Carl P. Sherr & Co. LLC Cuts Stock Holdings in Independent Bank Corp. (NASDAQ:INDB)

Carl P. Sherr & Co. LLC reduced its holdings in shares of Independent Bank Corp. (NASDAQ:INDB) by 23.0% during the third quarter, HoldingsChannel.com reports. The fund owned 6,025 shares of the bank’s stock after selling 1,801 shares during the quarter. Carl P. Sherr & Co. LLC’s holdings in Independent Bank were worth $356,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also bought and sold shares of the business. Dimensional Fund Advisors LP lifted its holdings in Independent Bank by 9.5% during the second quarter. Dimensional Fund Advisors LP now owns 2,157,917 shares of the bank’s stock worth $109,443,000 after acquiring an additional 186,680 shares during the period. Victory Capital Management Inc. raised its stake in shares of Independent Bank by 25.2% in the second 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. Rockland Trust Co. raised 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 valued at $37,405,000 after buying an additional 92,438 shares during the period. Charles Schwab Investment Management Inc. raised its stake in shares of Independent Bank by 4.6% in the third quarter. Charles Schwab Investment Management Inc. now owns 523,659 shares of the bank’s stock valued at $30,964,000 after buying an additional 22,919 shares during the period. Finally, Millennium Management LLC raised its stake in shares of Independent Bank by 258.9% in the second quarter. Millennium Management LLC now owns 299,234 shares of the bank’s stock valued at $15,177,000 after buying an additional 215,860 shares during the period. 83.40% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several analysts have issued reports on the company. Raymond James upgraded Independent Bank from a “market perform” rating to a “strong-buy” rating and set a $74.00 target price on the stock in a research note on Monday, October 21st. Keefe, Bruyette & Woods boosted their target price on Independent Bank from $62.00 to $65.00 and gave the company a “market perform” rating in a research note on Monday, October 21st. Finally, StockNews.com lowered 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 assigned a hold rating and two have given a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $69.50.

Independent Bank Price Performance

INDB opened at $72.99 on Friday. The stock has a 50-day moving average price of $64.78 and a 200-day moving average price of $58.57. Independent Bank Corp. has a 12-month low of $45.11 and a 12-month high of $77.23. The company has a current ratio of 0.95, a quick ratio of 0.95 and a debt-to-equity ratio of 0.22. The stock has a market capitalization of $3.10 billion, a P/E ratio of 15.87 and a beta of 0.73.

Independent Bank (NASDAQ:INDB) last released its quarterly earnings results on Thursday, October 17th. The bank reported $1.01 EPS for the quarter, beating analysts’ consensus estimates 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 return on equity of 6.74% and a net margin of 20.26%. During the same quarter in the prior year, the company posted $1.38 EPS. Equities analysts predict that Independent Bank Corp. will post 4.5 earnings per share for the current fiscal year.

Independent Bank Announces Dividend

The firm also recently declared 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. This represents a $2.28 dividend on an annualized basis and a yield of 3.12%. The ex-dividend date of this dividend was Monday, September 30th. Independent Bank’s payout ratio is 49.57%.

Independent Bank 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.