Moors & Cabot Inc. Purchases 713 Shares of Independent Bank Corp. (NASDAQ:INDB)

Moors & Cabot Inc. lifted its position in shares of Independent Bank Corp. (NASDAQ:INDB) by 1.1% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 62,982 shares of the bank’s stock after purchasing an additional 713 shares during the quarter. Moors & Cabot Inc. owned approximately 0.14% of Independent Bank worth $2,803,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also modified their holdings of INDB. State of Wyoming lifted its stake in Independent Bank by 44.4% during the fourth quarter. State of Wyoming now owns 543 shares of the bank’s stock worth $46,000 after purchasing an additional 167 shares during the period. Archer Investment Corp bought a new stake in Independent Bank in the first quarter valued at $54,000. Bessemer Group Inc. acquired a new position in Independent Bank during the first quarter worth $118,000. FMR LLC lifted its holdings in shares of Independent Bank by 7.9% during the second quarter. FMR LLC now owns 1,854 shares of the bank’s stock valued at $147,000 after acquiring an additional 135 shares during the period. Finally, Point72 Hong Kong Ltd acquired a new stake in shares of Independent Bank in the 2nd quarter valued at $166,000. 80.16% of the stock is currently owned by institutional investors and hedge funds.

Independent Bank Price Performance

INDB traded down $0.59 during midday trading on Thursday, hitting $56.25. The company had a trading volume of 14,010 shares, compared to its average volume of 251,845. Independent Bank Corp. has a twelve month low of $43.28 and a twelve month high of $91.65. The company has a market capitalization of $2.47 billion, a PE ratio of 9.58 and a beta of 0.85. The company has a debt-to-equity ratio of 0.35, a quick ratio of 0.95 and a current ratio of 0.95. The firm’s 50-day simple moving average is $49.85 and its 200-day simple moving average is $50.62.

Independent Bank (NASDAQ:INDB) last issued its quarterly earnings results on Thursday, October 19th. The bank reported $1.38 earnings per share for the quarter, beating analysts’ consensus estimates of $1.33 by $0.05. Independent Bank had a net margin of 29.16% and a return on equity of 9.14%. The business had revenue of $183.42 million during the quarter, compared to analyst estimates of $179.19 million. Equities research analysts predict that Independent Bank Corp. will post 5.4 EPS for the current fiscal year.

Independent Bank Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, October 6th. Stockholders of record on Monday, October 2nd were paid a dividend of $0.55 per share. This represents a $2.20 annualized dividend and a dividend yield of 3.91%. The ex-dividend date of this dividend was Friday, September 29th. Independent Bank’s dividend payout ratio (DPR) is presently 37.61%.

Insider Activity

In other Independent Bank news, CEO Jeffrey J. Tengel bought 2,100 shares of the company’s stock in a transaction on Monday, October 30th. The stock was bought at an average price of $48.58 per share, for a total transaction of $102,018.00. Following the transaction, the chief executive officer now owns 24,048 shares of the company’s stock, valued at approximately $1,168,251.84. The purchase was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In related news, CEO Jeffrey J. Tengel bought 2,100 shares of the firm’s stock in a transaction dated Monday, October 30th. The stock was bought at an average cost of $48.58 per share, for a total transaction of $102,018.00. Following the transaction, the chief executive officer now owns 24,048 shares of the company’s stock, valued at $1,168,251.84. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director John J. Morrissey sold 2,000 shares of the stock in a transaction that occurred on Friday, November 3rd. The shares were sold at an average price of $54.59, for a total transaction of $109,180.00. Following the completion of the sale, the director now owns 11,492 shares in the company, valued at $627,348.28. The disclosure for this sale can be found here. Insiders own 0.87% of the company’s stock.

Wall Street Analyst Weigh In

INDB has been the subject of a number of recent analyst reports. Seaport Res Ptn upgraded shares of Independent Bank from a “sell” rating to a “neutral” rating in a research report on Monday, October 23rd. StockNews.com initiated coverage on shares of Independent Bank in a research note on Thursday, October 5th. They issued a “sell” rating for the company. One analyst has rated the stock with a sell rating and three have issued a hold rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and an average price target of $76.00.

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 primarily in Massachusetts. It accepts interest checking, money market, and savings accounts, as well as demand deposits and time certificates of deposit.