Morgan Stanley Increases Stock Position in Independent Bank Corp (NASDAQ:INDB)

Morgan Stanley boosted its stake in Independent Bank Corp (NASDAQ:INDB) by 644.9% during the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 164,964 shares of the bank’s stock after purchasing an additional 142,817 shares during the quarter. Morgan Stanley owned about 0.48% of Independent Bank worth $12,562,000 as of its most recent SEC filing.

A number of other hedge funds also recently made changes to their positions in the business. Dana Investment Advisors Inc. increased its holdings in shares of Independent Bank by 4.8% in the 2nd quarter. Dana Investment Advisors Inc. now owns 28,076 shares of the bank’s stock worth $2,138,000 after buying an additional 1,286 shares during the last quarter. Steward Partners Investment Advisory LLC bought a new stake in shares of Independent Bank in the 2nd quarter worth about $80,000. Strs Ohio increased its holdings in shares of Independent Bank by 171.4% in the 2nd quarter. Strs Ohio now owns 1,900 shares of the bank’s stock worth $144,000 after buying an additional 1,200 shares during the last quarter. JPMorgan Chase & Co. increased its holdings in shares of Independent Bank by 43.3% in the 2nd quarter. JPMorgan Chase & Co. now owns 42,743 shares of the bank’s stock worth $3,202,000 after buying an additional 12,905 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. increased its holdings in shares of Independent Bank by 13.0% in the 2nd quarter. Charles Schwab Investment Management Inc. now owns 212,617 shares of the bank’s stock worth $16,191,000 after buying an additional 24,536 shares during the last quarter. Institutional investors and hedge funds own 78.28% of the company’s stock.

Shares of NASDAQ:INDB opened at $72.88 on Friday. The company has a market capitalization of $2.44 billion, a price-to-earnings ratio of 13.44 and a beta of 1.20. Independent Bank Corp has a 12 month low of $64.68 and a 12 month high of $87.64. The firm’s 50-day moving average is $71.39 and its 200 day moving average is $75.16. The company has a current ratio of 0.99, a quick ratio of 0.98 and a debt-to-equity ratio of 0.31.

Independent Bank (NASDAQ:INDB) last issued its quarterly earnings results on Thursday, July 18th. The bank reported $1.42 EPS for the quarter, beating the consensus estimate of $1.33 by $0.09. The company had revenue of $134.67 million for the quarter, compared to the consensus estimate of $129.20 million. Independent Bank had a net margin of 26.75% and a return on equity of 12.99%. As a group, equities analysts forecast that Independent Bank Corp will post 5.45 EPS for the current fiscal year.

The company also recently declared a quarterly dividend, which was paid on Friday, October 11th. Investors of record on Monday, September 30th were issued a dividend of $0.44 per share. The ex-dividend date of this dividend was Friday, September 27th. This represents a $1.76 annualized dividend and a yield of 2.41%. Independent Bank’s payout ratio is 37.53%.

A number of analysts have recently weighed in on INDB shares. ValuEngine upgraded shares of Independent Bank from a “sell” rating to a “hold” rating in a report on Wednesday, October 2nd. BidaskClub upgraded shares of Independent Bank from a “strong sell” rating to a “sell” rating in a report on Saturday, September 14th. Compass Point upgraded shares of Independent Bank from a “neutral” rating to a “buy” rating and upped their price target for the company from $77.00 to $83.00 in a report on Friday, July 19th. DA Davidson reiterated a “neutral” rating on shares of Independent Bank in a report on Monday, July 22nd. Finally, Zacks Investment Research upgraded shares of Independent Bank from a “sell” rating to a “hold” rating in a report on Saturday, October 5th. One analyst has rated the stock with a sell rating, three have given a hold rating and two have given a buy rating to the stock. The company has an average rating of “Hold” and an average target price of $84.33.

In related news, Director William M. Parent sold 7,500 shares of the company’s stock in a transaction dated Wednesday, September 11th. The shares were sold at an average price of $75.00, for a total transaction of $562,500.00. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Corporate insiders own 1.60% of the company’s stock.

About Independent Bank

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

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