Texas Permanent School Fund Corp lowered its stake in shares of Independent Bank Corp. (NASDAQ:INDB – Free Report) by 5.1% during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 38,851 shares of the bank’s stock after selling 2,081 shares during the quarter. Texas Permanent School Fund Corp owned approximately 0.09% of Independent Bank worth $1,729,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Morgan Stanley increased its holdings in shares of Independent Bank by 251.3% in the fourth quarter. Morgan Stanley now owns 961,843 shares of the bank’s stock valued at $81,208,000 after purchasing an additional 688,062 shares in the last quarter. Norges Bank bought a new position in Independent Bank in the 4th quarter valued at $39,144,000. Nuance Investments LLC boosted its position in Independent Bank by 60.8% in the 1st quarter. Nuance Investments LLC now owns 732,898 shares of the bank’s stock valued at $48,093,000 after buying an additional 277,202 shares during the last quarter. State Street Corp increased its stake in shares of Independent Bank by 10.9% in the 1st quarter. State Street Corp now owns 2,216,687 shares of the bank’s stock valued at $146,654,000 after buying an additional 218,237 shares during the period. Finally, Vanguard Group Inc. raised its position in shares of Independent Bank by 4.1% during the first 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. Institutional investors and hedge funds own 80.16% of the company’s stock.
Wall Street Analysts Forecast Growth
INDB has been the topic of several recent research reports. StockNews.com started coverage on Independent Bank in a report on Thursday, October 5th. They issued a “sell” rating on the stock. Seaport Res Ptn upgraded 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.com, the company currently has a consensus rating of “Hold” and an average target price of $76.00.
Independent Bank Trading Up 0.7 %
NASDAQ:INDB opened at $57.03 on Friday. The firm has a market capitalization of $2.50 billion, a price-to-earnings ratio of 9.75 and a beta of 0.85. Independent Bank Corp. has a 1-year low of $43.28 and a 1-year high of $91.65. The business’s 50-day moving average price is $49.96 and its two-hundred day moving average price is $50.71. 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 (NASDAQ:INDB – Get Free Report) last released its quarterly earnings data on Thursday, October 19th. The bank reported $1.38 earnings per share for the quarter, topping the consensus estimate of $1.33 by $0.05. Independent Bank had a net margin of 29.16% and a return on equity of 9.14%. The business had revenue of $183.42 million for the quarter, compared to analyst estimates of $179.19 million. On average, equities analysts expect that Independent Bank Corp. will post 5.4 earnings per share for the current year.
Independent Bank Dividend Announcement
The company also recently declared a quarterly dividend, which was paid on Friday, October 6th. Stockholders of record on Monday, October 2nd were issued a $0.55 dividend. This represents a $2.20 annualized dividend and a dividend yield of 3.86%. The ex-dividend date was Friday, September 29th. Independent Bank’s dividend payout ratio (DPR) is 37.61%.
In other news, CEO Jeffrey J. Tengel purchased 2,100 shares of the firm’s stock in a transaction dated Monday, October 30th. The stock was bought at an average price of $48.58 per share, with a total value of $102,018.00. Following the acquisition, the chief executive officer now directly owns 24,048 shares of the company’s stock, valued at $1,168,251.84. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, CEO Jeffrey J. Tengel purchased 2,100 shares of the firm’s stock in a transaction dated Monday, October 30th. The stock was bought at an average price of $48.58 per share, with a total value of $102,018.00. Following the acquisition, the chief executive officer now directly owns 24,048 shares of the company’s stock, valued at $1,168,251.84. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director John J. Morrissey sold 2,000 shares of the business’s stock in a transaction on Friday, November 3rd. The shares were sold at an average price of $54.59, for a total transaction of $109,180.00. Following the completion of the transaction, the director now directly owns 11,492 shares of the company’s stock, valued at approximately $627,348.28. The disclosure for this sale can be found here. 0.87% of the stock is owned by company insiders.
Independent Bank Company 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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