Moody Aldrich Partners LLC Cuts Position in Independent Bank Corp. $INDB

Moody Aldrich Partners LLC lowered its stake in Independent Bank Corp. (NASDAQ:INDB) by 1.5% in the 2nd quarter, HoldingsChannel.com reports. The fund owned 143,467 shares of the bank’s stock after selling 2,199 shares during the quarter. Independent Bank comprises 1.7% of Moody Aldrich Partners LLC’s investment portfolio, making the stock its 4th largest holding. Moody Aldrich Partners LLC’s holdings in Independent Bank were worth $9,022,000 at the end of the most recent quarter.

A number of other institutional investors also recently modified their holdings of the stock. GAMMA Investing LLC grew its holdings in Independent Bank by 156.9% in the first quarter. GAMMA Investing LLC now owns 429 shares of the bank’s stock worth $27,000 after purchasing an additional 262 shares during the period. Private Trust Co. NA boosted its position in shares of Independent Bank by 296.8% during the 2nd quarter. Private Trust Co. NA now owns 619 shares of the bank’s stock worth $39,000 after purchasing an additional 463 shares in the last quarter. Bessemer Group Inc. grew its stake in shares of Independent Bank by 95.1% in the 2nd quarter. Bessemer Group Inc. now owns 638 shares of the bank’s stock valued at $40,000 after buying an additional 311 shares during the period. LRI Investments LLC bought a new stake in Independent Bank in the 2nd quarter valued at about $59,000. Finally, Quarry LP increased its position in Independent Bank by 1,328.6% in the 1st quarter. Quarry LP now owns 1,300 shares of the bank’s stock valued at $81,000 after buying an additional 1,209 shares in the last quarter. Institutional investors and hedge funds own 83.40% of the company’s stock.

Analysts Set New Price Targets

Several research analysts have issued reports on INDB shares. Weiss Ratings reiterated a “hold (c+)” rating on shares of Independent Bank in a report on Wednesday, October 8th. Zacks Research lowered shares of Independent Bank from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, August 19th. Keefe, Bruyette & Woods upgraded shares of Independent Bank from a “market perform” rating to an “outperform” rating and boosted their price target for the company from $80.00 to $83.00 in a research note on Tuesday, October 21st. Independent Research set a $83.00 price objective on shares of Independent Bank in a research note on Tuesday, October 21st. Finally, Wall Street Zen raised shares of Independent Bank from a “sell” rating to a “hold” rating in a research report on Sunday, August 10th. One equities research analyst has rated the stock with a Strong Buy rating, one has given a Buy rating and three have assigned a Hold rating to the company. According to MarketBeat.com, Independent Bank currently has an average rating of “Moderate Buy” and a consensus target price of $76.75.

Independent Bank Price Performance

Shares of NASDAQ:INDB opened at $67.17 on Friday. The company has a current ratio of 0.95, a quick ratio of 0.94 and a debt-to-equity ratio of 0.22. The stock has a market cap of $3.35 billion, a PE ratio of 16.34 and a beta of 0.85. The stock’s fifty day simple moving average is $69.67 and its two-hundred day simple moving average is $65.44. Independent Bank Corp. has a 1-year low of $52.15 and a 1-year high of $77.23.

Independent Bank (NASDAQ:INDB) last posted its earnings results on Wednesday, February 12th. The bank reported $1.01 earnings per share (EPS) for the quarter. Independent Bank had a net margin of 16.64% and a return on equity of 7.19%. The firm had revenue of $175.25 million during the quarter. As a group, analysts forecast that Independent Bank Corp. will post 5.41 EPS for the current fiscal year.

Independent Bank Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, October 7th. Shareholders of record on Monday, September 29th were given a dividend of $0.59 per share. The ex-dividend date of this dividend was Monday, September 29th. This represents a $2.36 annualized dividend and a dividend yield of 3.5%. Independent Bank’s dividend payout ratio (DPR) is currently 57.42%.

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.