Flagship Harbor Advisors LLC raised its stake in Independent Bank Corp (NASDAQ:INDB) by 132.5% during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 2,571 shares of the bank’s stock after purchasing an additional 1,465 shares during the period. Flagship Harbor Advisors LLC’s holdings in Independent Bank were worth $209,000 at the end of the most recent quarter.

Several other large investors also recently added to or reduced their stakes in the business. BlackRock Inc. increased its holdings in shares of Independent Bank by 6.5% in the second quarter. BlackRock Inc. now owns 3,820,379 shares of the bank’s stock valued at $299,519,000 after purchasing an additional 234,640 shares during the last quarter. Dimensional Fund Advisors LP increased its holdings in shares of Independent Bank by 0.4% in the second quarter. Dimensional Fund Advisors LP now owns 1,287,485 shares of the bank’s stock valued at $100,940,000 after purchasing an additional 4,591 shares during the last quarter. Northern Trust Corp increased its holdings in shares of Independent Bank by 1.2% in the second quarter. Northern Trust Corp now owns 774,106 shares of the bank’s stock valued at $60,690,000 after purchasing an additional 9,449 shares during the last quarter. FMR LLC increased its holdings in shares of Independent Bank by 0.6% in the second quarter. FMR LLC now owns 669,962 shares of the bank’s stock valued at $52,525,000 after purchasing an additional 3,741 shares during the last quarter. Finally, Rockland Trust Co. increased its holdings in shares of Independent Bank by 0.7% in the third quarter. Rockland Trust Co. now owns 554,547 shares of the bank’s stock valued at $31,185,000 after purchasing an additional 3,584 shares during the last quarter. Hedge funds and other institutional investors own 81.40% of the company’s stock.

INDB stock opened at $79.31 on Friday. The company has a debt-to-equity ratio of 0.16, a quick ratio of 0.94 and a current ratio of 0.95. Independent Bank Corp has a 52 week low of $66.90 and a 52 week high of $95.00. The stock has a market capitalization of $2.22 billion, a P/E ratio of 18.73 and a beta of 0.97.

Independent Bank (NASDAQ:INDB) last released its quarterly earnings results on Thursday, October 18th. The bank reported $1.14 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $1.20 by ($0.06). Independent Bank had a net margin of 28.75% and a return on equity of 12.21%. The business had revenue of $99.50 million during the quarter, compared to analyst estimates of $99.40 million. On average, analysts predict that Independent Bank Corp will post 4.67 EPS for the current year.

Several equities analysts have commented on INDB shares. Zacks Investment Research downgraded shares of Independent Bank from a “buy” rating to a “hold” rating in a report on Friday, November 2nd. BidaskClub downgraded shares of Independent Bank from a “buy” rating to a “hold” rating in a report on Wednesday, August 8th. Sandler O’Neill reiterated a “hold” rating and issued a $88.00 price objective on shares of Independent Bank in a report on Friday, July 20th. Keefe, Bruyette & Woods upgraded shares of Independent Bank from a “market perform” rating to an “outperform” rating in a report on Sunday, July 22nd. Finally, ValuEngine upgraded shares of Independent Bank from a “hold” rating to a “buy” rating in a report on Friday, July 20th. One analyst has rated the stock with a sell rating, four have assigned a hold rating and two have assigned a buy rating to the company. Independent Bank has a consensus rating of “Hold” and an average target price of $85.67.

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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 primarily in Massachusetts. The company's products and services include demand deposits and time certificates of deposit, as well as checking, money market, and savings accounts.

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

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