Strs Ohio Sells 500 Shares of Independent Bank Corp. (NASDAQ:INDB)

Strs Ohio reduced its position in shares of Independent Bank Corp. (NASDAQ:INDBGet Rating) by 11.9% in the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 3,700 shares of the bank’s stock after selling 500 shares during the quarter. Strs Ohio’s holdings in Independent Bank were worth $275,000 as of its most recent SEC filing.

Other large investors have also made changes to their positions in the company. Venture Visionary Partners LLC purchased a new position in shares of Independent Bank during the 2nd quarter valued at about $57,000. Pinebridge Investments L.P. lifted its position in shares of Independent Bank by 257.5% during the 2nd quarter. Pinebridge Investments L.P. now owns 715 shares of the bank’s stock valued at $57,000 after buying an additional 515 shares in the last quarter. Van ECK Associates Corp purchased a new position in shares of Independent Bank during the 2nd quarter valued at about $94,000. FMR LLC lifted its position in shares of Independent Bank by 7.9% during the 2nd quarter. FMR LLC now owns 1,854 shares of the bank’s stock valued at $147,000 after buying an additional 135 shares in the last quarter. Finally, Point72 Hong Kong Ltd purchased a new position in shares of Independent Bank during the 2nd quarter valued at about $166,000. 81.28% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

INDB has been the topic of a number of research analyst reports. StockNews.com initiated coverage on Independent Bank in a report on Wednesday, October 12th. They issued a “hold” rating on the stock. Piper Sandler lowered their price target on Independent Bank to $83.00 in a report on Wednesday, October 5th. Raymond James initiated coverage on Independent Bank in a report on Tuesday, December 20th. They issued a “market perform” rating on the stock. Compass Point lowered their price target on Independent Bank to $100.00 in a report on Thursday, October 27th. Finally, Keefe, Bruyette & Woods cut Independent Bank from an “outperform” rating to a “market perform” rating and set a $100.00 price target on the stock. in a report on Monday, December 12th.

Independent Bank Stock Performance

NASDAQ:INDB opened at $76.91 on Friday. The company has a debt-to-equity ratio of 0.04, a current ratio of 0.89 and a quick ratio of 0.89. Independent Bank Corp. has a 1 year low of $74.28 and a 1 year high of $91.65. The stock’s 50 day simple moving average is $84.74 and its two-hundred day simple moving average is $82.61. The company has a market cap of $3.51 billion, a price-to-earnings ratio of 18.99 and a beta of 0.86.

Independent Bank (NASDAQ:INDBGet Rating) last released its earnings results on Thursday, October 20th. The bank reported $1.57 earnings per share for the quarter, topping analysts’ consensus estimates of $1.40 by $0.17. Independent Bank had a return on equity of 8.83% and a net margin of 27.07%. The business had revenue of $190.80 million for the quarter, compared to analyst estimates of $178.60 million. As a group, equities analysts anticipate that Independent Bank Corp. will post 5.74 earnings per share for the current fiscal year.

Independent Bank Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, January 6th. Stockholders of record on Tuesday, December 27th were paid a dividend of $0.55 per share. The ex-dividend date of this dividend was Friday, December 23rd. This represents a $2.20 annualized dividend and a dividend yield of 2.86%. This is a positive change from Independent Bank’s previous quarterly dividend of $0.51. Independent Bank’s dividend payout ratio (DPR) is currently 54.32%.

Independent Bank Company Profile

(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.

Read More

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

Receive News & Ratings for Independent Bank Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Independent Bank and related companies with MarketBeat.com's FREE daily email newsletter.