New York State Common Retirement Fund Grows Stock Position in Independent Bank Corp. (NASDAQ:INDB)

New York State Common Retirement Fund increased its holdings in Independent Bank Corp. (NASDAQ:INDB - Free Report) by 681.3% in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 101,431 shares of the bank's stock after buying an additional 88,448 shares during the period. New York State Common Retirement Fund owned about 0.24% of Independent Bank worth $6,511,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also bought and sold shares of INDB. JPMorgan Chase & Co. boosted its stake in 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 acquiring an additional 126,791 shares in the last quarter. Verition Fund Management LLC boosted its position in shares of Independent Bank by 1,697.7% in the 3rd quarter. Verition Fund Management LLC now owns 132,435 shares of the bank's stock worth $7,831,000 after purchasing an additional 125,068 shares in the last quarter. Hotchkis & Wiley Capital Management LLC acquired a new stake in shares of Independent Bank in the 3rd quarter worth $5,802,000. Algert Global LLC grew its stake in Independent Bank by 172.4% during the 3rd quarter. Algert Global LLC now owns 138,146 shares of the bank's stock worth $8,169,000 after buying an additional 87,440 shares during the last quarter. Finally, Assenagon Asset Management S.A. purchased a new stake in Independent Bank in the fourth quarter valued at about $5,586,000. Institutional investors own 83.40% of the company's stock.

Analyst Ratings Changes

Several equities analysts have recently issued reports on the stock. Keefe, Bruyette & Woods cut their price objective on shares of Independent Bank from $82.00 to $80.00 and set a "market perform" rating on the stock in a report on Tuesday, January 21st. StockNews.com upgraded shares of Independent Bank from a "sell" rating to a "hold" rating in a research note on Friday, January 17th. Finally, Raymond James reaffirmed 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. Two analysts have rated the stock with a hold rating and two have issued a strong buy rating to the company. According to data from MarketBeat.com, Independent Bank presently has an average rating of "Buy" and an average target price of $79.00.

Remove Ads

Insider Activity at Independent Bank

In other news, Director Donna L. Abelli sold 640 shares of the stock in a transaction dated Tuesday, February 11th. The shares were sold at an average price of $70.03, for a total transaction of $44,819.20. Following the sale, the director now directly owns 12,516 shares of the company's stock, valued at $876,495.48. This represents a 4.86 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. 0.87% of the stock is owned by company insiders.

Independent Bank Stock Performance

NASDAQ:INDB traded up $0.69 during mid-day trading on Friday, hitting $68.56. The company's stock had a trading volume of 292,984 shares, compared to its average volume of 256,389. The business's fifty day moving average is $66.53 and its two-hundred day moving average is $65.30. The stock has a market cap of $2.91 billion, a price-to-earnings ratio of 15.17 and a beta of 0.77. Independent Bank Corp. has a 1 year low of $45.11 and a 1 year high of $77.23. The company has a debt-to-equity ratio of 0.23, a current ratio of 0.95 and a quick ratio of 0.95.

Independent Bank (NASDAQ:INDB - Get Free Report) last announced its quarterly earnings results on Thursday, January 16th. The bank reported $1.21 earnings per share for the quarter, beating the consensus estimate of $1.16 by $0.05. Independent Bank had a return on equity of 6.57% and a net margin of 19.58%. Analysts anticipate that Independent Bank Corp. will post 5.41 EPS for the current fiscal year.

Independent Bank Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, January 6th. Investors of record on Monday, December 30th were issued a dividend of $0.57 per share. This represents a $2.28 dividend on an annualized basis and a yield of 3.33%. The ex-dividend date of this dividend was Monday, December 30th. Independent Bank's dividend payout ratio (DPR) is presently 50.44%.

Independent Bank Company 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.