Independent Bank Corp. $INDB Stock: State of Alaska Department of Revenue Trims Holdings

State of Alaska Department of Revenue decreased its stake in shares of Independent Bank Corp. (NASDAQ:INDB) by 44.5% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 9,824 shares of the bank’s stock after selling 7,872 shares during the period. State of Alaska Department of Revenue’s holdings in Independent Bank were worth $761,000 at the end of the most recent quarter.

A number of other hedge funds have also recently added to or reduced their stakes in INDB. BlackRock Inc. acquired a new stake in Independent Bank in the 2nd quarter valued at about $584,333,000. Reinhart Partners LLC. raised its stake in shares of Independent Bank by 1.3% in the second quarter. Reinhart Partners LLC. now owns 657,871 shares of the bank’s stock worth $55,078,000 after acquiring an additional 8,575 shares during the last quarter. Bank of America Corp DE acquired a new position in shares of Independent Bank during the second quarter worth approximately $44,640,000. Bank of New York Mellon Corp acquired a new position in shares of Independent Bank during the second quarter worth approximately $41,268,000. Finally, NFJ Investment Group LLC acquired a new position in shares of Independent Bank during the second quarter worth approximately $35,278,000. Institutional investors own 83.40% of the company’s stock.

Wall Street Analysts Forecast Growth

INDB has been the subject of a number of research reports. Piper Sandler raised shares of Independent Bank from a “hold” rating to a “strong-buy” rating in a report on Friday, October 2nd. Keefe, Bruyette & Woods reduced their price objective on Independent Bank from $99.00 to $96.00 and set an “outperform” rating on the stock in a report on Monday, July 20th. Finally, Weiss Ratings reaffirmed a “buy (b)” rating on shares of Independent Bank in a report on Wednesday, August 5th. Two equities research analysts have rated the stock with a Strong Buy rating, four have issued a Buy rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Buy” and an average target price of $91.86.

Independent Bank Stock Performance

Shares of INDB stock opened at $83.43 on Friday. The stock has a 50-day moving average of $81.21 and a 200-day moving average of $81.27. The stock has a market cap of $3.95 billion, a PE ratio of 11.65 and a beta of 0.78. Independent Bank Corp. has a one year low of $65.44 and a one year high of $87.50. The company has a debt-to-equity ratio of 0.18, a current ratio of 0.93 and a quick ratio of 0.93.

Independent Bank (NASDAQ:INDB) last announced its quarterly earnings results on Thursday, October 15th. The bank reported $1.90 earnings per share for the quarter, beating analysts’ consensus estimates of $1.85 by $0.05. Independent Bank had a net margin of 24.27% and a return on equity of 9.61%. The firm had revenue of $261.95 million for the quarter, compared to analyst estimates of $261.27 million. As a group, sell-side analysts expect that Independent Bank Corp. will post 7.25 earnings per share for the current year.

Independent Bank Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, October 9th. Investors of record on Monday, September 28th were paid a $0.64 dividend. This represents a $2.56 dividend on an annualized basis and a yield of 3.1%. The ex-dividend date was Monday, September 28th. Independent Bank’s dividend payout ratio is 37.93%.

Insider Buying and Selling at Independent Bank

In other news, Director Gerard Nadeau sold 5,307 shares of the stock in a transaction dated Monday, August 3rd. The shares were sold at an average price of $84.69, for a total value of $449,449.83. Following the transaction, the director directly owned 16,907 shares of the company’s stock, valued at $1,431,853.83. This represents a 23.89% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Thomas R. Venables sold 3,750 shares of the firm’s stock in a transaction dated Tuesday, August 25th. The stock was sold at an average price of $83.00, for a total transaction of $311,250.00. Following the sale, the director owned 17,649 shares of the company’s stock, valued at approximately $1,464,867. This represents a 17.52% decrease in their position. The SEC filing for this sale provides additional information. 1.60% of the stock is owned by insiders.

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, municipalities and nonprofit organizations.

Its offerings include consumer and commercial deposit accounts, residential and commercial real estate lending, business loans, cash-management and treasury services, online and mobile banking, and wealth management.