Independent Bank Corp. $INDB Stock Acquired by ProShare Advisors LLC

ProShare Advisors LLC grew its position in shares of Independent Bank Corp. (NASDAQ:INDB) by 37.8% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 121,950 shares of the bank’s stock after purchasing an additional 33,457 shares during the quarter. ProShare Advisors LLC owned approximately 0.26% of Independent Bank worth $9,469,000 as of its most recent SEC filing.

Several other large investors have also recently made changes to their positions in the company. BlackRock Inc. purchased a new stake in Independent Bank during the second quarter worth $584,333,000. Bank of America Corp DE purchased a new position in Independent Bank in the second quarter valued at $44,640,000. Bank of New York Mellon Corp purchased a new position in Independent Bank in the second quarter valued at $41,268,000. NFJ Investment Group LLC purchased a new position in Independent Bank in the second quarter valued at $35,278,000. Finally, The Manufacturers Life Insurance Company purchased a new position in Independent Bank in the second quarter valued at $27,297,000. 83.40% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of brokerages have weighed in on INDB. Weiss Ratings reiterated a “buy (b)” rating on shares of Independent Bank in a research report on Wednesday, August 5th. Barclays raised their target price on Independent Bank from $82.00 to $86.00 and gave the company an “underweight” rating in a research report on Tuesday. Piper Sandler upgraded Independent Bank from a “hold” rating to a “strong-buy” rating in a research note on Friday, October 2nd. Finally, Keefe, Bruyette & Woods reduced their price target on Independent Bank from $99.00 to $96.00 and set an “outperform” rating for the company in a report on Monday, July 20th. Two equities research analysts have rated the stock with a Strong Buy rating, four have issued a Buy rating and one has given a Sell rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Buy” and an average target price of $92.43.

Insider Activity

In other news, Director Thomas R. Venables sold 3,750 shares of the business’s stock in a transaction dated Tuesday, August 25th. The shares were sold at an average price of $83.00, for a total transaction of $311,250.00. Following the completion of the sale, the director owned 17,649 shares of the company’s stock, valued at $1,464,867. The trade was a 17.52% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 1.60% of the stock is currently owned by company insiders.

Independent Bank Trading Down 1.2%

Shares of NASDAQ:INDB opened at $83.85 on Wednesday. The business’s 50 day moving average price is $81.07 and its 200-day moving average price is $80.71. Independent Bank Corp. has a 1 year low of $66.17 and a 1 year high of $87.50. The firm has a market capitalization of $3.90 billion, a price-to-earnings ratio of 12.16 and a beta of 0.74. The company has a debt-to-equity ratio of 0.18, a current ratio of 0.93 and a quick ratio of 0.93.

Independent Bank (NASDAQ:INDB) last issued its quarterly earnings results on Thursday, October 15th. The bank reported $1.90 EPS for the quarter, topping the consensus estimate of $1.85 by $0.05. The company had revenue of $261.95 million during the quarter, compared to analyst estimates of $261.27 million. Independent Bank had a net margin of 24.27% and a return on equity of 9.61%. On average, equities research analysts forecast that Independent Bank Corp. will post 7.25 earnings per share for the current fiscal year.

Independent Bank Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, October 9th. Stockholders of record on Monday, September 28th were given a $0.64 dividend. The ex-dividend date was Monday, September 28th. This represents a $2.56 annualized dividend and a dividend yield of 3.1%. Independent Bank’s dividend payout ratio (DPR) is 37.93%.

Independent Bank Profile

Independent Bank Corp. is the bank holding company for Rockland Trust Company, a full-service community bank headquartered in Rockland, Massachusetts. Through Rockland Trust, the company provides banking and financial services to individuals, families, businesses, municipalities and nonprofit organizations.

Its offerings include consumer and commercial deposit accounts, residential and commercial real estate lending, business loans, cash-management and treasury services, online and mobile banking, and wealth management.