Profund Advisors LLC cut its position in shares of Independent Bank Corp. (NASDAQ:INDB) by 11.6% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 5,273 shares of the bank’s stock after selling 689 shares during the period. Profund Advisors LLC’s holdings in Independent Bank Corp. were worth $343,000 as of its most recent SEC filing.
Several other large investors have also recently bought and sold shares of INDB. Elkfork Partners LLC bought a new stake in Independent Bank Corp. during the fourth quarter valued at approximately $124,000. State of Alaska Department of Revenue boosted its position in Independent Bank Corp. by 2.4% in the first quarter. State of Alaska Department of Revenue now owns 3,000 shares of the bank’s stock valued at $195,000 after buying an additional 70 shares during the last quarter. Bank of Montreal Can boosted its position in Independent Bank Corp. by 42.1% in the first quarter. Bank of Montreal Can now owns 3,036 shares of the bank’s stock valued at $197,000 after buying an additional 899 shares during the last quarter. Beaumont Financial Partners LLC acquired a new position in Independent Bank Corp. during the fourth quarter valued at about $232,000. Finally, SG Americas Securities LLC acquired a new position in Independent Bank Corp. during the third quarter valued at about $311,000. 77.02% of the stock is owned by institutional investors and hedge funds.
Shares of Independent Bank Corp. (NASDAQ INDB) traded up 0.08% during midday trading on Monday, hitting $65.85. The company had a trading volume of 83,486 shares. The company’s 50 day moving average is $63.40 and its 200 day moving average is $64.80. The firm has a market cap of $1.78 billion, a price-to-earnings ratio of 22.32 and a beta of 1.01. Independent Bank Corp. has a one year low of $42.44 and a one year high of $71.95.
Independent Bank Corp. (NASDAQ:INDB) last announced its quarterly earnings data on Thursday, April 20th. The bank reported $0.78 EPS for the quarter, meeting the Zacks’ consensus estimate of $0.78. The firm had revenue of $79.11 million for the quarter, compared to analyst estimates of $80.19 million. Independent Bank Corp. had a return on equity of 9.80% and a net margin of 23.62%. During the same period last year, the company earned $0.72 EPS. Equities analysts forecast that Independent Bank Corp. will post $3.28 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, July 7th. Shareholders of record on Monday, June 26th will be given a $0.32 dividend. The ex-dividend date is Thursday, June 22nd. This represents a $1.28 dividend on an annualized basis and a yield of 1.94%. Independent Bank Corp.’s payout ratio is 43.39%.
A number of research analysts have recently weighed in on INDB shares. Zacks Investment Research cut Independent Bank Corp. from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, March 22nd. BidaskClub raised Independent Bank Corp. from a “hold” rating to a “buy” rating in a research note on Tuesday, June 13th. Sandler O’Neill raised Independent Bank Corp. from a “sell” rating to a “hold” rating in a research note on Monday, May 15th. Compass Point raised Independent Bank Corp. from a “sell” rating to a “neutral” rating in a research note on Tuesday, March 28th. Finally, Piper Jaffray Companies began coverage on Independent Bank Corp. in a research note on Monday, May 15th. They issued a “neutral” rating and a $63.00 price target on the stock. Four research analysts have rated the stock with a hold rating and one has given a buy rating to the company. The stock currently has an average rating of “Hold” and an average target price of $58.50.
In other Independent Bank Corp. news, Director Kevin J. Jones sold 9,630 shares of the stock in a transaction on Friday, April 28th. The stock was sold at an average price of $64.11, for a total value of $617,379.30. Following the transaction, the director now directly owns 77,534 shares in the company, valued at approximately $4,970,704.74. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Gerard F. Nadeau sold 6,103 shares of the stock in a transaction on Monday, May 1st. The shares were sold at an average price of $63.71, for a total value of $388,822.13. The disclosure for this sale can be found here. Insiders sold a total of 16,733 shares of company stock worth $1,068,441 over the last quarter. Corporate insiders own 2.67% of the company’s stock.
About Independent Bank Corp.
Independent Bank Corp. is a bank holding company. The Company operates through its subsidiary, Rockland Trust Company (the Bank). The Bank is a community-oriented commercial bank. Its community banking business provides a range of banking services, including lending activities, acceptance of demand, savings, and time deposits, and investment management.
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