Nuance Investments LLC decreased its position in shares of Independent Bank Corp. (NASDAQ:INDB - Free Report) by 5.8% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 102,499 shares of the bank's stock after selling 6,322 shares during the quarter. Nuance Investments LLC owned 0.24% of Independent Bank worth $6,579,000 as of its most recent SEC filing.
Several other institutional investors have also recently made changes to their positions in the company. CIBC Asset Management Inc grew its position in Independent Bank by 3.9% during the fourth quarter. CIBC Asset Management Inc now owns 4,206 shares of the bank's stock valued at $270,000 after buying an additional 158 shares during the period. GHP Investment Advisors Inc. boosted its stake in shares of Independent Bank by 0.7% during the 4th quarter. GHP Investment Advisors Inc. now owns 32,458 shares of the bank's stock worth $2,083,000 after acquiring an additional 236 shares in the last quarter. Isthmus Partners LLC grew its position in shares of Independent Bank by 0.7% during the 4th quarter. Isthmus Partners LLC now owns 37,313 shares of the bank's stock valued at $2,395,000 after acquiring an additional 245 shares during the period. HighTower Advisors LLC increased its stake in shares of Independent Bank by 4.1% in the 4th quarter. HighTower Advisors LLC now owns 6,823 shares of the bank's stock valued at $438,000 after purchasing an additional 267 shares in the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its holdings in Independent Bank by 0.3% in the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 83,048 shares of the bank's stock worth $4,911,000 after purchasing an additional 285 shares during the period. 83.40% of the stock is owned by hedge funds and other institutional investors.
Insider Buying and Selling at Independent Bank
In other Independent Bank news, Director Donna L. Abelli sold 640 shares of the firm's stock in a transaction on 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 sale, the director now directly owns 12,516 shares of the company's stock, valued at $876,495.48. This trade represents a 4.86 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.87% of the stock is owned by insiders.
Analyst Upgrades and Downgrades
A number of research firms have recently commented on INDB. StockNews.com upgraded Independent Bank from a "sell" rating to a "hold" rating in a research report on Tuesday, March 25th. Raymond James reissued a "strong-buy" rating and issued a $78.00 price target (up previously from $74.00) on shares of Independent Bank in a research note on Tuesday, January 21st. Finally, Keefe, Bruyette & Woods reduced their price objective 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.
Check Out Our Latest Stock Analysis on INDB
Independent Bank Price Performance
Shares of Independent Bank stock traded down $1.51 during mid-day trading on Friday, reaching $63.19. 167,662 shares of the stock traded hands, compared to its average volume of 279,439. The company has a quick ratio of 0.95, a current ratio of 0.95 and a debt-to-equity ratio of 0.23. The business has a 50-day moving average of $66.40 and a 200 day moving average of $65.68. The stock has a market capitalization of $2.69 billion, a PE ratio of 13.98 and a beta of 0.77. Independent Bank Corp. has a fifty-two week low of $45.11 and a fifty-two week high of $77.23.
Independent Bank (NASDAQ:INDB - Get Free Report) last announced its quarterly earnings data on Thursday, January 16th. The bank reported $1.21 earnings per share for the quarter, beating analysts' consensus estimates of $1.16 by $0.05. Independent Bank had a return on equity of 6.57% and a net margin of 19.58%. On average, analysts predict that Independent Bank Corp. will post 5.41 EPS for the current year.
Independent Bank Increases Dividend
The firm also recently disclosed a quarterly dividend, which will be paid on Monday, April 7th. Investors of record on Monday, March 31st will be paid a dividend of $0.59 per share. This represents a $2.36 annualized dividend and a yield of 3.73%. The ex-dividend date is Monday, March 31st. This is a boost from Independent Bank's previous quarterly dividend of $0.57. Independent Bank's dividend payout ratio is currently 52.21%.
Independent Bank Profile
(
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.
Featured Articles
Before you consider Independent Bank, you'll want to hear this.
MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and Independent Bank wasn't on the list.
While Independent Bank currently has a Buy rating among analysts, top-rated analysts believe these five stocks are better buys.
View The Five Stocks Here
Just getting into the stock market? These 10 simple stocks can help beginning investors build long-term wealth without knowing options, technicals, or other advanced strategies.
Get This Free Report
Like this article? Share it with a colleague.
Link copied to clipboard.
