Prudential Financial Inc. Sells 14,410 Shares of Independent Bank Corp. (NASDAQ:INDB)

Prudential Financial Inc. trimmed its holdings in Independent Bank Corp. (NASDAQ:INDB - Free Report) by 14.8% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 83,232 shares of the bank's stock after selling 14,410 shares during the quarter. Prudential Financial Inc. owned about 0.20% of Independent Bank worth $5,343,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors also recently bought and sold shares of the company. CIBC Asset Management Inc grew its holdings in Independent Bank by 3.9% in the fourth quarter. CIBC Asset Management Inc now owns 4,206 shares of the bank's stock worth $270,000 after purchasing an additional 158 shares during the period. GHP Investment Advisors Inc. grew its stake in shares of Independent Bank by 0.7% in the 4th quarter. GHP Investment Advisors Inc. now owns 32,458 shares of the bank's stock worth $2,083,000 after buying an additional 236 shares during the last quarter. Isthmus Partners LLC increased its position in 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 buying an additional 245 shares in the last quarter. HighTower Advisors LLC increased its position in Independent Bank by 4.1% during the 4th quarter. HighTower Advisors LLC now owns 6,823 shares of the bank's stock valued at $438,000 after buying an additional 267 shares in the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its stake in Independent Bank by 0.3% during the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 83,048 shares of the bank's stock valued at $4,911,000 after buying an additional 285 shares during the last quarter. 83.40% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on the company. Raymond James restated a "strong-buy" rating and set a $78.00 price target (up from $74.00) on shares of Independent Bank 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 Tuesday, March 25th. Finally, Keefe, Bruyette & Woods dropped their target price on shares of 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.

Independent Bank Stock Down 3.4 %

Shares of INDB stock traded down $1.95 during mid-day trading on Friday, hitting $55.39. The company's stock had a trading volume of 479,896 shares, compared to its average volume of 279,506. The company has a debt-to-equity ratio of 0.23, a quick ratio of 0.95 and a current ratio of 0.95. Independent Bank Corp. has a 52-week low of $45.11 and a 52-week high of $77.23. The stock has a market cap of $2.36 billion, a price-to-earnings ratio of 12.25 and a beta of 0.77. The business has a 50-day moving average price of $65.71 and a 200 day moving average price of $65.67.

Independent Bank (NASDAQ:INDB - Get Free Report) last posted its earnings results on Thursday, January 16th. The bank reported $1.21 earnings per share (EPS) for the quarter, beating 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%. Research analysts predict that Independent Bank Corp. will post 5.41 EPS for the current fiscal year.

Independent Bank Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, April 7th. Shareholders of record on Monday, March 31st will be given a $0.59 dividend. This represents a $2.36 dividend on an annualized basis and a yield of 4.26%. The ex-dividend date of this dividend is Monday, March 31st. This is an increase from Independent Bank's previous quarterly dividend of $0.57. Independent Bank's payout ratio is 52.21%.

Insider Buying and Selling at Independent Bank

In related news, Director Donna L. Abelli sold 640 shares of Independent Bank 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 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 sale was disclosed in a legal filing with the SEC, which is available at this link. Company insiders own 0.87% of the company's stock.

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.