Vanguard Group Inc. cut its stake in Independent Bank Corp. (NASDAQ:INDB - Free Report) by 0.2% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 5,018,083 shares of the bank's stock after selling 12,439 shares during the quarter. Vanguard Group Inc. owned approximately 11.81% of Independent Bank worth $322,111,000 at the end of the most recent reporting period.
Several other hedge funds have also bought and sold shares of INDB. Geode Capital Management LLC increased its holdings in shares of Independent Bank by 0.9% during the 3rd quarter. Geode Capital Management LLC now owns 1,017,400 shares of the bank's stock valued at $60,170,000 after purchasing an additional 8,987 shares in the last quarter. Charles Schwab Investment Management Inc. increased its holdings in Independent Bank by 4.1% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 544,948 shares of the bank's stock valued at $34,980,000 after buying an additional 21,289 shares in the last quarter. American Century Companies Inc. raised its position in shares of Independent Bank by 10.9% in the fourth quarter. American Century Companies Inc. now owns 469,359 shares of the bank's stock worth $30,128,000 after acquiring an additional 46,046 shares during the period. JPMorgan Chase & Co. raised its position 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. Finally, Principal Financial Group Inc. increased its stake in shares of Independent Bank by 2.9% in the 4th quarter. Principal Financial Group Inc. now owns 206,079 shares of the bank's stock valued at $13,228,000 after purchasing an additional 5,792 shares in the last quarter. Hedge funds and other institutional investors own 83.40% of the company's stock.
Insider Transactions at Independent Bank
In other Independent Bank news, Director Donna L. Abelli sold 640 shares of Independent Bank stock in a transaction dated Tuesday, February 11th. The shares were sold at an average price of $70.03, for a total transaction of $44,819.20. Following the transaction, the director now directly 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 document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 0.87% of the company's stock.
Independent Bank Price Performance
Shares of NASDAQ:INDB traded down $0.27 during midday trading on Tuesday, hitting $54.63. The company's stock had a trading volume of 471,643 shares, compared to its average volume of 282,062. The company has a market cap of $2.33 billion, a P/E ratio of 12.09 and a beta of 0.84. 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 12-month low of $45.11 and a 12-month high of $77.23. The business's 50 day simple moving average is $64.97 and its 200 day simple moving average is $65.52.
Independent Bank (NASDAQ:INDB - Get Free Report) last posted its quarterly 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, analysts forecast that Independent Bank Corp. will post 5.41 EPS for the current year.
Independent Bank Increases Dividend
The business also recently announced a quarterly dividend, which was paid on Monday, April 7th. Shareholders of record on Monday, March 31st were paid a $0.59 dividend. The ex-dividend date of this dividend was Monday, March 31st. This is an increase from Independent Bank's previous quarterly dividend of $0.57. This represents a $2.36 dividend on an annualized basis and a dividend yield of 4.32%. Independent Bank's dividend payout ratio (DPR) is 52.21%.
Analysts Set New Price Targets
Several analysts have commented on INDB shares. StockNews.com raised Independent Bank from a "sell" rating to a "hold" rating in a report on Tuesday, March 25th. Raymond James reaffirmed a "strong-buy" rating and set a $78.00 price objective (up from $74.00) on shares of Independent Bank in a report on Tuesday, January 21st. Finally, Keefe, Bruyette & Woods reduced their price target 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 Research Report on INDB
Independent Bank Company Profile
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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.
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