Crossmark Global Holdings Inc. lowered its position in shares of Independent Bank Corp. (NASDAQ:INDB – Free Report) by 10.8% in the second quarter, according to the company in its most recent disclosure with the SEC. The firm owned 3,415 shares of the bank’s stock after selling 412 shares during the quarter. Crossmark Global Holdings Inc.’s holdings in Independent Bank were worth $205,000 as of its most recent SEC filing.
A number of other institutional investors have also recently bought and sold shares of INDB. Vanguard Group Inc. lifted its stake in Independent Bank by 4.1% in the first quarter. Vanguard Group Inc. now owns 5,422,075 shares of the bank’s stock valued at $442,929,000 after buying an additional 215,685 shares in the last quarter. State Street Corp lifted its stake in Independent Bank by 2.4% in the first quarter. State Street Corp now owns 2,325,701 shares of the bank’s stock valued at $191,187,000 after buying an additional 54,624 shares in the last quarter. Victory Capital Management Inc. lifted its stake in Independent Bank by 3.9% in the second quarter. Victory Capital Management Inc. now owns 1,882,251 shares of the bank’s stock valued at $83,779,000 after buying an additional 71,462 shares in the last quarter. Dimensional Fund Advisors LP lifted its position in shares of Independent Bank by 2.7% in the first quarter. Dimensional Fund Advisors LP now owns 1,615,855 shares of the bank’s stock worth $106,032,000 after purchasing an additional 41,852 shares in the last quarter. Finally, Morgan Stanley lifted its position in shares of Independent Bank by 251.3% in the fourth quarter. Morgan Stanley now owns 961,843 shares of the bank’s stock worth $81,208,000 after purchasing an additional 688,062 shares in the last quarter. Institutional investors and hedge funds own 80.16% of the company’s stock.
Analyst Ratings Changes
A number of analysts have recently commented on the stock. StockNews.com assumed coverage on shares of Independent Bank in a research report on Thursday, October 5th. They issued a “sell” rating on the stock. Seaport Res Ptn raised shares of Independent Bank from a “sell” rating to a “neutral” rating in a research report on Monday, October 23rd. One investment analyst has rated the stock with a sell rating and three have issued a hold rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $76.00.
Independent Bank Price Performance
Shares of INDB opened at $48.82 on Tuesday. The company has a market cap of $2.15 billion, a price-to-earnings ratio of 8.35 and a beta of 0.84. Independent Bank Corp. has a 1-year low of $43.28 and a 1-year high of $91.65. The company’s fifty day simple moving average is $50.23 and its 200 day simple moving average is $51.15. The company has a current ratio of 0.95, a quick ratio of 0.95 and a debt-to-equity ratio of 0.35.
Independent Bank Announces Dividend
The company also recently announced a quarterly dividend, which was paid on Friday, October 6th. Investors of record on Monday, October 2nd were issued a dividend of $0.55 per share. The ex-dividend date of this dividend was Friday, September 29th. This represents a $2.20 dividend on an annualized basis and a yield of 4.51%. Independent Bank’s payout ratio is 37.61%.
Independent Bank Profile
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. It accepts interest checking, money market, and savings accounts, as well as demand deposits and time certificates of deposit.
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