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

Strs Ohio reduced its position in shares of Independent Bank Corp. (NASDAQ:INDB – Get 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:INDB – Get 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

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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.