Teachers Retirement System of The State of Kentucky maintained its position in Independent Bank Corp. (NASDAQ:INDB) during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 8,400 shares of the bank’s stock at the close of the second quarter. Teachers Retirement System of The State of Kentucky’s holdings in Independent Bank Corp. were worth $560,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently bought and sold shares of the business. Citadel Advisors LLC raised its holdings in shares of Independent Bank Corp. by 283.6% in the second quarter. Citadel Advisors LLC now owns 23,846 shares of the bank’s stock worth $1,589,000 after buying an additional 17,630 shares during the last quarter. Parametric Portfolio Associates LLC raised its holdings in shares of Independent Bank Corp. by 7.8% in the second quarter. Parametric Portfolio Associates LLC now owns 60,687 shares of the bank’s stock worth $4,045,000 after buying an additional 4,399 shares during the last quarter. Vanguard Group Inc. raised its holdings in shares of Independent Bank Corp. by 1.0% in the second quarter. Vanguard Group Inc. now owns 2,387,040 shares of the bank’s stock worth $159,097,000 after buying an additional 24,774 shares during the last quarter. Northern Trust Corp raised its holdings in shares of Independent Bank Corp. by 5.5% in the second quarter. Northern Trust Corp now owns 767,745 shares of the bank’s stock worth $51,171,000 after buying an additional 40,043 shares during the last quarter. Finally, D.A. Davidson & CO. raised its holdings in shares of Independent Bank Corp. by 12.9% in the second quarter. D.A. Davidson & CO. now owns 1,995 shares of the bank’s stock worth $132,000 after buying an additional 228 shares during the last quarter. 76.45% of the stock is owned by institutional investors and hedge funds.

Shares of Independent Bank Corp. (NASDAQ INDB) opened at 73.90 on Thursday. Independent Bank Corp. has a 1-year low of $47.50 and a 1-year high of $76.30. The stock has a 50 day moving average of $72.15 and a 200-day moving average of $67.40. The firm has a market cap of $2.03 billion, a price-to-earnings ratio of 25.13 and a beta of 1.01.

Independent Bank Corp. (NASDAQ:INDB) last released 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. Independent Bank Corp. had a net margin of 23.17% and a return on equity of 9.70%. The firm had revenue of $85.15 million during the quarter, compared to the consensus estimate of $85.20 million. During the same quarter in the prior year, the firm earned $0.78 EPS. Equities analysts anticipate that Independent Bank Corp. will post $3.35 EPS for the current fiscal year.

The firm also recently declared a quarterly dividend, which was paid on Friday, October 6th. Investors of record on Monday, September 25th were given a $0.32 dividend. The ex-dividend date was Friday, September 22nd. This represents a $1.28 annualized dividend and a yield of 1.73%. Independent Bank Corp.’s dividend payout ratio (DPR) is 43.69%.

A number of research analysts have issued reports on the stock. Compass Point cut shares of Independent Bank Corp. from a “buy” rating to a “neutral” rating and set a $76.00 price target for the company. in a report on Wednesday, October 11th. They noted that the move was a valuation call. Keefe, Bruyette & Woods reaffirmed a “hold” rating and issued a $73.00 price target on shares of Independent Bank Corp. in a report on Tuesday, October 3rd. Zacks Investment Research raised shares of Independent Bank Corp. from a “hold” rating to a “buy” rating and set a $80.00 price target for the company in a report on Wednesday, September 20th. Finally, BidaskClub lowered shares of Independent Bank Corp. from a “buy” rating to a “hold” rating in a research note on Wednesday, June 21st. Five analysts have rated the stock with a hold rating and one has assigned a buy rating to the company. Independent Bank Corp. has a consensus rating of “Hold” and an average target price of $73.00.

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In related news, insider Mark J. Ruggiero sold 400 shares of the company’s 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 owns 2,852 shares in the company, valued at approximately $208,338.60. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, insider Gerard F. Nadeau sold 5,193 shares of the company’s stock in a transaction on Monday, July 31st. The shares were sold at an average price of $71.75, for a total transaction of $372,597.75. The disclosure for this sale can be found here. In the last quarter, insiders sold 8,443 shares of company stock valued at $607,108. 2.67% of the stock is owned by insiders.

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.

Institutional Ownership by Quarter for Independent Bank Corp. (NASDAQ:INDB)

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