Schwab Charles Investment Management Inc. Buys 1,215 Shares of Independent Bank Corp. (INDB)
Schwab Charles Investment Management Inc. boosted its stake in Independent Bank Corp. (NASDAQ:INDB) by 1.0% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 118,185 shares of the bank’s stock after purchasing an additional 1,215 shares during the period. Schwab Charles Investment Management Inc. owned approximately 0.43% of Independent Bank Corp. worth $7,878,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. US Bancorp DE grew its stake 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 acquiring an additional 82 shares in the last quarter. Ameritas Investment Partners Inc. acquired a new stake in shares of Independent Bank Corp. during the first quarter valued at about $145,000. SG Americas Securities LLC grew its stake 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 acquiring an additional 973 shares in the last quarter. Bank of Montreal Can grew its stake in shares of Independent Bank Corp. by 11.4% during the second quarter. Bank of Montreal Can now owns 3,381 shares of the bank’s stock valued at $226,000 after acquiring an additional 345 shares in the last quarter. Finally, Jane Street Group LLC acquired a new stake in shares of Independent Bank Corp. during the first quarter valued at about $270,000. Hedge funds and other institutional investors own 76.45% of the company’s stock.
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Independent Bank Corp. (INDB) opened at 74.85 on Friday. The company has a market cap of $2.05 billion, a PE ratio of 25.45 and a beta of 1.01. The stock’s 50 day moving average is $70.95 and its 200 day moving average is $66.68. Independent Bank Corp. has a 12 month low of $47.50 and a 12 month high of $76.30.
Independent Bank Corp. (NASDAQ:INDB) last posted its quarterly earnings data on Thursday, July 20th. The bank reported $0.82 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.81 by $0.01. Independent Bank Corp. had a net margin of 23.17% and a return on equity of 9.70%. The company had revenue of $85.15 million for the quarter, compared to the consensus estimate of $85.20 million. During the same quarter in the previous year, the firm posted $0.78 EPS. Equities analysts predict that Independent Bank Corp. will post $3.35 earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which was paid on Friday, October 6th. Stockholders of record on Monday, September 25th were issued a dividend of $0.32 per share. The ex-dividend date of this dividend was Friday, September 22nd. This represents a $1.28 annualized dividend and a dividend yield of 1.71%. Independent Bank Corp.’s payout ratio is 43.69%.
Several analysts have recently weighed in on the company. Keefe, Bruyette & Woods restated a “hold” rating and set a $73.00 target price on shares of Independent Bank Corp. in a research note on Tuesday. Zacks Investment Research downgraded Independent Bank Corp. from a “buy” rating to a “hold” rating in a research note on Thursday, August 24th. BidaskClub downgraded Independent Bank Corp. from a “buy” rating to a “hold” rating in a research note on Wednesday, June 21st. Finally, Compass Point upgraded Independent Bank Corp. from a “neutral” rating to a “buy” rating and set a $72.00 target price for the company in a research note on Friday, July 21st. Four equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. The company currently has a consensus rating of “Hold” and a consensus target price of $72.00.
In other news, Director Eileen C. Miskell sold 1,100 shares of the business’s stock in a transaction dated Tuesday, July 25th. The shares were sold at an average price of $72.05, for a total transaction of $79,255.00. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, insider Christopher Oddleifson sold 1,750 shares of the business’s stock in a transaction dated Wednesday, July 26th. The stock was sold at an average price of $72.02, for a total transaction of $126,035.00. Following the transaction, the insider now owns 92,143 shares in the company, valued at approximately $6,636,138.86. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 8,443 shares of company stock worth $607,108. Insiders own 2.67% of the company’s stock.
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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