Sei Investments Co. Sells 8,306 Shares of Independent Bank Corp. (NASDAQ:INDB)

Sei Investments Co. lessened its holdings in Independent Bank Corp. (NASDAQ:INDB - Free Report) by 11.7% in the fourth quarter, according to its most recent filing with the SEC. The institutional investor owned 62,903 shares of the bank's stock after selling 8,306 shares during the period. Sei Investments Co. owned 0.15% of Independent Bank worth $4,038,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also bought and sold shares of the company. JPMorgan Chase & Co. boosted its stake in shares of Independent Bank by 59.8% in the third quarter. JPMorgan Chase & Co. now owns 338,640 shares of the bank's stock worth $20,024,000 after acquiring an additional 126,791 shares during the period. Hotchkis & Wiley Capital Management LLC purchased a new position in Independent Bank in the 3rd quarter worth approximately $5,802,000. New York State Common Retirement Fund boosted its stake in Independent Bank by 681.3% in the 4th quarter. New York State Common Retirement Fund now owns 101,431 shares of the bank's stock worth $6,511,000 after purchasing an additional 88,448 shares during the period. Assenagon Asset Management S.A. purchased a new stake in Independent Bank during the 4th quarter valued at approximately $5,586,000. Finally, Fisher Asset Management LLC raised its position in shares of Independent Bank by 58.8% during the fourth quarter. Fisher Asset Management LLC now owns 188,385 shares of the bank's stock valued at $12,092,000 after buying an additional 69,753 shares during the last quarter. 83.40% of the stock is owned by institutional investors.

Independent Bank Price Performance

Shares of NASDAQ:INDB traded down $0.49 on Monday, reaching $54.90. The company's stock had a trading volume of 569,965 shares, compared to its average volume of 280,663. The company has a 50-day simple moving average of $65.46 and a 200 day simple moving average of $65.64. Independent Bank Corp. has a 52-week low of $45.11 and a 52-week 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 company has a market cap of $2.34 billion, a P/E ratio of 12.15 and a beta of 0.84.

Independent Bank (NASDAQ:INDB - Get Free Report) last released its quarterly earnings results 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 return on equity of 6.57% and a net margin of 19.58%. As a group, equities research analysts anticipate 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. Stockholders of record on Monday, March 31st will be given a dividend of $0.59 per share. The ex-dividend date is Monday, March 31st. This represents a $2.36 annualized dividend and a dividend yield of 4.30%. This is an increase from Independent Bank's previous quarterly dividend of $0.57. Independent Bank's payout ratio is currently 52.21%.

Wall Street Analysts Forecast Growth

INDB has been the subject of a number of research reports. Raymond James restated a "strong-buy" rating and set a $78.00 target price (up previously from $74.00) on shares of Independent Bank in a research report on Tuesday, January 21st. Keefe, Bruyette & Woods dropped 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 report on Tuesday, January 21st. Finally, StockNews.com raised Independent Bank from a "sell" rating to a "hold" rating in a report on Tuesday, March 25th.

Insider Activity at Independent Bank

In other news, Director Donna L. Abelli sold 640 shares of the firm's stock in a transaction dated Tuesday, February 11th. The shares were 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 in the company, valued at approximately $876,495.48. This trade represents a 4.86 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.87% of the stock is currently owned by insiders.

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.