Independent Bank Corp. (INDB) Stake Lowered by Zacks Investment Management
Zacks Investment Management trimmed its holdings in shares of Independent Bank Corp. (NASDAQ:INDB) by 9.1% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 13,002 shares of the bank’s stock after selling 1,295 shares during the period. Zacks Investment Management’s holdings in Independent Bank Corp. were worth $867,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Oppenheimer Asset Management Inc. grew its position in Independent Bank Corp. by 8.3% during the second quarter. Oppenheimer Asset Management Inc. now owns 1,566 shares of the bank’s stock valued at $104,000 after buying an additional 120 shares during the period. US Bancorp DE raised its holdings in shares of Independent Bank Corp. by 4.7% in the 1st quarter. US Bancorp DE now owns 1,844 shares of the bank’s stock worth $120,000 after purchasing an additional 82 shares during the period. D.A. Davidson & CO. raised its holdings in shares of Independent Bank Corp. by 12.9% in the 2nd quarter. D.A. Davidson & CO. now owns 1,995 shares of the bank’s stock worth $132,000 after purchasing an additional 228 shares during the period. Ameritas Investment Partners Inc. bought a new stake in shares of Independent Bank Corp. in the 1st quarter worth approximately $145,000. Finally, SG Americas Securities LLC raised its holdings in shares of Independent Bank Corp. by 47.3% in the 1st quarter. SG Americas Securities LLC now owns 3,032 shares of the bank’s stock worth $197,000 after purchasing an additional 973 shares during the period. Institutional investors own 76.45% of the company’s stock.
In other news, insider Mark J. Ruggiero sold 400 shares of the stock in a transaction on Tuesday, July 25th. The shares were sold at an average price of $73.05, for a total value of $29,220.00. Following the completion of the sale, the insider now directly owns 2,852 shares of the company’s stock, valued at $208,338.60. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider Christopher Oddleifson sold 1,750 shares of the stock in a transaction on Wednesday, July 26th. The stock was sold at an average price of $72.02, for a total transaction of $126,035.00. Following the completion of the sale, the insider now directly owns 92,143 shares of the company’s stock, valued at $6,636,138.86. The disclosure for this sale can be found here. Insiders sold 8,443 shares of company stock worth $607,108 in the last ninety days. Corporate insiders own 2.67% of the company’s stock.
Shares of Independent Bank Corp. (INDB) opened at 76.15 on Wednesday. Independent Bank Corp. has a one year low of $47.50 and a one year high of $76.30. The company’s 50-day moving average price is $70.35 and its 200-day moving average price is $66.49. The stock has a market cap of $2.09 billion, a PE ratio of 25.89 and a beta of 1.01.
Independent Bank Corp. (NASDAQ:INDB) last released its earnings results on Thursday, July 20th. The bank reported $0.82 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.81 by $0.01. Independent Bank Corp. had a return on equity of 9.70% and a net margin of 23.17%. The company had revenue of $85.15 million for the quarter, compared to the consensus estimate of $85.20 million. During the same period in the previous year, the business earned $0.78 earnings per share. Equities research analysts anticipate that Independent Bank Corp. will post $3.35 earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, October 6th. Stockholders of record on Monday, September 25th will be paid a $0.32 dividend. This represents a $1.28 annualized dividend and a dividend yield of 1.68%. The ex-dividend date is Friday, September 22nd. Independent Bank Corp.’s dividend payout ratio (DPR) is currently 43.69%.
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Several research analysts have recently weighed in on INDB shares. Keefe, Bruyette & Woods reiterated a “hold” rating and set a $73.00 price target on shares of Independent Bank Corp. in a research note on Tuesday. Zacks Investment Research upgraded Independent Bank Corp. from a “hold” rating to a “buy” rating and set a $80.00 price objective on the stock in a research note on Wednesday, September 20th. Compass Point upgraded Independent Bank Corp. from a “neutral” rating to a “buy” rating and set a $72.00 price objective on the stock in a research note on Friday, July 21st. Finally, BidaskClub downgraded shares of Independent Bank Corp. from a “buy” rating to a “hold” rating in a report on Wednesday, June 21st. Four investment analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. Independent Bank Corp. presently has a consensus rating of “Hold” and a consensus price target of $72.00.
Independent Bank Corp. Profile
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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