Independent Bank (NASDAQ:INDB) Director Ken Ansin Sells 144,000 Shares of Stock

Independent Bank Corp. (NASDAQ:INDB) Director Ken Ansin sold 144,000 shares of the business’s stock in a transaction dated Monday, November 10th. The shares were sold at an average price of $69.94, for a total transaction of $10,071,360.00. Following the completion of the sale, the director directly owned 288,481 shares of the company’s stock, valued at $20,176,361.14. This represents a 33.30% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website.

Independent Bank Stock Down 0.6%

Shares of INDB opened at $69.73 on Thursday. The company has a current ratio of 0.95, a quick ratio of 0.94 and a debt-to-equity ratio of 0.22. Independent Bank Corp. has a 12 month low of $52.15 and a 12 month high of $77.23. The firm’s 50 day moving average is $69.30 and its 200-day moving average is $66.31. The stock has a market capitalization of $3.46 billion, a PE ratio of 16.97 and a beta of 0.89.

Independent Bank (NASDAQ:INDB) last issued its quarterly earnings results on Wednesday, February 12th. The bank reported $1.01 earnings per share (EPS) for the quarter. Independent Bank had a return on equity of 7.19% and a net margin of 16.64%.The business had revenue of $175.25 million during the quarter. Equities research analysts forecast that Independent Bank Corp. will post 5.41 EPS for the current year.

Independent Bank Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, October 7th. Stockholders of record on Monday, September 29th were issued a dividend of $0.59 per share. This represents a $2.36 annualized dividend and a dividend yield of 3.4%. The ex-dividend date of this dividend was Monday, September 29th. Independent Bank’s dividend payout ratio is 57.42%.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. First Horizon Corp acquired a new position in Independent Bank during the third quarter worth about $31,000. EverSource Wealth Advisors LLC grew its holdings in shares of Independent Bank by 233.3% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 550 shares of the bank’s stock valued at $35,000 after purchasing an additional 385 shares during the last quarter. Cullen Frost Bankers Inc. acquired a new position in Independent Bank during the 3rd quarter worth approximately $37,000. Private Trust Co. NA increased its position in Independent Bank by 296.8% during the 2nd quarter. Private Trust Co. NA now owns 619 shares of the bank’s stock worth $39,000 after purchasing an additional 463 shares in the last quarter. Finally, Bessemer Group Inc. lifted its stake in Independent Bank by 95.1% in the 2nd quarter. Bessemer Group Inc. now owns 638 shares of the bank’s stock valued at $40,000 after purchasing an additional 311 shares during the last quarter. Institutional investors own 83.40% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages recently commented on INDB. Zacks Research cut Independent Bank from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, August 19th. Wall Street Zen upgraded shares of Independent Bank from a “sell” rating to a “hold” rating in a research note on Sunday, August 10th. Keefe, Bruyette & Woods raised shares of Independent Bank from a “market perform” rating to an “outperform” rating and raised their target price for the company from $80.00 to $83.00 in a report on Tuesday, October 21st. Independent Research set a $83.00 target price on shares of Independent Bank in a research report on Tuesday, October 21st. Finally, Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Independent Bank in a report on Wednesday, October 8th. One equities research analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating and three have issued a Hold rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $76.75.

Independent Bank Company Profile

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.