Curi RMB Capital LLC Sells 360 Shares of Independent Bank Corp. (NASDAQ:INDB)

Curi RMB Capital LLC trimmed its position in shares of Independent Bank Corp. (NASDAQ:INDB) by 6.6% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 5,097 shares of the bank’s stock after selling 360 shares during the quarter. Curi RMB Capital LLC’s holdings in Independent Bank were worth $301,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently made changes to their positions in INDB. Aigen Investment Management LP boosted its position in Independent Bank by 54.1% during the 3rd quarter. Aigen Investment Management LP now owns 9,008 shares of the bank’s stock worth $533,000 after buying an additional 3,161 shares during the period. Entropy Technologies LP bought a new position in shares of Independent Bank during the third quarter valued at $435,000. Los Angeles Capital Management LLC acquired a new position in shares of Independent Bank during the third quarter worth $257,000. US Bancorp DE grew its stake in shares of Independent Bank by 45.1% in the third quarter. US Bancorp DE now owns 10,001 shares of the bank’s stock worth $591,000 after purchasing an additional 3,107 shares during the last quarter. Finally, GHP Investment Advisors Inc. increased its holdings in Independent Bank by 2.3% in the third quarter. GHP Investment Advisors Inc. now owns 32,222 shares of the bank’s stock valued at $1,905,000 after purchasing an additional 713 shares during the period. 83.40% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

INDB has been the topic of several recent research reports. Seaport Res Ptn raised Independent Bank from a “hold” rating to a “strong-buy” rating in a report on Monday, July 22nd. Keefe, Bruyette & Woods lifted their price objective on Independent Bank from $62.00 to $65.00 and gave the stock a “market perform” rating in a research note on Monday, October 21st. Raymond James raised shares of Independent Bank from a “market perform” rating to a “strong-buy” rating and set a $74.00 target price for the company in a research report on Monday, October 21st. Finally, StockNews.com downgraded shares of Independent Bank from a “hold” rating to a “sell” rating in a research report on Tuesday, September 17th. One investment analyst has rated the stock with a sell rating, one has issued a hold rating and two have given a strong buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $69.50.

Independent Bank Trading Up 0.5 %

NASDAQ INDB opened at $72.22 on Friday. The stock has a market capitalization of $3.07 billion, a P/E ratio of 15.70 and a beta of 0.73. The business has a 50 day simple moving average of $62.63 and a 200 day simple moving average of $57.24. The company has a debt-to-equity ratio of 0.22, a current ratio of 0.95 and a quick ratio of 0.95. Independent Bank Corp. has a one year low of $45.11 and a one year high of $75.63.

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

Independent Bank Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, October 4th. Stockholders of record on Monday, September 30th were issued a dividend of $0.57 per share. The ex-dividend date was Monday, September 30th. This represents a $2.28 annualized dividend and a dividend yield of 3.16%. Independent Bank’s dividend payout ratio is currently 49.57%.

Independent Bank Company 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.