Principal Financial Group Inc. Grows Position in Independent Bank Corp. (NASDAQ:INDB)

Principal Financial Group Inc. boosted its stake in shares of Independent Bank Corp. (NASDAQ:INDBGet Rating) by 64.3% during the 4th quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 374,772 shares of the bank’s stock after purchasing an additional 146,626 shares during the period. Principal Financial Group Inc. owned about 1.13% of Independent Bank worth $30,555,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in INDB. First Trust Advisors LP lifted its position in Independent Bank by 3.8% during the first quarter. First Trust Advisors LP now owns 54,466 shares of the bank’s stock valued at $4,412,000 after purchasing an additional 1,998 shares in the last quarter. Deutsche Bank AG lifted its position in Independent Bank by 28.1% during the third quarter. Deutsche Bank AG now owns 30,575 shares of the bank’s stock valued at $2,329,000 after purchasing an additional 6,715 shares in the last quarter. Swiss National Bank lifted its position in shares of Independent Bank by 0.4% in the third quarter. Swiss National Bank now owns 72,978 shares of the bank’s stock valued at $5,557,000 after acquiring an additional 300 shares in the last quarter. State Board of Administration of Florida Retirement System lifted its position in shares of Independent Bank by 1.6% in the third quarter. State Board of Administration of Florida Retirement System now owns 12,635 shares of the bank’s stock valued at $962,000 after acquiring an additional 200 shares in the last quarter. Finally, CIBC Asset Management Inc lifted its position in shares of Independent Bank by 4.2% in the third quarter. CIBC Asset Management Inc now owns 2,901 shares of the bank’s stock valued at $221,000 after acquiring an additional 116 shares in the last quarter. Institutional investors own 83.42% of the company’s stock.

Shares of Independent Bank stock opened at $76.81 on Friday. Independent Bank Corp. has a 52 week low of $68.14 and a 52 week high of $93.52. The company has a quick ratio of 0.91, a current ratio of 0.91 and a debt-to-equity ratio of 0.05. The stock’s 50-day simple moving average is $80.54 and its 200-day simple moving average is $82.94. The company has a market capitalization of $3.59 billion, a price-to-earnings ratio of 21.88 and a beta of 0.86.

Independent Bank (NASDAQ:INDBGet Rating) last issued its earnings results on Thursday, April 21st. The bank reported $1.23 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.26 by ($0.03). Independent Bank had a return on equity of 8.61% and a net margin of 23.51%. During the same period in the prior year, the firm earned $1.26 earnings per share. On average, equities analysts expect that Independent Bank Corp. will post 5.05 earnings per share for the current year.

The company also recently announced a quarterly dividend, which was paid on Friday, April 8th. Stockholders of record on Monday, March 28th were issued a $0.51 dividend. This represents a $2.04 annualized dividend and a dividend yield of 2.66%. This is a boost from Independent Bank’s previous quarterly dividend of $0.48. The ex-dividend date was Friday, March 25th. Independent Bank’s payout ratio is 58.12%.

In other Independent Bank news, President Gerard F. Nadeau sold 1,500 shares of the business’s stock in a transaction that occurred on Tuesday, March 15th. The stock was sold at an average price of $84.94, for a total transaction of $127,410.00. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CEO Christopher Oddleifson sold 1,050 shares of the business’s stock in a transaction that occurred on Thursday, February 24th. The stock was sold at an average price of $80.50, for a total value of $84,525.00. The disclosure for this sale can be found here. Insiders own 1.02% of the company’s stock.

Several brokerages have recently commented on INDB. Zacks Investment Research upgraded Independent Bank from a “hold” rating to a “buy” rating and set a $88.00 price objective on the stock in a research report on Wednesday, April 27th. StockNews.com began coverage on Independent Bank in a research report on Thursday, March 31st. They issued a “hold” rating on the stock.

Independent Bank Company Profile (Get Rating)

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. The company accepts interest checking, money market, and savings accounts, as well as demand deposits and time certificates of deposit.

See Also

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

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