Independent Bank Corp. $INDB Holdings Trimmed by State of Alaska Department of Revenue

State of Alaska Department of Revenue lowered its position in shares of Independent Bank Corp. (NASDAQ:INDB) by 44.5% in the third quarter, Holdings Channel reports. 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 as of its most recent filing with the SEC.

Other institutional investors also recently modified their holdings of the company. BlackRock Inc. acquired a new position in shares of Independent Bank in the second quarter valued at about $584,333,000. Bank of America Corp DE bought a new position in Independent Bank during the second quarter worth about $44,640,000. Bank of New York Mellon Corp acquired a new stake in Independent Bank in the 2nd quarter worth about $41,268,000. NFJ Investment Group LLC acquired a new stake in Independent Bank in the 2nd quarter worth about $35,278,000. Finally, The Manufacturers Life Insurance Company bought a new stake in Independent Bank in the 2nd quarter valued at about $27,297,000. Institutional investors own 83.40% of the company’s stock.

Independent Bank Price Performance

INDB stock opened at $83.43 on Friday. Independent Bank Corp. has a 1 year low of $65.44 and a 1 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. The stock has a market cap of $3.95 billion, a price-to-earnings ratio of 11.65 and a beta of 0.78. The company has a 50 day simple moving average of $81.21 and a 200 day simple moving average of $81.27.

Independent Bank (NASDAQ:INDB) last announced its quarterly earnings results on Thursday, October 15th. The bank reported $1.90 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.85 by $0.05. Independent Bank had a net margin of 24.27% and a return on equity of 9.61%. The company had revenue of $261.95 million during the quarter, compared to the consensus estimate of $261.27 million. Research analysts anticipate that Independent Bank Corp. will post 7.25 EPS for the current fiscal year.

Independent Bank Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, October 9th. Shareholders of record on Monday, September 28th were given a $0.64 dividend. The ex-dividend date was Monday, September 28th. This represents a $2.56 annualized dividend and a yield of 3.1%. Independent Bank’s dividend payout ratio (DPR) is currently 37.93%.

Insider Activity

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

Wall Street Analysts Forecast Growth

INDB has been the topic of several recent research reports. Keefe, Bruyette & Woods lowered their target price on shares of Independent Bank from $99.00 to $96.00 and set an “outperform” rating on the stock in a report on Monday, July 20th. Weiss Ratings reissued a “buy (b)” rating on shares of Independent Bank in a research report on Wednesday, August 5th. Finally, Piper Sandler upgraded Independent Bank from a “hold” rating to a “strong-buy” rating in a research note on Friday, October 2nd. Two investment analysts have rated the stock with a Strong Buy rating, four have given a Buy rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Buy” and a consensus price target of $91.86.

Independent Bank Company 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.