Cambridge Trust Co. cut its position in shares of Independent Bank Corp. (NASDAQ:INDB) by 17.4% during the first quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 20,240 shares of the bank’s stock after selling 4,250 shares during the period. Cambridge Trust Co. owned 0.07% of Independent Bank Corp. worth $1,316,000 as of its most recent filing with the SEC.

A number of other large investors also recently added to or reduced their stakes in the stock. US Bancorp DE boosted its stake in Independent Bank Corp. by 4.7% in the first quarter. US Bancorp DE now owns 1,844 shares of the bank’s stock worth $120,000 after buying an additional 82 shares in the last quarter. Elkfork Partners LLC bought a new stake in Independent Bank Corp. during the fourth quarter worth about $124,000. Ameritas Investment Partners Inc. bought a new stake in Independent Bank Corp. during the first quarter worth about $145,000. State of Alaska Department of Revenue boosted its stake in Independent Bank Corp. by 2.4% in the first quarter. State of Alaska Department of Revenue now owns 3,000 shares of the bank’s stock worth $195,000 after buying an additional 70 shares in the last quarter. Finally, Bank of Montreal Can boosted its stake in Independent Bank Corp. by 42.1% in the first quarter. Bank of Montreal Can now owns 3,036 shares of the bank’s stock worth $197,000 after buying an additional 899 shares in the last quarter. 77.02% of the stock is currently owned by hedge funds and other institutional investors.

Institutional Ownership by Quarter for Independent Bank Corp. (NASDAQ:INDB)

Shares of Independent Bank Corp. (NASDAQ:INDB) traded up 1.49% during midday trading on Friday, reaching $64.60. 178,835 shares of the company’s stock traded hands. The company has a market capitalization of $1.75 billion, a PE ratio of 21.90 and a beta of 1.01. Independent Bank Corp. has a 52 week low of $42.44 and a 52 week high of $71.95. The stock’s 50 day moving average is $63.50 and its 200-day moving average is $64.80.

Independent Bank Corp. (NASDAQ:INDB) last posted its earnings results on Thursday, April 20th. The bank reported $0.78 earnings per share for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.78. The company had revenue of $79.11 million for the quarter, compared to analyst estimates of $80.19 million. Independent Bank Corp. had a return on equity of 9.80% and a net margin of 23.62%. During the same quarter in the prior year, the company earned $0.72 earnings per share. On average, analysts forecast that Independent Bank Corp. will post $3.28 earnings per share for the current fiscal year.

The business also recently disclosed a quarterly dividend, which will be paid on Friday, July 7th. Investors of record on Monday, June 26th will be paid a dividend of $0.32 per share. This represents a $1.28 dividend on an annualized basis and a dividend yield of 1.98%. The ex-dividend date is Thursday, June 22nd. Independent Bank Corp.’s payout ratio is currently 43.39%.

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A number of equities research analysts recently issued reports on INDB shares. BidaskClub raised shares of Independent Bank Corp. from a “hold” rating to a “buy” rating in a research note on Tuesday, June 13th. Zacks Investment Research cut shares of Independent Bank Corp. from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, March 22nd. Sandler O’Neill raised shares of Independent Bank Corp. from a “sell” rating to a “hold” rating in a research note on Monday, May 15th. Piper Jaffray Companies began coverage on shares of Independent Bank Corp. in a research note on Monday, May 15th. They set a “neutral” rating and a $63.00 target price on the stock. Finally, Compass Point raised shares of Independent Bank Corp. from a “sell” rating to a “neutral” rating in a research note on Tuesday, March 28th. Five equities research analysts have rated the stock with a hold rating, The stock presently has an average rating of “Hold” and a consensus target price of $58.50.

In related news, Director Kevin J. Jones sold 9,630 shares of the stock in a transaction on Friday, April 28th. The stock was sold at an average price of $64.11, for a total transaction of $617,379.30. Following the sale, the director now owns 77,534 shares of the company’s stock, valued at $4,970,704.74. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, Director Carl Ribeiro sold 1,000 shares of the stock in a transaction on Thursday, May 25th. The shares were sold at an average price of $62.24, for a total value of $62,240.00. Following the sale, the director now directly owns 14,647 shares in the company, valued at approximately $911,629.28. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 16,733 shares of company stock worth $1,068,441. Corporate insiders own 2.67% of the company’s stock.

About Independent Bank Corp.

Independent Bank Corp. is a bank holding company. The Company operates through its subsidiary, Rockland Trust Company (the Bank). The Bank is a community-oriented commercial bank. Its community banking business provides a range of banking services, including lending activities, acceptance of demand, savings, and time deposits, and investment management.

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