Ken Ansin Sells 53,000 Shares of Independent Bank (NASDAQ:INDB) Stock

Independent Bank Corp. (NASDAQ:INDB) Director Ken Ansin sold 53,000 shares of the company’s stock in a transaction dated Friday, November 14th. The shares were sold at an average price of $69.06, for a total value of $3,660,180.00. Following the sale, the director owned 53,738 shares in the company, valued at approximately $3,711,146.28. This represents a 49.65% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink.

Independent Bank Price Performance

Shares of INDB stock traded down $2.70 during trading hours on Monday, reaching $66.46. The stock had a trading volume of 322,042 shares, compared to its average volume of 330,858. The stock’s fifty day simple moving average is $69.20 and its 200 day simple moving average is $66.51. The firm has a market capitalization of $3.29 billion, a PE ratio of 16.17 and a beta of 0.89. Independent Bank Corp. has a 12 month low of $52.15 and a 12 month high of $77.23. The company has a current ratio of 0.95, a quick ratio of 0.94 and a debt-to-equity ratio of 0.22.

Independent Bank (NASDAQ:INDB) last posted its earnings results on Wednesday, February 12th. The bank reported $1.01 earnings per share (EPS) for the quarter. Independent Bank had a net margin of 16.64% and a return on equity of 7.19%. The business had revenue of $175.25 million for the quarter. On average, equities research analysts predict that Independent Bank Corp. will post 5.41 EPS for the current year.

Independent Bank Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, October 7th. Investors of record on Monday, September 29th were paid a dividend of $0.59 per share. The ex-dividend date of this dividend was Monday, September 29th. This represents a $2.36 annualized dividend and a yield of 3.6%. Independent Bank’s dividend payout ratio (DPR) is currently 57.42%.

Institutional Trading of Independent Bank

A number of hedge funds have recently bought and sold shares of INDB. Envestnet Asset Management Inc. grew its position in Independent Bank by 4.4% during the first quarter. Envestnet Asset Management Inc. now owns 22,303 shares of the bank’s stock valued at $1,397,000 after acquiring an additional 941 shares during the last quarter. Xponance Inc. bought a new position in shares of Independent Bank during the 1st quarter valued at $203,000. New York State Common Retirement Fund grew its holdings in shares of Independent Bank by 10.0% during the 1st quarter. New York State Common Retirement Fund now owns 111,615 shares of the bank’s stock valued at $6,993,000 after purchasing an additional 10,184 shares during the last quarter. CWM LLC raised its position in Independent Bank by 12.5% in the 1st quarter. CWM LLC now owns 12,896 shares of the bank’s stock worth $808,000 after purchasing an additional 1,432 shares during the period. Finally, Universal Beteiligungs und Servicegesellschaft mbH bought a new stake in Independent Bank in the first quarter worth $1,830,000. Institutional investors own 83.40% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages have weighed in on INDB. Wall Street Zen upgraded Independent Bank from a “sell” rating to a “hold” rating in a research note on Sunday, August 10th. Zacks Research cut shares of Independent Bank from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, August 19th. Keefe, Bruyette & Woods raised shares of Independent Bank from a “market perform” rating to an “outperform” rating and raised their target price for the company from $80.00 to $83.00 in a research note on Tuesday, October 21st. Independent Research set a $83.00 price target on shares of Independent Bank in a research note on Tuesday, October 21st. Finally, Weiss Ratings reissued a “hold (c+)” rating on shares of Independent Bank in a report on Wednesday, October 8th. One investment analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating and three have given a Hold rating to the stock. According to MarketBeat.com, Independent Bank has an average rating of “Moderate Buy” and an average price target of $76.75.

About Independent Bank

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.