Independent Bank Corp. $INDB Stock Sold by Rockland Trust Co.

Rockland Trust Co. lessened its stake in shares of Independent Bank Corp. (NASDAQ:INDB) by 2.7% in the 3rd quarter, Holdings Channel reports. The firm owned 1,389,563 shares of the bank’s stock after selling 38,388 shares during the period. Independent Bank accounts for 4.1% of Rockland Trust Co.’s investment portfolio, making the stock its 4th largest holding. Rockland Trust Co.’s holdings in Independent Bank were worth $107,900,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. EverSource Wealth Advisors LLC boosted its holdings in Independent Bank by 27.4% in the 1st quarter. EverSource Wealth Advisors LLC now owns 898 shares of the bank’s stock worth $68,000 after buying an additional 193 shares during the last quarter. Sachetta LLC raised its holdings in shares of Independent Bank by 3.2% during the first quarter. Sachetta LLC now owns 8,304 shares of the bank’s stock valued at $625,000 after acquiring an additional 259 shares during the last quarter. Rockefeller Capital Management L.P. lifted its position in shares of Independent Bank by 76.4% in the fourth quarter. Rockefeller Capital Management L.P. now owns 836 shares of the bank’s stock valued at $61,000 after acquiring an additional 362 shares in the last quarter. Ballast Advisors LLC purchased a new position in shares of Independent Bank in the first quarter valued at approximately $30,000. Finally, GHP Investment Advisors Inc. boosted its stake in shares of Independent Bank by 1.6% in the first quarter. GHP Investment Advisors Inc. now owns 35,763 shares of the bank’s stock worth $2,690,000 after acquiring an additional 573 shares during the last quarter. 83.40% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several research analysts recently commented on INDB shares. Piper Sandler raised Independent Bank from a “hold” rating to a “strong-buy” rating in a research note on Friday. Keefe, Bruyette & Woods lowered their target price on shares of Independent Bank from $99.00 to $96.00 and set an “outperform” rating on the stock in a research note on Monday, July 20th. Finally, Weiss Ratings reiterated a “buy (b)” rating on shares of Independent Bank in a research report on Wednesday, August 5th. Two investment analysts have rated the stock with a Strong Buy rating, four have assigned a Buy rating and one has given a Sell rating to the company. According to MarketBeat, the stock presently has an average rating of “Buy” and an average price target of $91.86.

Insider Buying and Selling

In related news, Director Gerard Nadeau sold 5,307 shares of the stock in a transaction that occurred on Monday, August 3rd. The stock was sold at an average price of $84.69, for a total value of $449,449.83. Following the completion of the transaction, the director directly owned 16,907 shares in the company, valued at approximately $1,431,853.83. This represents a 23.89% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Thomas R. Venables sold 3,750 shares of the firm’s stock in a transaction on Tuesday, August 25th. The stock was sold at an average price of $83.00, for a total value of $311,250.00. Following the sale, the director directly owned 17,649 shares of the company’s stock, valued at approximately $1,464,867. This trade represents a 17.52% decrease in their position. The SEC filing for this sale provides additional information. Corporate insiders own 1.60% of the company’s stock.

Independent Bank Trading Down 0.2%

Shares of INDB stock traded down $0.20 on Monday, hitting $79.86. 77,754 shares of the stock traded hands, compared to its average volume of 350,067. The company has a debt-to-equity ratio of 0.20, a quick ratio of 0.94 and a current ratio of 0.94. Independent Bank Corp. has a twelve month low of $63.33 and a twelve month high of $87.50. The firm’s 50-day moving average price is $82.89 and its two-hundred day moving average price is $80.89. The stock has a market capitalization of $3.78 billion, a PE ratio of 14.42 and a beta of 0.78.

Independent Bank (NASDAQ:INDB) last released its quarterly earnings data on Thursday, July 16th. The bank reported $1.70 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.79 by ($0.09). The firm had revenue of $253.32 million for the quarter, compared to analyst estimates of $257.50 million. Independent Bank had a return on equity of 9.19% and a net margin of 20.31%. As a group, analysts anticipate that Independent Bank Corp. will post 7.14 EPS for the current year.

Independent Bank Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, October 9th. Stockholders of record on Monday, September 28th will be given a dividend of $0.64 per share. This represents a $2.56 annualized dividend and a dividend yield of 3.2%. The ex-dividend date of this dividend is Monday, September 28th. Independent Bank’s payout ratio is presently 46.21%.

Independent Bank Profile

Independent Bank Corp. is the bank holding company for Rockland Trust Company, a full-service community bank headquartered in Rockland, Massachusetts. Through Rockland Trust, the company provides banking and financial services to individuals, families, businesses, nonprofits and municipalities.

Its products and services include checking and savings accounts, certificates of deposit, residential and commercial lending, home equity loans, mortgages, cash management, online and mobile banking, and other treasury management solutions.