Independent Bank Corp. (NASDAQ:INDB) Shares Sold by Strs Ohio

Strs Ohio cut its stake in Independent Bank Corp. (NASDAQ:INDB) by 10.1% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 16,900 shares of the bank’s stock after selling 1,900 shares during the period. Strs Ohio’s holdings in Independent Bank were worth $1,112,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently modified their holdings of INDB. SG Americas Securities LLC bought a new position in shares of Independent Bank in the third quarter worth $1,472,000. Eastern Bank bought a new position in shares of Independent Bank in the third quarter worth $206,000. Boston Trust Walden Corp grew its stake in shares of Independent Bank by 6.6% in the third quarter. Boston Trust Walden Corp now owns 424,218 shares of the bank’s stock worth $20,825,000 after purchasing an additional 26,204 shares in the last quarter. Raymond James & Associates grew its stake in shares of Independent Bank by 45.8% in the third quarter. Raymond James & Associates now owns 109,149 shares of the bank’s stock worth $5,358,000 after purchasing an additional 34,264 shares in the last quarter. Finally, Canvas Wealth Advisors LLC bought a new position in shares of Independent Bank in the third quarter worth $399,000. Institutional investors own 83.40% of the company’s stock.

Independent Bank Trading Up 2.8 %

Shares of INDB stock opened at $52.22 on Wednesday. The stock has a 50-day simple moving average of $50.87 and a 200 day simple moving average of $54.97. Independent Bank Corp. has a fifty-two week low of $43.28 and a fifty-two week high of $68.75. The stock has a market capitalization of $2.22 billion, a P/E ratio of 10.08 and a beta of 0.83. The company has a quick ratio of 0.96, a current ratio of 0.96 and a debt-to-equity ratio of 0.36.

Independent Bank Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, April 5th. Investors of record on Monday, April 1st were given a $0.57 dividend. This is a positive change from Independent Bank’s previous quarterly dividend of $0.55. The ex-dividend date of this dividend was Thursday, March 28th. This represents a $2.28 dividend on an annualized basis and a dividend yield of 4.37%. Independent Bank’s dividend payout ratio (DPR) is 44.02%.

Insider Activity at Independent Bank

In related news, Director Donna L. Abelli sold 800 shares of the stock in a transaction on Thursday, February 29th. The stock was sold at an average price of $52.83, for a total value of $42,264.00. Following the completion of the transaction, the director now owns 11,640 shares in the company, valued at approximately $614,941.20. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. 0.87% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

INDB has been the subject of several research reports. TheStreet cut Independent Bank from a “b-” rating to a “c+” rating in a research note on Wednesday, March 13th. Keefe, Bruyette & Woods decreased their target price on Independent Bank from $64.00 to $60.00 and set a “market perform” rating for the company in a research note on Monday.

About Independent Bank

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.