Principal Financial Group Inc. grew its holdings in Independent Bank Corp. (NASDAQ:INDB - Free Report) by 2.9% in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 206,079 shares of the bank's stock after purchasing an additional 5,792 shares during the quarter. Principal Financial Group Inc. owned approximately 0.49% of Independent Bank worth $13,228,000 at the end of the most recent reporting period.
Several other hedge funds have also recently modified their holdings of the business. KBC Group NV boosted its position in Independent Bank by 34.5% during the fourth quarter. KBC Group NV now owns 1,911 shares of the bank's stock valued at $123,000 after purchasing an additional 490 shares in the last quarter. ST Germain D J Co. Inc. boosted its holdings in shares of Independent Bank by 364.9% in the 4th quarter. ST Germain D J Co. Inc. now owns 2,213 shares of the bank's stock valued at $142,000 after buying an additional 1,737 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. bought a new stake in shares of Independent Bank in the 3rd quarter valued at about $222,000. Relyea Zuckerberg Hanson LLC purchased a new position in shares of Independent Bank in the 4th quarter worth approximately $250,000. Finally, Los Angeles Capital Management LLC bought a new position in shares of Independent Bank during the 3rd quarter worth approximately $257,000. Hedge funds and other institutional investors own 83.40% of the company's stock.
Insider Buying and Selling at Independent Bank
In related news, Director Donna L. Abelli sold 640 shares of Independent Bank stock in a transaction dated Tuesday, February 11th. The stock was 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 owns 12,516 shares of the company's stock, valued at $876,495.48. The trade was a 4.86 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Company insiders own 0.87% of the company's stock.
Independent Bank Stock Performance
INDB stock traded up $0.69 during trading on Friday, reaching $68.56. The company had a trading volume of 292,984 shares, compared to its average volume of 256,389. The company 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 twelve month low of $45.11 and a twelve month high of $77.23. 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 firm has a 50-day simple moving average of $66.53 and a 200-day simple moving average of $65.30.
Independent Bank (NASDAQ:INDB - Get Free Report) last posted its quarterly earnings data on Thursday, January 16th. The bank reported $1.21 EPS for the quarter, topping the consensus estimate 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, sell-side analysts expect that Independent Bank Corp. will post 5.41 earnings per share for the current year.
Independent Bank Announces Dividend
The company also recently declared a quarterly dividend, which was paid on Monday, January 6th. Shareholders of record on Monday, December 30th were given a dividend of $0.57 per share. The ex-dividend date was Monday, December 30th. This represents a $2.28 dividend on an annualized basis and a yield of 3.33%. Independent Bank's dividend payout ratio is currently 50.44%.
Wall Street Analysts Forecast Growth
Several brokerages have weighed in on INDB. Raymond James restated a "strong-buy" rating and issued a $78.00 target price (up from $74.00) on shares of Independent Bank in a research note on Tuesday, January 21st. StockNews.com raised Independent Bank from a "sell" rating to a "hold" rating in a research report on Friday, January 17th. Finally, Keefe, Bruyette & Woods dropped their target price on Independent Bank from $82.00 to $80.00 and set a "market perform" rating on the stock in a research note on Tuesday, January 21st. Two equities research analysts have rated the stock with a hold rating and two have given a strong buy rating to the company's stock. Based on data from MarketBeat.com, Independent Bank has a consensus rating of "Buy" and an average target price of $79.00.
Read Our Latest Stock Report on Independent Bank
Independent Bank Company 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.
Further Reading
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.
