US Bancorp DE decreased its holdings in Independent Bank Corp. (NASDAQ:INDB - Free Report) by 56.1% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 4,387 shares of the bank's stock after selling 5,614 shares during the quarter. US Bancorp DE's holdings in Independent Bank were worth $282,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. BNP Paribas Financial Markets grew its holdings in shares of Independent Bank by 106.0% during the 3rd quarter. BNP Paribas Financial Markets now owns 25,077 shares of the bank's stock worth $1,483,000 after purchasing an additional 12,904 shares during the period. Centiva Capital LP purchased a new stake in shares of Independent Bank during the 3rd quarter worth about $535,000. JPMorgan Chase & Co. grew its holdings in shares of Independent Bank by 59.8% during the 3rd quarter. JPMorgan Chase & Co. now owns 338,640 shares of the bank's stock worth $20,024,000 after purchasing an additional 126,791 shares during the period. BNP PARIBAS ASSET MANAGEMENT Holding S.A. grew its holdings in shares of Independent Bank by 11.1% during the 3rd quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 283,661 shares of the bank's stock worth $16,773,000 after purchasing an additional 28,373 shares during the period. Finally, Principal Financial Group Inc. lifted its position in Independent Bank by 2.9% during the 4th quarter. Principal Financial Group Inc. now owns 206,079 shares of the bank's stock worth $13,228,000 after acquiring an additional 5,792 shares in the last quarter. Hedge funds and other institutional investors own 83.40% of the company's stock.
Insider Buying and Selling at Independent Bank
In other news, Director Donna L. Abelli sold 640 shares of the business's stock in a transaction that occurred 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 in the company, valued at approximately $876,495.48. The trade was a 4.86 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.87% of the stock is currently owned by corporate insiders.
Independent Bank Stock Down 0.8 %
Shares of INDB traded down $0.52 during trading on Tuesday, reaching $63.61. The company's stock had a trading volume of 315,175 shares, compared to its average volume of 245,261. The company has a fifty day moving average of $66.22 and a two-hundred day moving average of $65.53. Independent Bank Corp. has a twelve month low of $45.11 and a twelve month high of $77.23. The company has a market cap of $2.71 billion, a price-to-earnings ratio of 14.07 and a beta of 0.77. The company has a quick ratio of 0.95, a current ratio of 0.95 and a debt-to-equity ratio of 0.23.
Independent Bank (NASDAQ:INDB - Get Free Report) last announced its earnings results on Thursday, January 16th. The bank reported $1.21 earnings per share (EPS) 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, sell-side analysts predict that Independent Bank Corp. will post 5.41 EPS for the current fiscal year.
Wall Street Analysts Forecast Growth
Several research firms recently commented on INDB. Keefe, Bruyette & Woods reduced their price target on Independent Bank from $82.00 to $80.00 and set a "market perform" rating on the stock in a research report on Tuesday, January 21st. Raymond James reissued a "strong-buy" rating and set a $78.00 price target (up from $74.00) on shares of Independent Bank in a research report on Tuesday, January 21st. Finally, StockNews.com raised Independent Bank from a "sell" rating to a "hold" rating in a research report on Saturday.
Check Out Our Latest Stock Report on INDB
About Independent Bank
(
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.
Recommended Stories
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
Nuclear energy stocks are roaring. It's the hottest energy sector of the year. Cameco Corp, Paladin Energy, and BWX Technologies were all up more than 40% in 2024. The biggest market moves could still be ahead of us, and there are seven nuclear energy stocks that could rise much higher in the next several months. To unlock these tickers, enter your email address below.
Get This Free Report
Like this article? Share it with a colleague.
Link copied to clipboard.
