Independent Bank Corp. (NASDAQ:INDB) Shares Sold by Fisher Asset Management LLC

Fisher Asset Management LLC reduced its stake in shares of Independent Bank Corp. (NASDAQ:INDB) by 1.6% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 118,632 shares of the bank’s stock after selling 1,898 shares during the quarter. Fisher Asset Management LLC’s holdings in Independent Bank were worth $7,015,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in INDB. Victory Capital Management Inc. grew its position in Independent Bank by 25.2% during the second quarter. Victory Capital Management Inc. now owns 1,701,156 shares of the bank’s stock worth $86,283,000 after buying an additional 342,201 shares during the period. Millennium Management LLC grew its position in Independent Bank by 258.9% during the second quarter. Millennium Management LLC now owns 299,234 shares of the bank’s stock worth $15,177,000 after buying an additional 215,860 shares during the period. Dimensional Fund Advisors LP grew its position 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 buying an additional 186,680 shares during the period. Great Lakes Advisors LLC purchased a new stake in shares of Independent Bank in the second quarter valued at about $5,405,000. Finally, Rockland Trust Co. lifted its holdings 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 purchasing an additional 92,438 shares in the last quarter. 83.40% of the stock is currently owned by institutional investors and hedge funds.

Independent Bank Stock Performance

Shares of INDB opened at $72.99 on Friday. The company has a debt-to-equity ratio of 0.22, a quick ratio of 0.95 and a current ratio of 0.95. The company has a market capitalization of $3.10 billion, a price-to-earnings ratio of 15.87 and a beta of 0.73. The company’s 50 day simple moving average is $64.78 and its 200 day simple moving average is $58.57. Independent Bank Corp. has a 1 year low of $45.11 and a 1 year high of $77.23.

Independent Bank (NASDAQ:INDB) last announced its quarterly earnings data on Thursday, October 17th. The bank reported $1.01 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.99 by $0.02. The business had revenue of $250.07 million for the quarter, compared to the consensus estimate 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 in the prior year, the firm posted $1.38 earnings per share. On average, sell-side analysts predict that Independent Bank Corp. will post 4.5 EPS for the current year.

Independent Bank Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, October 4th. Investors of record on Monday, September 30th were paid a dividend of $0.57 per share. This represents a $2.28 annualized dividend and a dividend yield of 3.12%. The ex-dividend date was Monday, September 30th. Independent Bank’s payout ratio is 49.57%.

Wall Street Analyst Weigh In

INDB has been the topic of several recent research reports. Raymond James raised shares of Independent Bank from a “market perform” rating to a “strong-buy” rating and set a $74.00 price target on the stock in a report on Monday, October 21st. Keefe, Bruyette & Woods upped their price target on shares of Independent Bank from $62.00 to $65.00 and gave the company a “market perform” rating in a report on Monday, October 21st. Finally, StockNews.com downgraded shares of Independent Bank from a “hold” rating to a “sell” rating in a report on Tuesday, September 17th. One analyst has rated the stock with a sell rating, one has issued a hold rating and two have assigned a strong buy rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $69.50.

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.