First Trust Advisors LP Has $3.23 Million Holdings in Independent Bank Corp (INDB)
First Trust Advisors LP grew its position in Independent Bank Corp (NASDAQ:INDB) by 9.5% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 46,270 shares of the bank’s stock after purchasing an additional 4,026 shares during the quarter. First Trust Advisors LP’s holdings in Independent Bank were worth $3,232,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the business. Louisiana State Employees Retirement System lifted its stake in shares of Independent Bank by 6.3% during the fourth quarter. Louisiana State Employees Retirement System now owns 11,800 shares of the bank’s stock worth $824,000 after buying an additional 700 shares during the period. Legal & General Group Plc lifted its stake in shares of Independent Bank by 1.7% during the third quarter. Legal & General Group Plc now owns 53,459 shares of the bank’s stock worth $3,992,000 after buying an additional 882 shares during the period. American International Group Inc. lifted its stake in shares of Independent Bank by 5.8% during the third quarter. American International Group Inc. now owns 21,217 shares of the bank’s stock worth $1,584,000 after buying an additional 1,170 shares during the period. Swiss National Bank lifted its stake in shares of Independent Bank by 3.8% during the fourth quarter. Swiss National Bank now owns 46,700 shares of the bank’s stock worth $3,262,000 after buying an additional 1,700 shares during the period. Finally, Moors & Cabot Inc. lifted its stake in shares of Independent Bank by 6.3% during the third quarter. Moors & Cabot Inc. now owns 40,723 shares of the bank’s stock worth $3,040,000 after buying an additional 2,404 shares during the period. 79.82% of the stock is currently owned by institutional investors and hedge funds.
Several equities research analysts have recently commented on the stock. BidaskClub upgraded shares of Independent Bank from a “sell” rating to a “hold” rating in a research note on Thursday, March 8th. Keefe, Bruyette & Woods reiterated a “hold” rating on shares of Independent Bank in a research note on Sunday, January 21st. Zacks Investment Research upgraded shares of Independent Bank from a “sell” rating to a “hold” rating in a research note on Friday, December 22nd. Finally, Compass Point upgraded shares of Independent Bank from a “neutral” rating to a “buy” rating in a research note on Monday, December 18th. Five investment analysts have rated the stock with a hold rating and one has given a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and an average price target of $73.00.
Shares of Independent Bank Corp (NASDAQ INDB) opened at $74.85 on Wednesday. Independent Bank Corp has a one year low of $58.30 and a one year high of $76.30. The company has a current ratio of 0.95, a quick ratio of 0.94 and a debt-to-equity ratio of 0.17. The company has a market cap of $2,068.43, a price-to-earnings ratio of 22.38 and a beta of 0.91.
Independent Bank (NASDAQ:INDB) last posted its quarterly earnings data on Thursday, January 18th. The bank reported $0.89 EPS for the quarter, hitting the Thomson Reuters’ consensus estimate of $0.89. The business had revenue of $89.70 million during the quarter, compared to the consensus estimate of $88.31 million. Independent Bank had a net margin of 24.21% and a return on equity of 10.00%. The business’s revenue for the quarter was up 17.2% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.76 earnings per share. research analysts predict that Independent Bank Corp will post 4.38 EPS for the current fiscal year.
About Independent Bank
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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