Vanguard Group Inc. reduced its position in shares of Independent Bank Corp. (NASDAQ:INDB - Free Report) by 2.6% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 5,203,674 shares of the bank's stock after selling 141,450 shares during the period. Vanguard Group Inc. owned 11.87% of Independent Bank worth $255,448,000 as of its most recent SEC filing.
A number of other institutional investors also recently modified their holdings of the company. American Century Companies Inc. boosted its holdings in shares of Independent Bank by 117.0% during the third quarter. American Century Companies Inc. now owns 69,605 shares of the bank's stock worth $3,417,000 after purchasing an additional 37,525 shares during the period. Comerica Bank lifted its holdings in Independent Bank by 16.5% in the third quarter. Comerica Bank now owns 21,574 shares of the bank's stock worth $1,059,000 after buying an additional 3,048 shares during the period. Diversified Trust Co purchased a new stake in Independent Bank in the third quarter worth about $480,000. Morgan Stanley lifted its holdings in Independent Bank by 11.6% in the third quarter. Morgan Stanley now owns 557,711 shares of the bank's stock worth $27,378,000 after buying an additional 58,164 shares during the period. Finally, Toroso Investments LLC lifted its holdings in Independent Bank by 3.2% in the third quarter. Toroso Investments LLC now owns 7,596 shares of the bank's stock worth $373,000 after buying an additional 238 shares during the period. 83.40% of the stock is currently owned by hedge funds and other institutional investors.
Analyst Ratings Changes
INDB has been the subject of several research analyst reports. TheStreet lowered shares of Independent Bank from a "b-" rating to a "c+" rating in a report on Wednesday, March 13th. Keefe, Bruyette & Woods lowered their price objective on shares of Independent Bank from $66.00 to $64.00 and set a "market perform" rating for the company in a report on Monday, January 22nd.
Check Out Our Latest Analysis on INDB
Independent Bank Stock Down 0.2 %
Shares of INDB stock traded down $0.10 during trading hours on Friday, hitting $52.02. 292,217 shares of the company's stock traded hands, compared to its average volume of 312,915. The stock's fifty day simple moving average is $53.24 and its two-hundred day simple moving average is $54.89. Independent Bank Corp. has a 12-month low of $43.28 and a 12-month high of $68.75. The stock has a market cap of $2.21 billion, a price-to-earnings ratio of 9.60 and a beta of 0.83. The company has a quick ratio of 0.97, a current ratio of 0.97 and a debt-to-equity ratio of 0.42.
Independent Bank (NASDAQ:INDB - Get Free Report) last released its earnings results on Thursday, January 18th. The bank reported $1.26 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.25 by $0.01. Independent Bank had a net margin of 26.02% and a return on equity of 8.35%. The firm had revenue of $177.16 million during the quarter, compared to analyst estimates of $176.75 million. On average, analysts expect that Independent Bank Corp. will post 4.58 EPS for the current year.
Independent Bank Increases Dividend
The firm also recently announced a quarterly dividend, which will be paid on Friday, April 5th. Stockholders of record on Monday, April 1st will be issued a dividend of $0.57 per share. This represents a $2.28 annualized dividend and a dividend yield of 4.38%. This is a positive change from Independent Bank's previous quarterly dividend of $0.55. The ex-dividend date is Thursday, March 28th. Independent Bank's dividend payout ratio (DPR) is presently 42.07%.
Insider Activity at Independent Bank
In related news, Director Donna L. Abelli sold 800 shares of the firm's stock in a transaction that occurred on Thursday, February 29th. The shares were sold at an average price of $52.83, for a total transaction of $42,264.00. Following the completion of the sale, the director now owns 11,640 shares of the company's stock, valued at $614,941.20. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.87% of the stock is owned by insiders.
Independent Bank Company Profile
(
Free Report)
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.
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