Cambridge Trust Co. Grows Position in Independent Bank Corp. (NASDAQ:INDB)

Cambridge Trust Co. raised its holdings in shares of Independent Bank Corp. (NASDAQ:INDB) by 20.3% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 18,048 shares of the bank’s stock after purchasing an additional 3,048 shares during the quarter. Cambridge Trust Co.’s holdings in Independent Bank were worth $939,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors have also added to or reduced their stakes in the company. Sachetta LLC purchased a new stake in Independent Bank during the fourth quarter valued at about $56,000. EntryPoint Capital LLC purchased a new stake in shares of Independent Bank in the first quarter worth about $47,000. Vanguard Personalized Indexing Management LLC purchased a new stake in shares of Independent Bank in the fourth quarter worth about $217,000. TFO Wealth Partners LLC lifted its holdings in shares of Independent Bank by 215,100.0% in the fourth quarter. TFO Wealth Partners LLC now owns 4,304 shares of the bank’s stock worth $283,000 after buying an additional 4,302 shares in the last quarter. Finally, CIBC Asset Management Inc purchased a new stake in shares of Independent Bank in the fourth quarter worth about $290,000. 83.40% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several research analysts recently weighed in on INDB shares. Seaport Res Ptn upgraded shares of Independent Bank from a “hold” rating to a “strong-buy” rating in a research report on Monday, July 22nd. StockNews.com upgraded shares of Independent Bank from a “sell” rating to a “hold” rating in a research report on Friday, July 12th. Finally, Keefe, Bruyette & Woods reduced their price target on shares of Independent Bank from $64.00 to $60.00 and set a “market perform” rating on the stock in a research report on Monday, April 22nd.

Independent Bank Trading Down 1.8 %

Shares of NASDAQ INDB traded down $1.11 during mid-day trading on Friday, hitting $60.66. The stock had a trading volume of 278,060 shares, compared to its average volume of 367,442. The firm has a market cap of $2.58 billion, a P/E ratio of 11.71 and a beta of 0.77. The business has a 50 day moving average price of $52.36 and a two-hundred day moving average price of $52.50. Independent Bank Corp. has a 1 year low of $44.63 and a 1 year high of $68.75. The company has a debt-to-equity ratio of 0.24, a quick ratio of 0.95 and a current ratio of 0.95.

Independent Bank (NASDAQ:INDB) last released its quarterly earnings results on Thursday, July 18th. The bank reported $1.21 earnings per share for the quarter, beating the consensus estimate of $1.11 by $0.10. The business had revenue of $244.19 million for the quarter, compared to analysts’ expectations of $169.07 million. Independent Bank had a net margin of 22.42% and a return on equity of 7.41%. During the same quarter in the previous year, the business posted $1.42 earnings per share. On average, equities analysts anticipate that Independent Bank Corp. will post 4.75 EPS for the current fiscal year.

Independent Bank Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, July 8th. Investors of record on Monday, July 1st were paid a $0.57 dividend. This represents a $2.28 dividend on an annualized basis and a yield of 3.76%. The ex-dividend date was Monday, July 1st. Independent Bank’s payout ratio is 44.02%.

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.