ProShare Advisors LLC Sells 19,891 Shares of Independent Bank Corp. $INDB

ProShare Advisors LLC trimmed its stake in Independent Bank Corp. (NASDAQ:INDB) by 16.3% in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 102,338 shares of the bank’s stock after selling 19,891 shares during the period. ProShare Advisors LLC’s holdings in Independent Bank were worth $6,436,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently bought and sold shares of INDB. Nisa Investment Advisors LLC increased its stake in shares of Independent Bank by 1.5% in the second quarter. Nisa Investment Advisors LLC now owns 10,705 shares of the bank’s stock valued at $680,000 after buying an additional 162 shares during the period. Vanguard Personalized Indexing Management LLC boosted its holdings in Independent Bank by 2.9% in the second quarter. Vanguard Personalized Indexing Management LLC now owns 7,862 shares of the bank’s stock valued at $495,000 after acquiring an additional 218 shares during the last quarter. HighTower Advisors LLC increased its position in Independent Bank by 3.3% during the 1st quarter. HighTower Advisors LLC now owns 7,049 shares of the bank’s stock valued at $442,000 after purchasing an additional 226 shares during the period. PNC Financial Services Group Inc. increased its position in Independent Bank by 3.6% during the 1st quarter. PNC Financial Services Group Inc. now owns 6,616 shares of the bank’s stock valued at $414,000 after purchasing an additional 232 shares during the period. Finally, Bessemer Group Inc. raised its holdings in Independent Bank by 95.1% during the 2nd quarter. Bessemer Group Inc. now owns 638 shares of the bank’s stock worth $40,000 after purchasing an additional 311 shares during the last quarter. 83.40% of the stock is owned by institutional investors and hedge funds.

Independent Bank Stock Down 1.0%

Shares of NASDAQ INDB opened at $69.01 on Friday. The company has a quick ratio of 0.94, a current ratio of 0.95 and a debt-to-equity ratio of 0.22. The firm has a market cap of $3.42 billion, a PE ratio of 16.79 and a beta of 0.89. The company’s fifty day simple moving average is $69.23 and its 200 day simple moving average is $66.33. Independent Bank Corp. has a 12-month low of $52.15 and a 12-month high of $77.23.

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

Independent Bank Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Tuesday, October 7th. Investors of record on Monday, September 29th were paid a dividend of $0.59 per share. This represents a $2.36 dividend on an annualized basis and a yield of 3.4%. The ex-dividend date of this dividend was Monday, September 29th. Independent Bank’s dividend payout ratio is 57.42%.

Insider Transactions at Independent Bank

In other Independent Bank news, Director Ken S. Ansin sold 144,000 shares of the firm’s stock in a transaction that occurred on Monday, November 10th. The stock was sold at an average price of $69.94, for a total value of $10,071,360.00. Following the completion of the sale, the director owned 288,481 shares of the company’s stock, valued at approximately $20,176,361.14. This trade represents a 33.30% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Insiders own 0.81% of the company’s stock.

Analysts Set New Price Targets

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

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.