Independent Bank Corp. (NASDAQ:INDB) Shares Sold by Susquehanna Fundamental Investments LLC

Susquehanna Fundamental Investments LLC trimmed its position in shares of Independent Bank Corp. (NASDAQ:INDB) by 7.2% in the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 22,276 shares of the bank’s stock after selling 1,724 shares during the period. Susquehanna Fundamental Investments LLC owned approximately 0.07% of Independent Bank worth $1,682,000 as of its most recent SEC filing.

Several other hedge funds have also recently added to or reduced their stakes in INDB. Moors & Cabot Inc. boosted its position in Independent Bank by 4.0% during the 2nd quarter. Moors & Cabot Inc. now owns 48,133 shares of the bank’s stock worth $3,634,000 after purchasing an additional 1,869 shares during the period. Resources Management Corp CT ADV boosted its position in Independent Bank by 8.0% during the 2nd quarter. Resources Management Corp CT ADV now owns 6,750 shares of the bank’s stock worth $510,000 after purchasing an additional 500 shares during the period. Isthmus Partners LLC boosted its position in Independent Bank by 2.7% during the 2nd quarter. Isthmus Partners LLC now owns 20,182 shares of the bank’s stock worth $1,524,000 after purchasing an additional 527 shares during the period. Principal Financial Group Inc. boosted its position in Independent Bank by 0.8% in the 2nd quarter. Principal Financial Group Inc. now owns 232,310 shares of the bank’s stock valued at $17,539,000 after buying an additional 1,777 shares during the last quarter. Finally, Cambridge Investment Research Advisors Inc. purchased a new position in Independent Bank in the 2nd quarter valued at about $209,000. Institutional investors and hedge funds own 85.67% of the company’s stock.

Independent Bank stock opened at $73.92 on Friday. The firm has a 50 day simple moving average of $73.26 and a 200-day simple moving average of $78.47. The company has a debt-to-equity ratio of 0.10, a current ratio of 0.93 and a quick ratio of 0.93. The stock has a market capitalization of $2.44 billion, a PE ratio of 16.39 and a beta of 0.97. Independent Bank Corp. has a 12-month low of $49.25 and a 12-month high of $99.85.

Independent Bank (NASDAQ:INDB) last posted its quarterly earnings data on Wednesday, July 21st. The bank reported $1.17 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.08 by $0.09. The business had revenue of $118.32 million during the quarter, compared to analysts’ expectations of $118.43 million. Independent Bank had a net margin of 29.87% and a return on equity of 8.79%. On average, analysts forecast that Independent Bank Corp. will post 4.5 earnings per share for the current fiscal year.

The company also recently disclosed a quarterly dividend, which will be paid on Friday, October 8th. Investors of record on Monday, September 27th will be paid a $0.48 dividend. This represents a $1.92 dividend on an annualized basis and a yield of 2.60%. The ex-dividend date of this dividend is Friday, September 24th. Independent Bank’s dividend payout ratio is 52.46%.

Separately, Zacks Investment Research cut shares of Independent Bank from a “hold” rating to a “sell” rating in a research report on Wednesday, July 28th. One equities research analyst has rated the stock with a sell rating and three have assigned a buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Buy” and a consensus price target of $85.75.

In other Independent Bank news, Director Eileen C. Miskell sold 2,645 shares of the stock in a transaction that occurred on Friday, August 6th. The shares were sold at an average price of $72.79, for a total value of $192,529.55. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 1.20% of the stock is owned by corporate insiders.

About Independent Bank

Independent Bank Corp. operates as a bank holding company. The company provides commercial banking, retail banking, and wealth management services and is engaged in sale of retail investments and insurance products in Massachusetts. It offers deposit products, including demand deposits, interest checking, money market accounts, savings accounts and time certificates of deposit.

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Institutional Ownership by Quarter for Independent Bank (NASDAQ:INDB)

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