,000 after acquiring an additional 43,391 shares during the period. Finally, Virtu Financial LLC purchased a new position in Independent Bank in the 1st quarter valued at approximately $461,000. Institutional investors and hedge funds own 83.40% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts have weighed in on INDB shares. Seaport Res Ptn raised Independent Bank from a “hold” rating to a “strong-buy” rating in a report on Monday, July 22nd. StockNews.com cut shares of Independent Bank from a “hold” rating to a “sell” rating in a research note on Tuesday, September 17th.

Independent Bank Price Performance

Shares of NASDAQ:INDB opened at $57.46 on Tuesday. Independent Bank Corp. has a one year low of $44.63 and a one year high of $68.75. The stock has a market cap of $2.44 billion, a PE ratio of 11.09 and a beta of 0.74. The business’s fifty day moving average price is $60.13 and its two-hundred day moving average price is $54.37. The company has a debt-to-equity ratio of 0.24, a quick ratio of 0.95 and a current ratio of 0.95.

Independent Bank (NASDAQ:INDB) last posted its quarterly earnings data on Thursday, July 18th. The bank reported $1.21 EPS for the quarter, topping analysts’ consensus estimates of $1.11 by $0.10. The firm had revenue of $244.19 million during 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 last year, the business posted $1.42 EPS. On average, analysts forecast that Independent Bank Corp. will post 4.68 EPS for the current fiscal year.

Independent Bank Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, October 4th. Investors of record on Monday, September 30th were paid a dividend of $0.57 per share. This represents a $2.28 annualized dividend and a dividend yield of 3.97%. The ex-dividend date of this dividend was Monday, September 30th. Independent Bank’s 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.