7,358 Shares in Independent Bank Corp. (NASDAQ:INDB) Acquired by Entropy Technologies LP

Entropy Technologies LP acquired a new stake in Independent Bank Corp. (NASDAQ:INDB) during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm acquired 7,358 shares of the bank’s stock, valued at approximately $435,000.

A number of other institutional investors have also recently bought and sold shares of INDB. SG Americas Securities LLC grew its stake in shares of Independent Bank by 102.6% during the first quarter. SG Americas Securities LLC now owns 5,305 shares of the bank’s stock worth $276,000 after purchasing an additional 2,687 shares during the period. Russell Investments Group Ltd. grew its position in shares of Independent Bank by 20.4% during the 1st quarter. Russell Investments Group Ltd. now owns 26,469 shares of the bank’s stock worth $1,377,000 after buying an additional 4,484 shares during the period. Edgestream Partners L.P. increased its stake in shares of Independent Bank by 462.0% in the 1st quarter. Edgestream Partners L.P. now owns 52,784 shares of the bank’s stock valued at $2,746,000 after acquiring an additional 43,391 shares during the last quarter. Clearbridge Investments LLC raised its position in shares of Independent Bank by 2.1% in the 1st quarter. Clearbridge Investments LLC now owns 310,381 shares of the bank’s stock valued at $16,146,000 after acquiring an additional 6,476 shares during the period. Finally, CANADA LIFE ASSURANCE Co boosted its stake in Independent Bank by 2.2% during the 1st quarter. CANADA LIFE ASSURANCE Co now owns 36,689 shares of the bank’s stock worth $1,906,000 after acquiring an additional 782 shares during the last quarter. Institutional investors and hedge funds own 83.40% of the company’s stock.

Analyst Ratings Changes

Several brokerages have commented on INDB. Keefe, Bruyette & Woods upped their target price 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. StockNews.com cut shares of Independent Bank from a “hold” rating to a “sell” rating in a research report on Tuesday, September 17th. 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 report on Monday, October 21st. Finally, Seaport Res Ptn upgraded Independent Bank from a “hold” rating to a “strong-buy” rating in a report on Monday, July 22nd. One research analyst has rated the stock with a sell rating, one has issued a hold rating and two have given a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $69.50.

Independent Bank Stock Up 0.5 %

Independent Bank stock opened at $72.22 on Friday. Independent Bank Corp. has a twelve month low of $45.11 and a twelve month high of $75.63. The company has a quick ratio of 0.95, a current ratio of 0.95 and a debt-to-equity ratio of 0.22. The company has a 50 day moving average of $62.39 and a 200-day moving average of $57.09. The stock has a market capitalization of $3.07 billion, a PE ratio of 15.70 and a beta of 0.73.

Independent Bank (NASDAQ:INDB) last released its earnings results on Thursday, October 17th. The bank reported $1.01 earnings per share (EPS) for the quarter, topping 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 return on equity of 6.74% and a net margin of 20.26%. During the same quarter in the prior year, the company earned $1.38 EPS. On average, equities research analysts anticipate that Independent Bank Corp. will post 4.5 EPS for the current fiscal year.

Independent Bank Dividend Announcement

The company also recently announced 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 annualized dividend and a yield of 3.16%. 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.