14,400 Shares in Independent Bank Corp. $INDB Purchased by VIRGINIA RETIREMENT SYSTEMS ET Al

Key Points

• Virginia Retirement Systems acquired 14,400 shares of Independent Bank Corp. worth approximately $1.2 million in the second quarter. Institutional investors collectively own 83.4% of the company, with several major funds increasing their positions.
• Analysts maintain a generally positive outlook, with the stock carrying a consensus “Moderate Buy” rating and an average price target of $91.86, despite a recent target reduction from Keefe, Bruyette & Woods.
• Independent Bank reported quarterly EPS of $1.70, below the $1.79 consensus estimate, while declaring a quarterly dividend of $0.64, equivalent to a 3.1% annualized yield.

VIRGINIA RETIREMENT SYSTEMS ET Al acquired a new position in Independent Bank Corp. (NASDAQ:INDB - Free Report) in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund acquired 14,400 shares of the bank's stock, valued at approximately $1,206,000.

Other institutional investors have also recently bought and sold shares of the company. BlackRock Inc. bought a new position in shares of Independent Bank during the second quarter worth approximately $584,333,000. California State Teachers Retirement System raised its position in shares of Independent Bank by 8,030.5% in the second quarter. California State Teachers Retirement System now owns 4,602,926 shares of the bank's stock valued at $385,357,000 after buying an additional 4,546,313 shares in the last quarter. Alliancebernstein L.P. boosted its stake in shares of Independent Bank by 57.9% in the second quarter. Alliancebernstein L.P. now owns 1,703,144 shares of the bank's stock valued at $107,102,000 after buying an additional 624,833 shares during the period. Geode Capital Management LLC boosted its stake in shares of Independent Bank by 1.7% in the fourth quarter. Geode Capital Management LLC now owns 1,232,467 shares of the bank's stock valued at $90,082,000 after buying an additional 20,278 shares during the period. Finally, Verition Fund Management LLC grew its position in Independent Bank by 17.6% during the third quarter. Verition Fund Management LLC now owns 946,006 shares of the bank's stock worth $65,435,000 after buying an additional 141,888 shares in the last quarter. Institutional investors own 83.40% of the company's stock.

Analyst Ratings Changes

INDB has been the subject of a number of research reports. Keefe, Bruyette & Woods dropped their target price on shares of Independent Bank from $99.00 to $96.00 and set an "outperform" rating for the company in a report on Monday, July 20th. Weiss Ratings reissued a "buy (b)" rating on shares of Independent Bank in a research note on Wednesday, August 5th. Finally, Piper Sandler lifted their price objective on Independent Bank from $84.00 to $90.00 and gave the stock a "neutral" rating in a research note on Friday, June 26th. One research analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $91.86.

Independent Bank Trading Down 0.1%

INDB opened at $82.74 on Friday. Independent Bank Corp. has a twelve month low of $63.33 and a twelve month high of $87.50. The company has a quick ratio of 0.94, a current ratio of 0.94 and a debt-to-equity ratio of 0.20. The company has a fifty day moving average of $84.02 and a 200-day moving average of $80.59. The stock has a market cap of $3.92 billion, a PE ratio of 14.94 and a beta of 0.76.

Independent Bank (NASDAQ:INDB - Get Free Report) last released its earnings results on Thursday, July 16th. The bank reported $1.70 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.79 by ($0.09). The firm had revenue of $253.32 million during the quarter, compared to analyst estimates of $257.50 million. Independent Bank had a net margin of 20.31% and a return on equity of 9.19%. On average, sell-side analysts predict that Independent Bank Corp. will post 7.11 EPS for the current year.

Independent Bank Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, July 9th. Shareholders of record on Monday, June 29th were paid a $0.64 dividend. This represents a $2.56 annualized dividend and a yield of 3.1%. The ex-dividend date of this dividend was Monday, June 29th. Independent Bank's payout ratio is 46.21%.

Insider Buying and Selling at Independent Bank

In related news, Director Thomas R. Venables sold 3,750 shares of the business's stock in a transaction dated Tuesday, August 25th. The stock was sold at an average price of $83.00, for a total value of $311,250.00. Following the completion of the sale, the director directly owned 17,649 shares of the company's stock, valued at $1,464,867. The trade was a 17.52% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Gerard Nadeau sold 5,307 shares of the business's stock in a transaction that occurred on Monday, August 3rd. The shares were sold at an average price of $84.69, for a total value of $449,449.83. Following the sale, the director owned 16,907 shares of the company's stock, valued at approximately $1,431,853.83. This represents a 23.89% decrease in their position. The SEC filing for this sale provides additional information. Insiders own 1.60% of the company's stock.

About Independent Bank

Independent Bank Corp. is a bank holding company headquartered in Rockland, Massachusetts. Its principal subsidiary, Rockland Trust Company, provides banking and financial services to individuals, families, businesses and institutions.

Rockland Trust offers a range of consumer and commercial banking products, including checking and savings accounts, residential and commercial lending, mortgages, home equity financing, business loans, cash-management services and online and mobile banking.

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