Principal Financial Group Inc. Trims Stake in Independent Bank Corp. (NASDAQ:INDB)

Principal Financial Group Inc. reduced its position in shares of Independent Bank Corp. (NASDAQ:INDBGet Rating) by 7.8% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 341,475 shares of the bank’s stock after selling 28,820 shares during the period. Principal Financial Group Inc. owned approximately 0.73% of Independent Bank worth $27,124,000 at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in the company. Vanguard Group Inc. lifted its holdings in shares of Independent Bank by 4.1% during the 1st quarter. Vanguard Group Inc. now owns 5,422,075 shares of the bank’s stock worth $442,929,000 after acquiring an additional 215,685 shares during the last quarter. State Street Corp lifted its holdings in shares of Independent Bank by 2.4% during the 1st quarter. State Street Corp now owns 2,325,701 shares of the bank’s stock worth $191,187,000 after acquiring an additional 54,624 shares during the last quarter. American Century Companies Inc. lifted its holdings in shares of Independent Bank by 15.0% during the 1st quarter. American Century Companies Inc. now owns 650,304 shares of the bank’s stock worth $53,123,000 after acquiring an additional 84,607 shares during the last quarter. Eaton Vance Management lifted its holdings in shares of Independent Bank by 6.4% during the 1st quarter. Eaton Vance Management now owns 598,396 shares of the bank’s stock worth $48,884,000 after acquiring an additional 35,974 shares during the last quarter. Finally, Hsbc Holdings PLC lifted its holdings in shares of Independent Bank by 25.9% during the 1st quarter. Hsbc Holdings PLC now owns 439,100 shares of the bank’s stock worth $36,182,000 after acquiring an additional 90,416 shares during the last quarter. 81.45% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on the stock. Compass Point dropped their price objective on shares of Independent Bank to $100.00 in a report on Thursday, October 27th. StockNews.com initiated coverage on shares of Independent Bank in a research note on Wednesday, October 12th. They issued a “hold” rating for the company. Finally, Piper Sandler lowered their price target on shares of Independent Bank to $83.00 in a research note on Wednesday, October 5th.

Independent Bank Stock Performance

Independent Bank stock opened at $86.38 on Friday. The company has a quick ratio of 0.89, a current ratio of 0.89 and a debt-to-equity ratio of 0.04. The company has a market capitalization of $3.94 billion, a PE ratio of 21.33 and a beta of 0.85. The firm has a fifty day simple moving average of $81.63 and a two-hundred day simple moving average of $81.18. Independent Bank Corp. has a twelve month low of $74.28 and a twelve month high of $89.46.

Independent Bank Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, October 7th. Stockholders of record on Monday, September 26th were paid a dividend of $0.51 per share. This represents a $2.04 annualized dividend and a dividend yield of 2.36%. The ex-dividend date was Friday, September 23rd. Independent Bank’s dividend payout ratio (DPR) is 50.37%.

About Independent Bank

(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

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

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