Independent Bank Corp. (INDB) Stake Boosted by Citadel Advisors LLC
Citadel Advisors LLC grew its position in shares of Independent Bank Corp. (NASDAQ:INDB) by 283.6% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 23,846 shares of the bank’s stock after acquiring an additional 17,630 shares during the period. Citadel Advisors LLC owned about 0.09% of Independent Bank Corp. worth $1,589,000 as of its most recent SEC filing.
Several other large investors have also recently modified their holdings of INDB. Oppenheimer Asset Management Inc. lifted its position in shares of Independent Bank Corp. by 8.3% in the 2nd quarter. Oppenheimer Asset Management Inc. now owns 1,566 shares of the bank’s stock worth $104,000 after purchasing an additional 120 shares during the period. US Bancorp DE increased its position in shares of Independent Bank Corp. by 4.7% during the first quarter. US Bancorp DE now owns 1,844 shares of the bank’s stock valued at $120,000 after buying an additional 82 shares during the period. D.A. Davidson & CO. increased its position in shares of Independent Bank Corp. by 12.9% during the second quarter. D.A. Davidson & CO. now owns 1,995 shares of the bank’s stock valued at $132,000 after buying an additional 228 shares during the period. Ameritas Investment Partners Inc. purchased a new position in shares of Independent Bank Corp. during the first quarter valued at about $145,000. Finally, SG Americas Securities LLC increased its position in shares of Independent Bank Corp. by 47.3% during the first quarter. SG Americas Securities LLC now owns 3,032 shares of the bank’s stock valued at $197,000 after buying an additional 973 shares during the period. 76.45% of the stock is owned by hedge funds and other institutional investors.
In other Independent Bank Corp. news, insider Gerard F. Nadeau sold 5,193 shares of the firm’s stock in a transaction dated Monday, July 31st. The shares were sold at an average price of $71.75, for a total transaction of $372,597.75. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Christopher Oddleifson sold 1,750 shares of the firm’s stock in a transaction dated Wednesday, July 26th. The shares were sold at an average price of $72.02, for a total transaction of $126,035.00. Following the transaction, the insider now directly owns 92,143 shares in the company, valued at approximately $6,636,138.86. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 8,443 shares of company stock valued at $607,108. 2.67% of the stock is owned by insiders.
Independent Bank Corp. (NASDAQ:INDB) opened at 75.15 on Tuesday. Independent Bank Corp. has a 12 month low of $47.50 and a 12 month high of $75.65. The company’s 50-day moving average is $70.16 and its 200-day moving average is $66.42. The stock has a market capitalization of $2.06 billion, a PE ratio of 25.55 and a beta of 1.00.
Independent Bank Corp. (NASDAQ:INDB) last announced its quarterly earnings results on Thursday, July 20th. The bank reported $0.82 EPS for the quarter, beating the consensus estimate of $0.81 by $0.01. The firm had revenue of $85.15 million for the quarter, compared to analyst estimates of $85.20 million. Independent Bank Corp. had a return on equity of 9.70% and a net margin of 23.17%. During the same quarter last year, the firm posted $0.78 earnings per share. Equities research analysts forecast that Independent Bank Corp. will post $3.35 EPS for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, October 6th. Investors of record on Monday, September 25th will be paid a $0.32 dividend. This represents a $1.28 dividend on an annualized basis and a yield of 1.70%. The ex-dividend date is Friday, September 22nd. Independent Bank Corp.’s dividend payout ratio (DPR) is presently 43.69%.
INDB has been the subject of a number of research reports. Keefe, Bruyette & Woods reissued a “hold” rating and issued a $71.00 price target on shares of Independent Bank Corp. in a research note on Wednesday, June 28th. BidaskClub downgraded Independent Bank Corp. from a “buy” rating to a “hold” rating in a report on Wednesday, June 21st. Zacks Investment Research upgraded Independent Bank Corp. from a “hold” rating to a “buy” rating and set a $81.00 target price on the stock in a report on Wednesday, July 26th. Finally, Compass Point raised Independent Bank Corp. from a “neutral” rating to a “buy” rating and set a $72.00 target price for the company in a research report on Friday, July 21st. Four research analysts have rated the stock with a hold rating and two have given a buy rating to the stock. The company presently has an average rating of “Hold” and a consensus target price of $71.50.
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About Independent Bank Corp.
Independent Bank Corp. is a bank holding company. The Company operates through its subsidiary, Rockland Trust Company (the Bank). The Bank is a community-oriented commercial bank. Its community banking business provides a range of banking services, including lending activities, acceptance of demand, savings, and time deposits, and investment management.
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