Cornercap Investment Counsel Inc. Has $303,000 Position in Independent Bank Corp. (NASDAQ:INDB)

Cornercap Investment Counsel Inc. lowered its stake in Independent Bank Corp. (NASDAQ:INDB) by 51.8% during the third quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 5,122 shares of the bank’s stock after selling 5,497 shares during the quarter. Cornercap Investment Counsel Inc.’s holdings in Independent Bank were worth $303,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently bought and sold shares of INDB. EntryPoint Capital LLC bought a new position in Independent Bank in the first quarter valued at approximately $47,000. Innealta Capital LLC bought a new position in Independent Bank in the second quarter valued at approximately $73,000. Profund Advisors LLC bought a new position in Independent Bank in the second quarter valued at approximately $229,000. Los Angeles Capital Management LLC bought a new position in Independent Bank in the third quarter valued at approximately $257,000. Finally, Vanguard Personalized Indexing Management LLC lifted its stake in Independent Bank by 29.7% in the second quarter. Vanguard Personalized Indexing Management LLC now owns 5,378 shares of the bank’s stock valued at $273,000 after buying an additional 1,231 shares in the last quarter. Institutional investors own 83.40% of the company’s stock.

Analyst Ratings Changes

INDB has been the topic of a number of research reports. StockNews.com lowered shares of Independent Bank from a “hold” rating to a “sell” rating in a research note on Tuesday, September 17th. Seaport Res Ptn upgraded shares of Independent Bank from a “hold” rating to a “strong-buy” rating in a report on Monday, July 22nd. Keefe, Bruyette & Woods increased their target price on shares of Independent Bank from $62.00 to $65.00 and gave the stock a “market perform” rating in a report on Monday, October 21st. Finally, Raymond James upgraded 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 report on Monday, October 21st. 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 company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $69.50.

Independent Bank Stock Performance

Shares of INDB opened at $72.22 on Monday. Independent Bank Corp. has a 12 month low of $45.11 and a 12 month high of $75.63. The firm has a fifty day simple moving average of $62.63 and a 200 day simple moving average of $57.28. The stock has a market capitalization of $3.07 billion, a price-to-earnings ratio of 15.70 and a beta of 0.73. The company has a current ratio of 0.95, a quick ratio of 0.95 and a debt-to-equity ratio of 0.22.

Independent Bank (NASDAQ:INDB) last announced 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 firm had revenue of $250.07 million during the quarter, compared to analysts’ expectations of $173.24 million. Independent Bank had a net margin of 20.26% and a return on equity of 6.74%. During the same quarter last year, the company posted $1.38 earnings per share. Research analysts forecast that Independent Bank Corp. will post 4.5 EPS for the current fiscal year.

Independent Bank Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, October 4th. Shareholders of record on Monday, September 30th were paid a $0.57 dividend. This represents a $2.28 dividend on an annualized basis and a yield of 3.16%. The ex-dividend date was Monday, September 30th. Independent Bank’s dividend payout ratio is currently 49.57%.

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.