Russell Investments Group Ltd. Buys New Stake in Independent Bank Corp (INDB)

Russell Investments Group Ltd. bought a new stake in shares of Independent Bank Corp (NASDAQ:INDB) during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor bought 5,400 shares of the bank’s stock, valued at approximately $403,000.

Other institutional investors have also made changes to their positions in the company. BlackRock Inc. boosted its position in shares of Independent Bank by 0.8% during the 2nd quarter. BlackRock Inc. now owns 3,308,074 shares of the bank’s stock valued at $220,483,000 after purchasing an additional 26,356 shares in the last quarter. Rockland Trust Co. boosted its holdings in Independent Bank by 12.8% in the third quarter. Rockland Trust Co. now owns 565,848 shares of the bank’s stock worth $24,468,000 after acquiring an additional 64,150 shares in the last quarter. Municipal Employees Retirement System of Michigan boosted its holdings in Independent Bank by 60.4% in the third quarter. Municipal Employees Retirement System of Michigan now owns 10,330 shares of the bank’s stock worth $771,000 after acquiring an additional 3,890 shares in the last quarter. BNP Paribas Arbitrage SA boosted its holdings in Independent Bank by 77.7% in the third quarter. BNP Paribas Arbitrage SA now owns 15,018 shares of the bank’s stock worth $1,121,000 after acquiring an additional 6,565 shares in the last quarter. Finally, Macquarie Group Ltd. boosted its holdings in Independent Bank by 5.8% in the second quarter. Macquarie Group Ltd. now owns 732,463 shares of the bank’s stock worth $48,819,000 after acquiring an additional 40,066 shares in the last quarter. Institutional investors own 79.74% of the company’s stock.

In other news, Director Eileen C. Miskell sold 1,200 shares of the firm’s stock in a transaction that occurred on Wednesday, October 25th. The stock was sold at an average price of $71.27, for a total value of $85,524.00. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, CFO Robert D. Cozzone sold 3,250 shares of the firm’s stock in a transaction that occurred on Thursday, November 2nd. The shares were sold at an average price of $72.50, for a total value of $235,625.00. The disclosure for this sale can be found here. Insiders sold 6,150 shares of company stock worth $439,814 in the last 90 days. Corporate insiders own 2.67% of the company’s stock.

Independent Bank Corp (INDB) opened at $71.00 on Friday. The stock has a market capitalization of $1,910.04, a P/E ratio of 23.51 and a beta of 0.97. The company has a quick ratio of 0.95, a current ratio of 0.95 and a debt-to-equity ratio of 0.17. Independent Bank Corp has a fifty-two week low of $57.20 and a fifty-two week high of $76.30.

Independent Bank (NASDAQ:INDB) last announced its quarterly earnings results on Thursday, October 19th. The bank reported $0.87 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.91 by ($0.04). The firm had revenue of $87.84 million during the quarter, compared to the consensus estimate of $88.57 million. Independent Bank had a return on equity of 9.76% and a net margin of 23.48%. The firm’s revenue was up 12.5% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.78 EPS. equities analysts expect that Independent Bank Corp will post 3.41 EPS for the current year.

The business also recently announced a quarterly dividend, which was paid on Friday, January 5th. Stockholders of record on Tuesday, December 26th were issued a $0.32 dividend. The ex-dividend date of this dividend was Friday, December 22nd. This represents a $1.28 dividend on an annualized basis and a dividend yield of 1.80%. Independent Bank’s dividend payout ratio is presently 42.38%.

Several brokerages have issued reports on INDB. BidaskClub lowered Independent Bank from a “hold” rating to a “sell” rating in a report on Friday. Zacks Investment Research upgraded Independent Bank from a “sell” rating to a “hold” rating in a report on Friday, December 22nd. Keefe, Bruyette & Woods reiterated a “hold” rating and issued a $73.00 price target on shares of Independent Bank in a report on Tuesday, October 3rd. Finally, Compass Point upgraded Independent Bank from a “neutral” rating to a “buy” rating in a report on Monday, December 18th. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and one has assigned a buy rating to the company. Independent Bank has an average rating of “Hold” and a consensus target price of $73.00.

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Independent Bank Profile

Independent Bank Corp. is a bank holding company. The Company operates through its subsidiary, Rockland Trust Company (the Bank). The Bank is a community-oriented commercial bank. Its community banking business provides a range of banking services, including lending activities, acceptance of demand, savings, and time deposits, and investment management.

Institutional Ownership by Quarter for Independent Bank (NASDAQ:INDB)

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