Y Intercept Hong Kong Ltd cut its position in Independent Bank Corp. (NASDAQ:INDB - Free Report) by 23.1% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 17,269 shares of the bank's stock after selling 5,189 shares during the quarter. Y Intercept Hong Kong Ltd's holdings in Independent Bank were worth $1,108,000 as of its most recent filing with the Securities and Exchange Commission.
Other institutional investors have also modified their holdings of the company. Venturi Wealth Management LLC acquired a new stake in shares of Independent Bank in the fourth quarter valued at $62,000. KBC Group NV grew its stake in shares of Independent Bank by 34.5% in the fourth quarter. KBC Group NV now owns 1,911 shares of the bank's stock valued at $123,000 after buying an additional 490 shares in the last quarter. ST Germain D J Co. Inc. grew its stake in shares of Independent Bank by 364.9% in the fourth 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. acquired a new stake in shares of Independent Bank in the third quarter valued at $222,000. Finally, Relyea Zuckerberg Hanson LLC acquired a new position in Independent Bank during the 4th quarter worth $250,000. 83.40% of the stock is owned by institutional investors and hedge funds.
Insider Activity
In other news, Director Donna L. Abelli sold 640 shares of the business's stock in a transaction dated 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 of the company's stock, valued at approximately $876,495.48. The trade was a 4.86 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 0.87% of the company's stock.
Independent Bank Stock Up 1.0 %
NASDAQ INDB traded up $0.69 during trading on Friday, reaching $68.56. 292,984 shares of the company's stock were exchanged, compared to its average volume of 256,389. The stock has a market cap of $2.91 billion, a P/E ratio of 15.17 and a beta of 0.77. 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 50 day moving average price of $66.53 and a two-hundred day moving average price of $65.30. Independent Bank Corp. has a 1 year low of $45.11 and a 1 year high of $77.23.
Independent Bank (NASDAQ:INDB - Get Free Report) last announced its quarterly earnings results on Thursday, January 16th. The bank reported $1.21 earnings per share (EPS) for the quarter, topping 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, equities research analysts anticipate that Independent Bank Corp. will post 5.41 EPS for the current fiscal year.
Independent Bank Dividend Announcement
The company also recently announced a quarterly dividend, which was paid on Monday, January 6th. Stockholders of record on Monday, December 30th were issued a $0.57 dividend. This represents a $2.28 annualized dividend and a dividend yield of 3.33%. The ex-dividend date was Monday, December 30th. Independent Bank's payout ratio is currently 50.44%.
Wall Street Analysts Forecast Growth
Several research firms recently commented on INDB. Raymond James reissued a "strong-buy" rating and set 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 note on Friday, January 17th. Finally, Keefe, Bruyette & Woods lowered their target price on Independent Bank from $82.00 to $80.00 and set a "market perform" rating for the company in a research note on Tuesday, January 21st. Two analysts have rated the stock with a hold rating and two have assigned a strong buy rating to the company's stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Buy" and an average target price of $79.00.
Read Our Latest Stock Report on Independent Bank
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.
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