Boston Trust Walden Corp Sells 15,647 Shares of Independent Bank Corp. (NASDAQ:INDB)

Boston Trust Walden Corp trimmed its stake in Independent Bank Corp. (NASDAQ:INDB) by 2.5% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 619,313 shares of the bank’s stock after selling 15,647 shares during the quarter. Boston Trust Walden Corp’s holdings in Independent Bank were worth $36,620,000 as of its most recent SEC filing.

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

Analyst Upgrades and Downgrades

Several analysts recently issued reports on the stock. Seaport Res Ptn raised shares of Independent Bank from a “hold” rating to a “strong-buy” rating in a research report on Monday, July 22nd. Keefe, Bruyette & Woods raised their price objective 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 report on Monday, October 21st. Finally, StockNews.com cut shares of Independent Bank from a “hold” rating to a “sell” rating in a research report on Tuesday, September 17th. One equities 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. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $69.50.

Independent Bank Trading Down 1.5 %

NASDAQ INDB opened at $61.85 on Friday. 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 business has a fifty day simple moving average of $60.66 and a 200 day simple moving average of $55.40. Independent Bank Corp. has a 12 month low of $45.11 and a 12 month high of $68.75. The firm has a market capitalization of $2.63 billion, a P/E ratio of 13.45 and a beta of 0.74.

Independent Bank (NASDAQ:INDB) last announced its 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. Independent Bank had a net margin of 20.26% and a return on equity of 6.79%. The company had revenue of $250.07 million during the quarter, compared to the consensus estimate of $173.24 million. During the same quarter in the prior year, the company posted $1.38 earnings per share. On average, analysts predict that Independent Bank Corp. will post 4.42 EPS for the current fiscal year.

Independent Bank Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, October 4th. Shareholders of record on Monday, September 30th were given 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 3.69%. Independent Bank’s dividend payout ratio is currently 49.57%.

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.