Dynamic Technology Lab Private Ltd cut its holdings in shares of Independent Bank Corp. (NASDAQ:INDB - Free Report) by 58.7% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 8,020 shares of the bank's stock after selling 11,389 shares during the quarter. Dynamic Technology Lab Private Ltd's holdings in Independent Bank were worth $515,000 at the end of the most recent quarter.
A number of other large investors also recently made changes to their positions in INDB. Norges Bank acquired a new stake in shares of Independent Bank during the 4th quarter valued at about $28,810,000. JPMorgan Chase & Co. increased its stake in shares of Independent Bank by 59.8% during the 3rd quarter. JPMorgan Chase & Co. now owns 338,640 shares of the bank's stock worth $20,024,000 after purchasing an additional 126,791 shares during the last quarter. New York State Common Retirement Fund raised its holdings in shares of Independent Bank by 681.3% during the 4th quarter. New York State Common Retirement Fund now owns 101,431 shares of the bank's stock valued at $6,511,000 after purchasing an additional 88,448 shares in the last quarter. Assenagon Asset Management S.A. bought a new stake in Independent Bank in the fourth quarter worth $5,586,000. Finally, Fisher Asset Management LLC increased its position in Independent Bank by 58.8% during the fourth quarter. Fisher Asset Management LLC now owns 188,385 shares of the bank's stock worth $12,092,000 after buying an additional 69,753 shares during the last quarter. Institutional investors and hedge funds own 83.40% of the company's stock.
Analyst Upgrades and Downgrades
A number of analysts have issued reports on INDB shares. Keefe, Bruyette & Woods lowered their target price on Independent Bank from $82.00 to $80.00 and set a "market perform" rating on the stock in a report on Tuesday, January 21st. Raymond James restated a "strong-buy" rating and issued a $78.00 price objective (up previously from $74.00) on shares of Independent Bank in a research note on Tuesday, January 21st. Finally, StockNews.com raised shares of Independent Bank from a "sell" rating to a "hold" rating in a research note on Tuesday, March 25th.
Read Our Latest Research Report on INDB
Insiders Place Their Bets
In other Independent Bank news, Director Donna L. Abelli sold 640 shares of the business's stock in a transaction dated Tuesday, February 11th. The stock was sold at an average price of $70.03, for a total value of $44,819.20. Following the completion of the transaction, the director now directly owns 12,516 shares of the company's stock, 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 legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 0.87% of the company's stock.
Independent Bank Price Performance
Shares of Independent Bank stock traded up $0.61 during midday trading on Monday, reaching $54.23. The company had a trading volume of 41,284 shares, compared to its average volume of 282,156. The stock has a fifty day simple moving average of $64.10 and a 200 day simple moving average of $65.43. The company has a market capitalization of $2.31 billion, a price-to-earnings ratio of 12.00 and a beta of 0.84. Independent Bank Corp. has a 1-year low of $45.11 and a 1-year high of $77.23. The company has a current ratio of 0.95, a quick ratio of 0.95 and a debt-to-equity ratio of 0.23.
Independent Bank (NASDAQ:INDB - Get Free Report) last posted its quarterly earnings results on Thursday, January 16th. The bank reported $1.21 earnings per share 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%. As a group, equities research analysts forecast that Independent Bank Corp. will post 5.41 earnings per share for the current year.
Independent Bank Increases Dividend
The company also recently declared a quarterly dividend, which was paid on Monday, April 7th. Investors of record on Monday, March 31st were given a $0.59 dividend. This represents a $2.36 dividend on an annualized basis and a dividend yield of 4.35%. This is an increase from Independent Bank's previous quarterly dividend of $0.57. The ex-dividend date was Monday, March 31st. Independent Bank's dividend payout ratio (DPR) is currently 52.21%.
About Independent Bank
(
Free Report)
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.
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