Moors & Cabot Inc. Lowers Position in Independent Bank Corp. (NASDAQ:INDB)

Moors & Cabot Inc. lessened its holdings in Independent Bank Corp. (NASDAQ:INDB) by 0.4% during the 3rd quarter, according to its most recent Form 13F filing with the SEC. The fund owned 48,182 shares of the bank’s stock after selling 196 shares during the period. Moors & Cabot Inc. owned approximately 0.11% of Independent Bank worth $2,849,000 at the end of the most recent quarter.

Several other large investors also recently bought and sold shares of INDB. EntryPoint Capital LLC bought a new position in Independent Bank during the first quarter valued at $47,000. Innealta Capital LLC bought a new position in Independent Bank during the second quarter valued at $73,000. Connor Clark & Lunn Investment Management Ltd. bought a new position in Independent Bank during the third quarter valued at $222,000. Profund Advisors LLC bought a new position in Independent Bank during the second quarter valued at $229,000. Finally, Los Angeles Capital Management LLC bought a new position in Independent Bank during the third quarter valued at $257,000. Institutional investors own 83.40% of the company’s stock.

Independent Bank Stock Performance

INDB stock opened at $70.81 on Thursday. The firm has a market cap of $3.01 billion, a price-to-earnings ratio of 15.39 and a beta of 0.73. The firm has a 50-day simple moving average of $63.09 and a two-hundred day simple moving average of $57.61. Independent Bank Corp. has a one year low of $45.11 and a one year high of $75.63. The company has a debt-to-equity ratio of 0.22, a quick ratio of 0.95 and a current ratio of 0.95.

Independent Bank (NASDAQ:INDB) last released its quarterly earnings results on Thursday, October 17th. The bank reported $1.01 EPS for the quarter, beating the consensus estimate of $0.99 by $0.02. The business had revenue of $250.07 million during the quarter, compared to analyst estimates of $173.24 million. Independent Bank had a net margin of 20.26% and a return on equity of 6.74%. During the same period in the prior year, the firm posted $1.38 earnings per share. On average, equities analysts forecast that Independent Bank Corp. will post 4.5 EPS for the current fiscal 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 issued a dividend of $0.57 per share. The ex-dividend date of this dividend was Monday, September 30th. This represents a $2.28 annualized dividend and a dividend yield of 3.22%. Independent Bank’s dividend payout ratio (DPR) is currently 49.57%.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on INDB shares. Keefe, Bruyette & Woods boosted their target price on shares of Independent Bank from $62.00 to $65.00 and gave the company a “market perform” rating in a research note on Monday, October 21st. Raymond James raised shares of Independent Bank from a “market perform” rating to a “strong-buy” rating and set a $74.00 target price for the company in a research note on Monday, October 21st. Finally, StockNews.com lowered shares of Independent Bank from a “hold” rating to a “sell” rating in a research note on Tuesday, September 17th. One research analyst has rated the stock with a sell rating, one has given a hold rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $69.50.

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.