Bank of New York Mellon Corp Trims Position in Independent Bank Corp. (NASDAQ:INDB)

Bank of New York Mellon Corp lowered its holdings in shares of Independent Bank Corp. (NASDAQ:INDB - Free Report) by 2.1% in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 424,150 shares of the bank's stock after selling 9,252 shares during the quarter. Bank of New York Mellon Corp owned 1.00% of Independent Bank worth $27,226,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors have also recently made changes to their positions in the company. Geode Capital Management LLC lifted its stake in shares of Independent Bank by 0.9% in the 3rd quarter. Geode Capital Management LLC now owns 1,017,400 shares of the bank's stock valued at $60,170,000 after purchasing an additional 8,987 shares during the last quarter. Charles Schwab Investment Management Inc. boosted its position in Independent Bank by 4.6% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 523,659 shares of the bank's stock valued at $30,964,000 after buying an additional 22,919 shares during the period. JPMorgan Chase & Co. boosted its holdings in shares of Independent Bank by 59.8% in the third quarter. JPMorgan Chase & Co. now owns 338,640 shares of the bank's stock valued at $20,024,000 after purchasing an additional 126,791 shares during the period. BNP PARIBAS ASSET MANAGEMENT Holding S.A. grew its stake in Independent Bank by 11.1% in the third quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 283,661 shares of the bank's stock worth $16,773,000 after purchasing an additional 28,373 shares in the last quarter. Finally, Principal Financial Group Inc. increased its holdings in Independent Bank by 2.9% during the 4th quarter. Principal Financial Group Inc. now owns 206,079 shares of the bank's stock worth $13,228,000 after purchasing an additional 5,792 shares during the period. 83.40% of the stock is currently owned by institutional investors.

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Insider Transactions at Independent Bank

In other news, Director Donna L. Abelli sold 640 shares of Independent Bank stock in a transaction on Tuesday, February 11th. The shares were sold at an average price of $70.03, for a total transaction of $44,819.20. Following the completion of the sale, the director now directly owns 12,516 shares in the company, valued at approximately $876,495.48. The trade was a 4.86 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Insiders own 0.97% of the company's stock.

Independent Bank Stock Up 0.7 %

INDB stock traded up $0.44 during trading on Wednesday, reaching $61.48. 219,440 shares of the company traded hands, compared to its average volume of 250,287. The company has a market capitalization of $2.62 billion, a price-to-earnings ratio of 13.61 and a beta of 0.77. The company has a debt-to-equity ratio of 0.23, a quick ratio of 0.95 and a current ratio of 0.95. The business has a 50 day simple moving average of $66.30 and a 200 day simple moving average of $65.54. Independent Bank Corp. has a 12 month low of $45.11 and a 12 month high of $77.23.

Independent Bank (NASDAQ:INDB - Get Free Report) last issued its quarterly earnings data on Thursday, January 16th. The bank reported $1.21 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.16 by $0.05. Independent Bank had a net margin of 19.58% and a return on equity of 6.57%. On average, equities research analysts anticipate that Independent Bank Corp. will post 5.41 earnings per share for the current fiscal year.

Independent Bank Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, January 6th. Stockholders of record on Monday, December 30th were issued a dividend of $0.57 per share. The ex-dividend date of this dividend was Monday, December 30th. This represents a $2.28 annualized dividend and a dividend yield of 3.71%. Independent Bank's dividend payout ratio is presently 50.44%.

Analyst Ratings Changes

A number of research firms have recently issued reports on INDB. Raymond James reissued a "strong-buy" rating and set a $78.00 price target (up previously from $74.00) on shares of Independent Bank in a research report on Tuesday, January 21st. StockNews.com downgraded shares of Independent Bank from a "hold" rating to a "sell" rating in a research report on Friday, March 7th. Finally, Keefe, Bruyette & Woods lowered their price target on shares of Independent Bank from $82.00 to $80.00 and set a "market perform" rating for the company in a research report on Tuesday, January 21st. One research analyst has rated the stock with a sell rating, one has given a hold rating and two have issued a strong buy rating to the stock. According to MarketBeat, Independent Bank presently has an average rating of "Moderate Buy" and an average target price of $79.00.

Independent Bank 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 in the United States. The company provides interest checking, money market, and savings accounts, as well as demand deposits and time certificates of deposit.