Wasatch Advisors Inc. decreased its position in shares of Independent Bank Corp (NASDAQ:INDB) by 0.6% during the 4th quarter, HoldingsChannel reports. The fund owned 551,833 shares of the bank’s stock after selling 3,184 shares during the period. Wasatch Advisors Inc.’s holdings in Independent Bank were worth $38,546,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Oppenheimer Asset Management Inc. boosted its holdings in shares of Independent Bank by 8.3% during the 2nd quarter. Oppenheimer Asset Management Inc. now owns 1,566 shares of the bank’s stock valued at $104,000 after acquiring an additional 120 shares in the last quarter. D.A. Davidson & CO. boosted its holdings in shares of Independent Bank by 12.9% during the 2nd quarter. D.A. Davidson & CO. now owns 1,995 shares of the bank’s stock valued at $132,000 after acquiring an additional 228 shares in the last quarter. Sei Investments Co. boosted its holdings in shares of Independent Bank by 134,750.0% during the 3rd quarter. Sei Investments Co. now owns 2,697 shares of the bank’s stock valued at $202,000 after acquiring an additional 2,695 shares in the last quarter. Penobscot Investment Management Company Inc. acquired a new stake in shares of Independent Bank during the 3rd quarter valued at $215,000. Finally, Amalgamated Bank boosted its holdings in shares of Independent Bank by 3.6% during the 2nd quarter. Amalgamated Bank now owns 3,640 shares of the bank’s stock valued at $243,000 after acquiring an additional 126 shares in the last quarter. 79.75% of the stock is currently owned by institutional investors.
Several equities research analysts recently weighed in on INDB shares. Compass Point downgraded Independent Bank from a “buy” rating to a “neutral” rating and set a $76.00 price objective on the stock. in a report on Wednesday, October 11th. They noted that the move was a valuation call. Zacks Investment Research raised Independent Bank from a “sell” rating to a “hold” rating in a report on Friday, December 22nd. BidaskClub downgraded Independent Bank from a “hold” rating to a “sell” rating in a report on Friday, January 5th. Finally, Keefe, Bruyette & Woods reissued a “hold” rating and set a $73.00 price objective on shares of Independent Bank in a report on Tuesday, October 3rd. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and one has assigned a buy rating to the stock. Independent Bank has a consensus rating of “Hold” and an average price target of $73.00.
In other Independent Bank news, Director Carl Ribeiro sold 700 shares of Independent Bank stock in a transaction dated Tuesday, December 12th. The stock was sold at an average price of $69.25, for a total transaction of $48,475.00. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, Director Daniel F. Obrien sold 1,000 shares of Independent Bank stock in a transaction dated Tuesday, November 21st. The stock was sold at an average price of $70.19, for a total value of $70,190.00. Following the transaction, the director now directly owns 22,912 shares in the company, valued at $1,608,193.28. The disclosure for this sale can be found here. Insiders have sold a total of 6,150 shares of company stock worth $439,814 over the last ninety days. Company insiders own 2.67% of the company’s stock.
Shares of Independent Bank Corp (INDB) opened at $73.40 on Wednesday. The company has a current ratio of 0.95, a quick ratio of 0.95 and a debt-to-equity ratio of 0.17. Independent Bank Corp has a twelve month low of $57.20 and a twelve month high of $76.30. The firm has a market capitalization of $2,025.30, a price-to-earnings ratio of 24.30 and a beta of 0.97.
Independent Bank (NASDAQ:INDB) last announced its earnings results on Thursday, October 19th. The bank reported $0.87 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.91 by ($0.04). The company had revenue of $87.84 million for the quarter, compared to analyst estimates of $88.57 million. Independent Bank had a return on equity of 9.76% and a net margin of 23.48%. The firm’s quarterly revenue was up 12.5% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.78 earnings per share.
The business also recently announced a quarterly dividend, which was paid on Friday, January 5th. Shareholders of record on Tuesday, December 26th were issued a dividend of $0.32 per share. This represents a $1.28 annualized dividend and a yield of 1.74%. The ex-dividend date was Friday, December 22nd. Independent Bank’s payout ratio is presently 42.38%.
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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.
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