Diversified Trust Co Sells 4,410 Shares of Independent Bank Corp. (NASDAQ:INDB)

Diversified Trust Co lessened its stake in Independent Bank Corp. (NASDAQ:INDBFree Report) by 43.6% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 5,706 shares of the bank’s stock after selling 4,410 shares during the quarter. Diversified Trust Co’s holdings in Independent Bank were worth $297,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also made changes to their positions in the company. Sachetta LLC acquired a new position in Independent Bank during the fourth quarter worth approximately $56,000. Vanguard Personalized Indexing Management LLC acquired a new position in shares of Independent Bank during the 4th quarter worth approximately $217,000. TFO Wealth Partners LLC raised its stake in Independent Bank by 215,100.0% in the 4th quarter. TFO Wealth Partners LLC now owns 4,304 shares of the bank’s stock valued at $283,000 after acquiring an additional 4,302 shares during the period. CIBC Asset Management Inc acquired a new stake in Independent Bank during the 4th quarter valued at $290,000. Finally, Everence Capital Management Inc. bought a new position in Independent Bank during the fourth quarter worth $305,000. 83.40% of the stock is owned by institutional investors.

Analyst Ratings Changes

INDB has been the topic of several research analyst reports. StockNews.com lowered shares of Independent Bank from a “hold” rating to a “sell” rating in a research report on Tuesday. Keefe, Bruyette & Woods lowered their price target on shares of Independent Bank from $64.00 to $60.00 and set a “market perform” rating on the stock in a report on Monday, April 22nd. Finally, TheStreet cut Independent Bank from a “b-” rating to a “c+” rating in a report on Wednesday, March 13th.

Check Out Our Latest Stock Analysis on Independent Bank

Independent Bank Price Performance

NASDAQ:INDB opened at $47.97 on Friday. 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 firm has a market cap of $2.04 billion, a price-to-earnings ratio of 9.26 and a beta of 0.77. Independent Bank Corp. has a 52 week low of $44.27 and a 52 week high of $68.75. The firm’s 50-day simple moving average is $49.89 and its 200 day simple moving average is $53.46.

Independent Bank (NASDAQ:INDBGet Free Report) last announced its earnings results on Thursday, April 18th. The bank reported $1.12 EPS for the quarter, missing the consensus estimate of $1.15 by ($0.03). The business had revenue of $167.38 million for the quarter, compared to the consensus estimate of $171.80 million. Independent Bank had a return on equity of 7.85% and a net margin of 23.97%. As a group, sell-side analysts predict that Independent Bank Corp. will post 4.46 earnings per share for the current year.

Independent Bank Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, July 8th. Stockholders of record on Monday, July 1st will be issued a dividend of $0.57 per share. This represents a $2.28 annualized dividend and a dividend yield of 4.75%. The ex-dividend date is Monday, July 1st. Independent Bank’s dividend payout ratio (DPR) is currently 44.02%.

Independent Bank Profile

(Free Report)

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.

Further Reading

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Institutional Ownership by Quarter for Independent Bank (NASDAQ:INDB)

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