Independent Bank Corp. (NASDAQ:INDB) Director Donna L. Abelli Sells 640 Shares

Independent Bank Corp. (NASDAQ:INDB) Director Donna L. Abelli sold 640 shares of Independent Bank stock in a transaction on Tuesday, February 11th. The shares were sold at an average price of $70.03, for a total transaction of $44,819.20. Following the completion of the transaction, the director now owns 12,516 shares in the company, valued at approximately $876,495.48. This represents a 4.86 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this link.

Independent Bank Price Performance

Shares of NASDAQ:INDB traded down $1.49 during trading hours on Wednesday, hitting $68.75. 285,309 shares of the company’s stock traded hands, compared to its average volume of 252,182. Independent Bank Corp. has a 52 week low of $45.11 and a 52 week high of $77.23. The company has a debt-to-equity ratio of 0.23, a quick ratio of 0.95 and a current ratio of 0.95. The company’s fifty day simple moving average is $66.86 and its two-hundred day simple moving average is $64.54. The company has a market cap of $2.92 billion, a price-to-earnings ratio of 15.21 and a beta of 0.77.

Independent Bank (NASDAQ:INDB) last posted its quarterly earnings results on Thursday, January 16th. The bank reported $1.21 EPS for the quarter, topping the consensus estimate of $1.16 by $0.05. Independent Bank had a net margin of 19.58% and a return on equity of 6.57%. As a group, equities analysts anticipate that Independent Bank Corp. will post 5.41 EPS for the current fiscal year.

Independent Bank Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, January 6th. Investors of record on Monday, December 30th were given a dividend of $0.57 per share. This represents a $2.28 annualized dividend and a yield of 3.32%. The ex-dividend date was Monday, December 30th. Independent Bank’s payout ratio is presently 50.44%.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on INDB shares. Keefe, Bruyette & Woods reduced their price objective on shares of Independent Bank from $82.00 to $80.00 and set a “market perform” rating on the stock in a research note on Tuesday, January 21st. StockNews.com raised shares of Independent Bank from a “sell” rating to a “hold” rating in a research report on Friday, January 17th. Finally, Raymond James restated a “strong-buy” rating and issued a $78.00 target price (up from $74.00) on shares of Independent Bank in a research note on Tuesday, January 21st. Two analysts have rated the stock with a hold rating and two have given a strong buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Buy” and an average price target of $79.00.

Hedge Funds Weigh In On Independent Bank

Institutional investors and hedge funds have recently bought and sold shares of the stock. CWM LLC boosted its stake in shares of Independent Bank by 28.1% in the 3rd quarter. CWM LLC now owns 11,154 shares of the bank’s stock valued at $660,000 after purchasing an additional 2,450 shares in the last quarter. Eastern Bank grew its position in shares of Independent Bank by 454.7% in the 3rd quarter. Eastern Bank now owns 23,237 shares of the bank’s stock valued at $1,374,000 after purchasing an additional 19,048 shares during the period. Moody Aldrich Partners LLC grew its position in shares of Independent Bank by 39.8% in the 3rd quarter. Moody Aldrich Partners LLC now owns 133,538 shares of the bank’s stock valued at $7,896,000 after purchasing an additional 38,014 shares during the period. Wealth Enhancement Advisory Services LLC boosted its position in Independent Bank by 5.7% during the 3rd quarter. Wealth Enhancement Advisory Services LLC now owns 24,552 shares of the bank’s stock worth $1,452,000 after acquiring an additional 1,316 shares during the last quarter. Finally, GHP Investment Advisors Inc. boosted its position in Independent Bank by 2.3% during the 3rd quarter. GHP Investment Advisors Inc. now owns 32,222 shares of the bank’s stock worth $1,905,000 after acquiring an additional 713 shares during the last quarter. Institutional investors own 83.40% 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 in the United States. The company provides interest checking, money market, and savings accounts, as well as demand deposits and time certificates of deposit.