California Public Employees Retirement System Has $3.97 Million Stock Holdings in Independent Bank Corp. (NASDAQ:INDB)

California Public Employees Retirement System lowered its position in shares of Independent Bank Corp. (NASDAQ:INDB) by 2.1% in the fourth quarter, Holdings Channel reports. The firm owned 60,366 shares of the bank’s stock after selling 1,282 shares during the period. California Public Employees Retirement System’s holdings in Independent Bank were worth $3,973,000 at the end of the most recent quarter.

Several other large investors have also recently bought and sold shares of INDB. Everence Capital Management Inc. acquired a new position in shares of Independent Bank in the fourth quarter valued at approximately $305,000. Louisiana State Employees Retirement System acquired a new position in Independent Bank in the 4th quarter worth $1,441,000. Crestwood Advisors Group LLC increased its holdings in Independent Bank by 5.3% during the 4th quarter. Crestwood Advisors Group LLC now owns 99,981 shares of the bank’s stock worth $6,580,000 after purchasing an additional 5,000 shares in the last quarter. Nisa Investment Advisors LLC raised its stake in shares of Independent Bank by 4.2% in the 4th quarter. Nisa Investment Advisors LLC now owns 10,677 shares of the bank’s stock valued at $703,000 after purchasing an additional 434 shares during the period. Finally, Boston Trust Walden Corp boosted its position in shares of Independent Bank by 22.1% during the fourth quarter. Boston Trust Walden Corp now owns 518,119 shares of the bank’s stock worth $34,097,000 after buying an additional 93,901 shares during the period. Institutional investors own 83.40% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts recently issued reports on the company. TheStreet lowered Independent Bank from a “b-” rating to a “c+” rating in a research report on Wednesday, March 13th. Keefe, Bruyette & Woods cut their price objective on shares of Independent Bank from $64.00 to $60.00 and set a “market perform” rating on the stock in a research report on Monday, April 22nd.

Insider Activity at Independent Bank

In other Independent Bank news, Director Donna L. Abelli sold 800 shares of the company’s stock in a transaction on Thursday, February 29th. The shares were sold at an average price of $52.83, for a total transaction of $42,264.00. Following the sale, the director now directly owns 11,640 shares of the company’s stock, valued at $614,941.20. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.87% of the stock is owned by company insiders.

Independent Bank Price Performance

NASDAQ:INDB opened at $51.92 on Monday. The stock’s 50-day simple moving average is $50.65 and its 200 day simple moving average is $55.14. Independent Bank Corp. has a 52-week low of $43.28 and a 52-week high of $68.75. The company has a debt-to-equity ratio of 0.36, a quick ratio of 0.96 and a current ratio of 0.96. The company has a market cap of $2.20 billion, a P/E ratio of 10.02 and a beta of 0.84.

Independent Bank Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, April 5th. Stockholders of record on Monday, April 1st were paid a dividend of $0.57 per share. 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 4.39%. This is a boost from Independent Bank’s previous quarterly dividend of $0.55. Independent Bank’s dividend payout ratio is currently 44.02%.

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.