Millennium Management LLC Trims Stock Holdings in Independent Bank Corp (NASDAQ:INDB)

Millennium Management LLC decreased its stake in shares of Independent Bank Corp (NASDAQ:INDB) by 16.5% in the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 22,871 shares of the bank’s stock after selling 4,516 shares during the quarter. Millennium Management LLC owned about 0.07% of Independent Bank worth $1,707,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds also recently made changes to their positions in the company. First Trust Advisors LP grew its position in Independent Bank by 3.8% in the 1st quarter. First Trust Advisors LP now owns 54,466 shares of the bank’s stock valued at $4,412,000 after purchasing an additional 1,998 shares during the period. Strs Ohio grew its position in Independent Bank by 171.4% in the 2nd quarter. Strs Ohio now owns 1,900 shares of the bank’s stock valued at $144,000 after purchasing an additional 1,200 shares during the period. SG Americas Securities LLC grew its position in Independent Bank by 547.0% in the 2nd quarter. SG Americas Securities LLC now owns 9,808 shares of the bank’s stock valued at $747,000 after purchasing an additional 8,292 shares during the period. Los Angeles Capital Management & Equity Research Inc. lifted its stake in Independent Bank by 12.5% during the 2nd quarter. Los Angeles Capital Management & Equity Research Inc. now owns 3,590 shares of the bank’s stock valued at $273,000 after acquiring an additional 400 shares in the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank lifted its stake in Independent Bank by 37.1% during the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 2,389 shares of the bank’s stock valued at $182,000 after acquiring an additional 646 shares in the last quarter. 78.59% of the stock is owned by institutional investors.

Several equities analysts have weighed in on the company. Zacks Investment Research upgraded Independent Bank from a “sell” rating to a “hold” rating in a research note on Saturday, January 4th. BidaskClub cut Independent Bank from a “hold” rating to a “sell” rating in a research note on Wednesday, January 1st. ValuEngine cut Independent Bank from a “hold” rating to a “sell” rating in a research note on Friday. Gabelli assumed coverage on Independent Bank in a research note on Monday, December 9th. They set a “hold” rating and a $98.00 price objective on the stock. Finally, G.Research restated a “hold” rating on shares of Independent Bank in a research note on Monday, December 9th. Two investment analysts have rated the stock with a sell rating, four have given a hold rating and two have issued a buy rating to the company’s stock. The company has an average rating of “Hold” and a consensus target price of $87.33.

In other news, Director Daniel F. Obrien sold 2,000 shares of the business’s stock in a transaction dated Tuesday, November 5th. The stock was sold at an average price of $85.32, for a total transaction of $170,640.00. Also, President Gerard F. Nadeau sold 1,449 shares of the business’s stock in a transaction dated Friday, December 13th. The stock was sold at an average price of $84.55, for a total value of $122,512.95. Following the transaction, the president now directly owns 16,342 shares of the company’s stock, valued at approximately $1,381,716.10. The disclosure for this sale can be found here. Insiders have sold a total of 47,873 shares of company stock valued at $3,930,442 in the last ninety days. Insiders own 1.60% of the company’s stock.

Shares of NASDAQ INDB traded down $0.31 during mid-day trading on Friday, reaching $81.20. 177,505 shares of the company’s stock were exchanged, compared to its average volume of 135,853. The firm has a market capitalization of $2.82 billion, a price-to-earnings ratio of 17.31, a price-to-earnings-growth ratio of 2.40 and a beta of 1.20. Independent Bank Corp has a 52 week low of $62.33 and a 52 week high of $87.64. The company has a debt-to-equity ratio of 0.17, a current ratio of 0.98 and a quick ratio of 0.97. The firm has a 50-day moving average price of $84.00 and a two-hundred day moving average price of $77.32.

Independent Bank (NASDAQ:INDB) last released its earnings results on Thursday, October 17th. The bank reported $1.49 EPS for the quarter, topping the Zacks’ consensus estimate of $1.40 by $0.09. The company had revenue of $136.41 million for the quarter. Independent Bank had a return on equity of 12.60% and a net margin of 28.03%. As a group, sell-side analysts forecast that Independent Bank Corp will post 5.62 EPS for the current fiscal year.

The business also recently announced a quarterly dividend, which will be paid on Friday, January 10th. Shareholders of record on Monday, December 30th will be issued a dividend of $0.44 per share. This represents a $1.76 dividend on an annualized basis and a yield of 2.17%. The ex-dividend date is Friday, December 27th. Independent Bank’s payout ratio is presently 37.53%.

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

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