Diversified Trust Co cut its position in shares of Independent Bank Corp. (NASDAQ:INDB – Get Rating) by 18.7% in the 1st quarter, HoldingsChannel.com reports. The firm owned 11,226 shares of the bank’s stock after selling 2,581 shares during the period. Diversified Trust Co’s holdings in Independent Bank were worth $737,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors have also recently bought and sold shares of the company. FMR LLC increased its holdings in Independent Bank by 7.9% during the 2nd quarter. FMR LLC now owns 1,854 shares of the bank’s stock valued at $147,000 after acquiring an additional 135 shares in the last quarter. The State of Wyoming increased its holdings in Independent Bank by 44.4% during the 4th quarter. The State of Wyoming now owns 543 shares of the bank’s stock valued at $46,000 after acquiring an additional 167 shares in the last quarter. Bank of Montreal Can increase its holdings in Independent Bank by 1.3% during the 1st quarter. Bank of Montreal Can now owns 13,404 shares of the bank’s stock valued at $1,141,000 after acquiring an additional 172 shares in the last quarter. Arizona State Retirement System grew its holdings in Independent Bank by 1.9% during the 4th quarter. Arizona State Retirement System now owns 12,951 shares of the bank’s stock valued at $1,093,000 after buying an additional 239 shares during the last quarter. Finally, NBW Capital LLC grew its holdings in Independent Bank by 0.8% during the 4th quarter. NBW Capital LLC now owns 35,711 shares of the bank’s stock valued at $3,015,000 after buying an additional 273 shares during the last quarter. 80.52% of the stock is owned by institutional investors and hedge funds.
Wall Street Analysts Forecast Growth
A number of brokerages have commented on INDB. Piper Sandler lowered their target price on Independent Bank from $83.00 to $72.00 in a report on Tuesday, March 14th. Keefe, Bruyette & Woods reduced their target price on shares of Independent Bank from $90.00 to $80.00 and set a “market perform” rating on the stock in a report on Thursday, April 6th. The Street lowered shares of Independent Bank from a “b-” rating to a “c+” rating in a report on Wednesday, April 26th. Finally, StockNews.com initiated coverage on shares of Independent Bank in a report on Thursday, May 18th. They issued a “sell” rating on the stock.
Independent Bank Stock Down 2.2 %
INDB opened at $47.58 on Thursday. The company has a debt-to-equity ratio of 0.35, a current ratio of 0.94 and a quick ratio of 0.94. The stock has a market capitalization of $2.10 billion, a price-to-earnings ratio of 8.01 and a beta of 0.81. The business has a 50-day moving average of $50.96 and a two-hundred day moving average of $68.19. Independent Bank Corp. has a 12 month low of $43.28 and a 12 month high of $91.65.
Independent Bank (NASDAQ:INDB – Get Rating) last posted its quarterly earnings results on Thursday, April 20th. The bank reported $1.36 EPS for the quarter, missing the consensus estimate of $1.51 by ($0.15). The business had revenue of $187.24 million during the quarter, compared to analysts’ expectations of $192.90 million. Independent Bank had a net margin of 33.75% and a return on equity of 9.54%. On average, research analysts expect that Independent Bank Corp. will post 5.35 earnings per share for the current year.
Independent Bank Dividend Announcement
The business also recently declared a quarterly dividend, which will be paid on Friday, July 7th. Shareholders of record on Monday, June 26th will be issued a $0.55 dividend. The ex-dividend date is Friday, June 23rd. This represents a $2.20 dividend on an annualized basis and a dividend yield of 4.62%. Independent Bank’s dividend payout ratio (DPR) is presently 37.04%.
Insider Buying and Selling at Independent Bank
In other news, Director Scott Smith sold 1,300 shares of the firm’s stock in a transaction dated Thursday, April 27th. The stock was sold at an average price of $55.83, for a total value of $72,579.00. Following the transaction, the director now directly owns 2,695 shares in the company, valued at approximately $150,461.85. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. In other news, Director Scott Smith sold 1,300 shares of the stock in a transaction on Thursday, April 27th. The shares were sold at an average price of $55.83, for a total value of $72,579.00. Following the completion of the sale, the director now owns 2,695 shares of the company’s stock, valued at $150,461.85. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Jeffrey J. Tengel bought 2,069 shares of the firm’s stock in a transaction dated Thursday, May 4th. The stock was purchased at an average cost of $48.42 per share, with a total value of $100,180.98. Following the transaction, the chief executive officer now directly owns 21,948 shares of the company’s stock, valued at $1,062,722.16. The disclosure for this purchase can be found here. Insiders have purchased a total of 4,069 shares of company stock worth $207,131 in the last quarter. 0.87% of the stock is owned by insiders.
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 primarily in Massachusetts. It accepts interest checking, money market, and savings accounts, as well as demand deposits and time certificates of deposit.
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