New York State Teachers Retirement System Sells 300 Shares of Independent Bank Corp. (NASDAQ:INDB)

New York State Teachers Retirement System reduced its stake in Independent Bank Corp. (NASDAQ:INDB) by 0.8% during the 4th quarter, HoldingsChannel reports. The fund owned 35,685 shares of the bank’s stock after selling 300 shares during the quarter. New York State Teachers Retirement System’s holdings in Independent Bank were worth $2,348,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in INDB. State of Wyoming lifted its position in Independent Bank by 44.4% during the 4th quarter. State of Wyoming now owns 543 shares of the bank’s stock worth $46,000 after buying an additional 167 shares in the last quarter. Tower Research Capital LLC TRC raised its position in Independent Bank by 30.4% during the third quarter. Tower Research Capital LLC TRC now owns 1,262 shares of the bank’s stock valued at $62,000 after purchasing an additional 294 shares in the last quarter. Point72 Asset Management L.P. acquired a new position in shares of Independent Bank during the 2nd quarter worth $98,000. Covestor Ltd lifted its holdings in shares of Independent Bank by 13.5% in the third quarter. Covestor Ltd now owns 2,598 shares of the bank’s stock worth $128,000 after acquiring an additional 310 shares during the last quarter. Finally, FMR LLC grew its holdings 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 purchasing an additional 135 shares during the last quarter. 83.40% of the stock is owned by institutional investors.

Insider Activity

In other news, Director Donna L. Abelli sold 800 shares of the firm’s stock in a transaction on Thursday, February 29th. The stock was sold at an average price of $52.83, for a total transaction of $42,264.00. Following the completion of the transaction, the director now directly owns 11,640 shares in the company, valued at $614,941.20. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Corporate insiders own 0.97% of the company’s stock.

Independent Bank Stock Performance

Shares of Independent Bank stock opened at $48.70 on Tuesday. The company has a current ratio of 0.97, a quick ratio of 0.97 and a debt-to-equity ratio of 0.42. The firm has a market capitalization of $2.07 billion, a P/E ratio of 8.99 and a beta of 0.83. The business has a fifty day simple moving average of $51.23 and a two-hundred day simple moving average of $54.90. Independent Bank Corp. has a 12 month low of $43.28 and a 12 month high of $68.75.

Independent Bank (NASDAQ:INDB) last issued its quarterly earnings results on Thursday, January 18th. The bank reported $1.26 earnings per share for the quarter, beating the consensus estimate of $1.25 by $0.01. Independent Bank had a return on equity of 8.35% and a net margin of 26.02%. The firm had revenue of $177.16 million during the quarter, compared to the consensus estimate of $176.75 million. On average, equities analysts forecast that Independent Bank Corp. will post 4.58 earnings per share for the current fiscal year.

Independent Bank Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, April 5th. Stockholders of record on Monday, April 1st were issued a dividend of $0.57 per share. The ex-dividend date was Thursday, March 28th. This is an increase from Independent Bank’s previous quarterly dividend of $0.55. This represents a $2.28 annualized dividend and a dividend yield of 4.68%. Independent Bank’s dividend payout ratio (DPR) is presently 42.07%.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on the stock. Keefe, Bruyette & Woods decreased their price target on shares of Independent Bank from $66.00 to $64.00 and set a “market perform” rating on the stock in a report on Monday, January 22nd. TheStreet downgraded shares of Independent Bank from a “b-” rating to a “c+” rating in a research report on Wednesday, March 13th.

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 in the United States. The company provides interest checking, money market, and savings accounts, as well as demand deposits and time certificates of deposit.