World Investment Advisors LLC Increases Stock Position in Independent Bank Corp. (NASDAQ:INDB)

World Investment Advisors LLC grew its holdings in shares of Independent Bank Corp. (NASDAQ:INDB) by 2.4% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 51,722 shares of the bank’s stock after purchasing an additional 1,222 shares during the period. World Investment Advisors LLC’s holdings in Independent Bank were worth $3,058,000 at the end of the most recent reporting period.

Other large investors have also modified their holdings of the company. SG Americas Securities LLC lifted its holdings in Independent Bank by 186.3% in the second quarter. SG Americas Securities LLC now owns 15,186 shares of the bank’s stock valued at $770,000 after acquiring an additional 9,881 shares during the period. Wealth Enhancement Advisory Services LLC lifted its stake in shares of Independent Bank by 4.3% in the second quarter. Wealth Enhancement Advisory Services LLC now owns 23,236 shares of the bank’s stock valued at $1,179,000 after purchasing an additional 968 shares during the period. Blue Trust Inc. acquired a new stake in shares of Independent Bank in the second quarter valued at about $403,000. Leeward Investments LLC MA boosted its holdings in Independent Bank by 5.6% during the second quarter. Leeward Investments LLC MA now owns 262,284 shares of the bank’s stock worth $13,303,000 after buying an additional 13,916 shares in the last quarter. Finally, Rockland Trust Co. grew its position in Independent Bank by 14.3% during the second quarter. Rockland Trust Co. now owns 737,477 shares of the bank’s stock worth $37,405,000 after buying an additional 92,438 shares during the period. 83.40% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

INDB has been the subject of a number of research reports. Raymond James upgraded shares of Independent Bank from a “market perform” rating to a “strong-buy” rating and set a $74.00 price target for the company in a research report on Monday, October 21st. StockNews.com downgraded Independent Bank from a “hold” rating to a “sell” rating in a research note on Tuesday, September 17th. Finally, Keefe, Bruyette & Woods boosted their target price on Independent Bank from $77.00 to $82.00 and gave the stock a “market perform” rating in a research report on Thursday. One analyst has rated the stock with a sell rating, one has assigned a hold rating and two have given a strong buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $78.00.

Independent Bank Stock Performance

Shares of INDB opened at $70.80 on Friday. Independent Bank Corp. has a 12-month low of $45.11 and a 12-month high of $77.23. The stock has a market cap of $3.01 billion, a P/E ratio of 15.39 and a beta of 0.76. The company has a current ratio of 0.95, a quick ratio of 0.95 and a debt-to-equity ratio of 0.22. The company has a 50-day moving average of $67.35 and a two-hundred day moving average of $59.90.

Independent Bank (NASDAQ:INDB) last issued its quarterly earnings data on Thursday, October 17th. The bank reported $1.01 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.99 by $0.02. The firm had revenue of $250.07 million during the quarter, compared to the consensus estimate of $173.24 million. Independent Bank had a return on equity of 6.74% and a net margin of 20.26%. During the same period in the previous year, the firm posted $1.38 EPS. As a group, research analysts predict that Independent Bank Corp. will post 4.5 EPS for the current fiscal year.

Independent Bank Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, October 4th. Stockholders of record on Monday, September 30th were given a $0.57 dividend. The ex-dividend date of this dividend was Monday, September 30th. This represents a $2.28 annualized dividend and a dividend yield of 3.22%. Independent Bank’s dividend payout ratio is currently 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.