Aigen Investment Management LP Sells 677 Shares of Independent Bank Corp. (NASDAQ:INDB)

Aigen Investment Management LP lowered its position in Independent Bank Corp. (NASDAQ:INDB) by 8.0% during the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 7,762 shares of the bank’s stock after selling 677 shares during the quarter. Aigen Investment Management LP’s holdings in Independent Bank were worth $653,000 at the end of the most recent quarter.

Other institutional investors have also recently added to or reduced their stakes in the company. Piscataqua Savings Bank bought a new position in shares of Independent Bank in the first quarter worth $29,000. Toronto Dominion Bank bought a new position in Independent Bank in the fourth quarter valued at $49,000. Veriti Management LLC bought a new position in Independent Bank in the fourth quarter valued at $83,000. The PNC Financial Services Group Inc. increased its stake in Independent Bank by 101.7% in the first quarter. The PNC Financial Services Group Inc. now owns 1,511 shares of the bank’s stock valued at $127,000 after acquiring an additional 762 shares during the last quarter. Finally, Cambridge Investment Research Advisors Inc. bought a new position in Independent Bank in the fourth quarter valued at $202,000. 80.38% of the stock is currently owned by hedge funds and other institutional investors.

Shares of NASDAQ:INDB opened at $80.18 on Friday. The company’s 50-day moving average is $81.10. Independent Bank Corp. has a 12-month low of $49.25 and a 12-month high of $99.85. The company has a market capitalization of $2.65 billion, a PE ratio of 19.41 and a beta of 0.98. The company has a quick ratio of 0.94, a current ratio of 0.94 and a debt-to-equity ratio of 0.10.

Independent Bank (NASDAQ:INDB) last announced its quarterly earnings data on Wednesday, April 21st. The bank reported $1.26 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.09 by $0.17. Independent Bank had a return on equity of 8.06% and a net margin of 26.98%. The firm had revenue of $120.83 million for the quarter, compared to analysts’ expectations of $115.38 million. As a group, research analysts expect that Independent Bank Corp. will post 4.36 EPS for the current fiscal year.

The company also recently announced a quarterly dividend, which was paid on Friday, April 9th. Stockholders of record on Monday, March 29th were issued a dividend of $0.48 per share. This is a positive change from Independent Bank’s previous quarterly dividend of $0.46. This represents a $1.92 dividend on an annualized basis and a dividend yield of 2.39%. The ex-dividend date was Friday, March 26th. Independent Bank’s dividend payout ratio is currently 52.46%.

INDB has been the topic of a number of research analyst reports. Piper Sandler raised Independent Bank from a “neutral” rating to an “overweight” rating and increased their target price for the company from $86.00 to $90.00 in a research note on Friday, April 23rd. Zacks Investment Research cut Independent Bank from a “buy” rating to a “hold” rating in a research note on Wednesday, May 5th. Finally, Seaport Global Securities raised Independent Bank from a “neutral” rating to a “buy” rating and set a $94.00 target price on the stock in a research note on Monday, April 26th. Two research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. Independent Bank has an average rating of “Buy” and a consensus price target of $85.75.

In other news, COO Robert D. Cozzone sold 1,000 shares of the stock in a transaction dated Thursday, April 29th. The shares were sold at an average price of $83.24, for a total transaction of $83,240.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 1.20% of the company’s stock.

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 primarily in Massachusetts. Its products and services include demand deposits and time certificates of deposit, as well as checking, money market, and savings accounts.

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

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