Independent Bank Corp. $INDB Shares Sold by Northern Trust Corp

Key Points

• Northern Trust Corp has decreased its holdings in Independent Bank Corp. by 2.3%, now owning approximately 475,789 shares valued at about $29.8 million.
• Independent Bank recently announced a quarterly dividend of $0.59, leading to an annualized dividend of $2.36 and a yield of 3.3%.
• Wall Street analysts hold a consensus rating of "Moderate Buy" on Independent Bank's stock, with an average price target of $71.00.

Northern Trust Corp lessened its stake in Independent Bank Corp. (NASDAQ:INDB - Free Report) by 2.3% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 475,789 shares of the bank's stock after selling 10,977 shares during the period. Northern Trust Corp owned 1.12% of Independent Bank worth $29,808,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors have also modified their holdings of the company. GAMMA Investing LLC grew its stake in shares of Independent Bank by 156.9% during the first quarter. GAMMA Investing LLC now owns 429 shares of the bank's stock worth $27,000 after acquiring an additional 262 shares during the last quarter. KBC Group NV raised its holdings in shares of Independent Bank by 15.3% during the first quarter. KBC Group NV now owns 2,204 shares of the bank's stock worth $138,000 after purchasing an additional 293 shares during the last quarter. Xponance Inc. acquired a new position in Independent Bank in the first quarter valued at approximately $203,000. Stifel Financial Corp acquired a new position in Independent Bank in the fourth quarter valued at approximately $266,000. Finally, Persistent Asset Partners Ltd purchased a new position in shares of Independent Bank during the 1st quarter valued at approximately $337,000. Hedge funds and other institutional investors own 83.40% of the company's stock.

Analyst Upgrades and Downgrades

INDB has been the topic of a number of recent analyst reports. Zacks Research lowered Independent Bank from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, August 19th. Wall Street Zen raised Independent Bank from a "sell" rating to a "hold" rating in a research note on Sunday, August 10th. One analyst has rated the stock with a Strong Buy rating and three have assigned a Hold rating to the company's stock. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $71.00.

Independent Bank Trading Up 1.1%

Shares of NASDAQ:INDB traded up $0.81 during midday trading on Thursday, reaching $71.34. 67,474 shares of the company's stock were exchanged, compared to its average volume of 337,609. The stock has a market cap of $3.56 billion, a price-to-earnings ratio of 16.10 and a beta of 0.91. The company has a debt-to-equity ratio of 0.25, a current ratio of 0.96 and a quick ratio of 0.96. The firm's 50 day simple moving average is $66.75 and its two-hundred day simple moving average is $63.66. Independent Bank Corp. has a fifty-two week low of $52.15 and a fifty-two week high of $77.23.

Independent Bank (NASDAQ:INDB - Get Free Report) last released its earnings results on Thursday, July 17th. The bank reported $1.25 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.20 by $0.05. Independent Bank had a return on equity of 6.39% and a net margin of 18.93%.The firm had revenue of $181.80 million during the quarter, compared to analyst estimates of $179.47 million. As a group, sell-side analysts forecast that Independent Bank Corp. will post 5.41 EPS for the current fiscal year.

Independent Bank Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, July 7th. Investors of record on Monday, June 30th were issued a dividend of $0.59 per share. This represents a $2.36 dividend on an annualized basis and a yield of 3.3%. The ex-dividend date of this dividend was Monday, June 30th. Independent Bank's dividend payout ratio is currently 53.27%.

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