Quest Partners LLC Buys 24,854 Shares of Independent Bank Corp. (NASDAQ:INDB)

Quest Partners LLC lifted its stake in shares of Independent Bank Corp. (NASDAQ:INDB) by 110.8% during the second quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 47,285 shares of the bank’s stock after acquiring an additional 24,854 shares during the period. Quest Partners LLC owned 0.11% of Independent Bank worth $2,398,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also bought and sold shares of the stock. Great Lakes Advisors LLC acquired a new position in shares of Independent Bank during the second quarter valued at about $5,405,000. Victory Capital Management Inc. increased its position in Independent Bank by 25.2% in the 2nd quarter. Victory Capital Management Inc. now owns 1,701,156 shares of the bank’s stock valued at $86,283,000 after buying an additional 342,201 shares in the last quarter. Stablepoint Partners LLC raised its stake in Independent Bank by 7.2% during the 2nd quarter. Stablepoint Partners LLC now owns 22,750 shares of the bank’s stock worth $1,154,000 after buying an additional 1,537 shares during the period. Commonwealth Equity Services LLC boosted its holdings in Independent Bank by 9.7% in the second quarter. Commonwealth Equity Services LLC now owns 55,715 shares of the bank’s stock worth $2,826,000 after acquiring an additional 4,938 shares in the last quarter. Finally, BNP PARIBAS ASSET MANAGEMENT Holding S.A. grew its stake in Independent Bank by 25.0% in the second quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 255,288 shares of the bank’s stock valued at $12,203,000 after acquiring an additional 51,126 shares during the period. 83.40% of the stock is owned by institutional investors.

Independent Bank Price Performance

INDB stock opened at $59.97 on Monday. The company has a debt-to-equity ratio of 0.24, a quick ratio of 0.95 and a current ratio of 0.95. The business has a 50-day simple moving average of $58.25 and a two-hundred day simple moving average of $53.13. The company has a market capitalization of $2.55 billion, a P/E ratio of 11.58 and a beta of 0.75. Independent Bank Corp. has a 52-week low of $44.63 and a 52-week high of $68.75.

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

Independent Bank Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, July 8th. Stockholders of record on Monday, July 1st were paid a $0.57 dividend. The ex-dividend date of this dividend was Monday, July 1st. This represents a $2.28 annualized dividend and a dividend yield of 3.80%. Independent Bank’s payout ratio is 44.02%.

Wall Street Analyst Weigh In

A number of equities analysts have recently weighed in on the company. StockNews.com lowered Independent Bank from a “hold” rating to a “sell” rating in a research report on Sunday, September 1st. Seaport Res Ptn upgraded shares of Independent Bank from a “hold” rating to a “strong-buy” rating in a report on Monday, July 22nd.

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.