Rockland Trust Co. Sells 45,833 Shares of Independent Bank Corp. $INDB

Rockland Trust Co. trimmed its stake in Independent Bank Corp. (NASDAQ:INDB) by 6.3% in the third quarter, Holdings Channel reports. The firm owned 685,439 shares of the bank’s stock after selling 45,833 shares during the quarter. Independent Bank comprises approximately 1.9% of Rockland Trust Co.’s investment portfolio, making the stock its 11th biggest position. Rockland Trust Co.’s holdings in Independent Bank were worth $47,412,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in the stock. Alliancebernstein L.P. boosted its holdings in shares of Independent Bank by 57.9% in the 2nd quarter. Alliancebernstein L.P. now owns 1,703,144 shares of the bank’s stock valued at $107,102,000 after buying an additional 624,833 shares during the last quarter. Geode Capital Management LLC increased its holdings in Independent Bank by 0.7% during the second quarter. Geode Capital Management LLC now owns 1,049,086 shares of the bank’s stock worth $65,980,000 after buying an additional 6,889 shares during the last quarter. First Trust Advisors LP raised its position in Independent Bank by 78.7% during the second quarter. First Trust Advisors LP now owns 657,570 shares of the bank’s stock worth $41,351,000 after acquiring an additional 289,590 shares in the last quarter. FJ Capital Management LLC lifted its stake in Independent Bank by 26.4% in the second quarter. FJ Capital Management LLC now owns 649,320 shares of the bank’s stock valued at $40,832,000 after acquiring an additional 135,751 shares during the last quarter. Finally, Goldman Sachs Group Inc. grew its position in shares of Independent Bank by 2.0% in the 1st quarter. Goldman Sachs Group Inc. now owns 599,898 shares of the bank’s stock valued at $37,584,000 after acquiring an additional 11,714 shares during the period. Institutional investors and hedge funds own 83.40% of the company’s stock.

Insiders Place Their Bets

In related news, Director Donna L. Abelli sold 524 shares of the stock in a transaction that occurred on Wednesday, February 4th. The stock was sold at an average price of $85.00, for a total transaction of $44,540.00. Following the sale, the director owned 13,247 shares of the company’s stock, valued at $1,125,995. This represents a 3.81% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Gerard F. Nadeau sold 3,000 shares of the firm’s stock in a transaction on Friday, November 21st. The stock was sold at an average price of $70.00, for a total value of $210,000.00. Following the transaction, the director owned 22,395 shares in the company, valued at approximately $1,567,650. This trade represents a 11.81% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 58,917 shares of company stock valued at $4,115,033 in the last quarter. Company insiders own 0.81% of the company’s stock.

Independent Bank Stock Down 1.0%

INDB stock opened at $85.18 on Tuesday. Independent Bank Corp. has a fifty-two week low of $52.15 and a fifty-two week high of $87.00. The company has a debt-to-equity ratio of 0.23, a current ratio of 0.95 and a quick ratio of 0.95. The stock has a market capitalization of $4.22 billion, a price-to-earnings ratio of 19.14 and a beta of 0.80. The business’s fifty day moving average price is $77.11 and its two-hundred day moving average price is $71.68.

Independent Bank (NASDAQ:INDB) last released its quarterly earnings results on Thursday, January 22nd. The bank reported $1.70 EPS for the quarter, beating the consensus estimate of $1.65 by $0.05. The business had revenue of $253.93 million for the quarter, compared to the consensus estimate of $249.64 million. Independent Bank had a net margin of 17.51% and a return on equity of 7.88%. On average, equities analysts anticipate that Independent Bank Corp. will post 5.41 earnings per share for the current year.

Independent Bank Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, January 7th. Stockholders of record on Monday, December 29th were given a $0.59 dividend. This represents a $2.36 dividend on an annualized basis and a dividend yield of 2.8%. The ex-dividend date was Monday, December 29th. Independent Bank’s payout ratio is presently 53.03%.

Analyst Ratings Changes

Several equities research analysts recently issued reports on the stock. Weiss Ratings reiterated a “hold (c+)” rating on shares of Independent Bank in a research note on Thursday, January 22nd. Keefe, Bruyette & Woods raised Independent Bank from a “market perform” rating to an “outperform” rating and raised their price objective for the company from $80.00 to $83.00 in a research report on Tuesday, October 21st. Barclays downgraded Independent Bank from an “equal weight” rating to an “underweight” rating and set a $80.00 target price for the company. in a research note on Monday, February 2nd. Finally, Independent Research set a $80.00 price target on Independent Bank in a research note on Wednesday, December 17th. One analyst has rated the stock with a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, Independent Bank presently has an average rating of “Hold” and a consensus price target of $76.50.

Independent Bank Company Profile

Independent Bank Group, Inc (NASDAQ:INDB) is a bank holding company headquartered in McKinney, Texas, that provides a range of financial services through its wholly owned subsidiary, Independent Bank. Tracing its roots to the late 19th century, the company has grown from a single community bank into a regional financial institution serving individuals, small businesses and commercial clients. Independent Bank Group became a bank holding company in 1983 and expanded its footprint through organic growth and strategic acquisitions.

The company’s primary business activities encompass retail and commercial banking, including deposit products, consumer and business lending and credit services.