GSA Capital Partners LLP Sells 39,467 Shares of Independent Bank Corp. (NASDAQ:INDB)

GSA Capital Partners LLP reduced its holdings in shares of Independent Bank Corp. (NASDAQ:INDB) by 71.6% in the third quarter, according to its most recent filing with the SEC. The fund owned 15,653 shares of the bank’s stock after selling 39,467 shares during the period. GSA Capital Partners LLP’s holdings in Independent Bank were worth $926,000 at the end of the most recent quarter.

Other large investors also recently bought and sold shares of the company. EntryPoint Capital LLC bought a new stake in shares of Independent Bank during the first quarter worth $47,000. Innealta Capital LLC purchased a new position in Independent Bank in the 2nd quarter worth about $73,000. Profund Advisors LLC bought a new stake in Independent Bank during the 2nd quarter valued at about $229,000. Los Angeles Capital Management LLC purchased a new stake in Independent Bank in the 3rd quarter valued at about $257,000. Finally, Vanguard Personalized Indexing Management LLC grew its stake in Independent Bank by 29.7% in the 2nd quarter. Vanguard Personalized Indexing Management LLC now owns 5,378 shares of the bank’s stock worth $273,000 after acquiring an additional 1,231 shares in the last quarter. Hedge funds and other institutional investors own 83.40% of the company’s stock.

Independent Bank Stock Performance

Shares of NASDAQ:INDB opened at $72.22 on Friday. The company has a quick ratio of 0.95, a current ratio of 0.95 and a debt-to-equity ratio of 0.22. The company has a market capitalization of $3.07 billion, a price-to-earnings ratio of 15.70 and a beta of 0.73. The firm has a 50 day moving average of $62.39 and a 200 day moving average of $57.09. Independent Bank Corp. has a 52 week low of $45.11 and a 52 week high of $75.63.

Independent Bank (NASDAQ:INDB) last issued its quarterly earnings data on Thursday, October 17th. The bank reported $1.01 earnings per share for the quarter, topping analysts’ consensus estimates of $0.99 by $0.02. Independent Bank had a return on equity of 6.74% and a net margin of 20.26%. The firm had revenue of $250.07 million during the quarter, compared to analysts’ expectations of $173.24 million. During the same period in the prior year, the business posted $1.38 EPS. On average, sell-side analysts predict that Independent Bank Corp. will post 4.5 earnings per share for the current fiscal year.

Independent Bank Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, October 4th. Stockholders of record on Monday, September 30th were issued a $0.57 dividend. This represents a $2.28 dividend on an annualized basis and a dividend yield of 3.16%. The ex-dividend date was Monday, September 30th. Independent Bank’s dividend payout ratio is currently 49.57%.

Analyst Ratings Changes

Several analysts have recently weighed in on INDB shares. StockNews.com downgraded shares of Independent Bank from a “hold” rating to a “sell” rating in a research note on Tuesday, September 17th. Seaport Res Ptn upgraded Independent Bank from a “hold” rating to a “strong-buy” rating in a report on Monday, July 22nd. Keefe, Bruyette & Woods increased their price target on Independent Bank from $62.00 to $65.00 and gave the stock a “market perform” rating in a research report on Monday, October 21st. Finally, Raymond James upgraded Independent Bank from a “market perform” rating to a “strong-buy” rating and set a $74.00 price objective for the company in a report on Monday, October 21st. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating and two have given a strong buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $69.50.

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 in the United States. The company provides interest checking, money market, and savings accounts, as well as demand deposits and time certificates of deposit.