533,209 Shares in Independent Bank Corp. $INDB Bought by Bank of America Corp DE

Bank of America Corp DE purchased a new stake in Independent Bank Corp. (NASDAQ:INDB - Free Report) in the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund purchased 533,209 shares of the bank's stock, valued at approximately $44,640,000. Bank of America Corp DE owned approximately 1.13% of Independent Bank as of its most recent SEC filing.

Other institutional investors and hedge funds have also bought and sold shares of the company. Ballast Advisors LLC acquired a new position in shares of Independent Bank in the 1st quarter valued at approximately $30,000. EverSource Wealth Advisors LLC boosted its position in shares of Independent Bank by 26.1% during the 4th quarter. EverSource Wealth Advisors LLC now owns 705 shares of the bank's stock worth $52,000 after acquiring an additional 146 shares in the last quarter. Motiv8 Investments LLC bought a new position in Independent Bank in the fourth quarter valued at approximately $54,000. Rockefeller Capital Management L.P. increased its stake in Independent Bank by 76.4% in the fourth quarter. Rockefeller Capital Management L.P. now owns 836 shares of the bank's stock valued at $61,000 after acquiring an additional 362 shares during the last quarter. Finally, Global Retirement Partners LLC acquired a new position in shares of Independent Bank during the 2nd quarter worth $139,000. Institutional investors own 83.40% of the company's stock.

Insiders Place Their Bets

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

Independent Bank Stock Down 1.3%

Shares of NASDAQ:INDB opened at $81.20 on Tuesday. The firm has a market cap of $3.85 billion, a P/E ratio of 14.66 and a beta of 0.76. Independent Bank Corp. has a 12-month low of $63.33 and a 12-month high of $87.50. The business has a fifty day simple moving average of $83.90 and a 200 day simple moving average of $80.69. The company has a quick ratio of 0.94, a current ratio of 0.94 and a debt-to-equity ratio of 0.20.

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

Independent Bank Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, October 9th. Stockholders of record on Monday, September 28th will be given a $0.64 dividend. The ex-dividend date is Monday, September 28th. This represents a $2.56 dividend on an annualized basis and a dividend yield of 3.2%. Independent Bank's payout ratio is 46.21%.

Analysts Set New Price Targets

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

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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