State of Alaska Department of Revenue Has $1.59 Million Holdings in Independent Bank Corp. $INDB

State of Alaska Department of Revenue boosted its holdings in shares of Independent Bank Corp. (NASDAQ:INDB) by 7.8% in the second quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 25,370 shares of the bank’s stock after acquiring an additional 1,825 shares during the quarter. State of Alaska Department of Revenue owned 0.06% of Independent Bank worth $1,594,000 at the end of the most recent quarter.

A number of other institutional investors have also recently bought and sold shares of the business. Vanguard Group Inc. boosted its position in Independent Bank by 2.3% during the 1st quarter. Vanguard Group Inc. now owns 5,134,903 shares of the bank’s stock worth $321,702,000 after acquiring an additional 116,820 shares during the period. Dimensional Fund Advisors LP boosted its position in Independent Bank by 0.9% during the 1st quarter. Dimensional Fund Advisors LP now owns 2,339,253 shares of the bank’s stock worth $146,554,000 after acquiring an additional 20,603 shares during the period. Alliancebernstein L.P. boosted its position in Independent Bank by 910.4% during the 1st quarter. Alliancebernstein L.P. now owns 1,078,311 shares of the bank’s stock worth $67,556,000 after acquiring an additional 971,587 shares during the period. Rockland Trust Co. lifted its holdings in shares of Independent Bank by 21.1% during the 2nd quarter. Rockland Trust Co. now owns 731,272 shares of the bank’s stock valued at $43,268,000 after buying an additional 127,332 shares during the last quarter. Finally, Goldman Sachs Group Inc. lifted its holdings in shares of Independent Bank by 2.0% during the 1st quarter. Goldman Sachs Group Inc. now owns 599,898 shares of the bank’s stock valued at $37,584,000 after buying an additional 11,714 shares during the last quarter. 83.40% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several equities research analysts have recently issued reports on INDB shares. Wall Street Zen upgraded Independent Bank from a “sell” rating to a “hold” rating in a report on Sunday, August 10th. Weiss Ratings reiterated a “hold (c+)” rating on shares of Independent Bank in a report on Saturday, September 27th. Finally, Zacks Research lowered Independent Bank from a “strong-buy” rating to a “hold” rating in a report on Tuesday, August 19th. One equities research analyst has rated the stock with a Strong Buy rating and four have issued a Hold rating to the stock. According to data from MarketBeat, Independent Bank has an average rating of “Hold” and an average target price of $71.00.

Independent Bank Price Performance

Shares of INDB stock opened at $69.45 on Friday. The stock’s fifty day moving average is $68.59 and its 200-day moving average is $64.36. The company has a debt-to-equity ratio of 0.25, a quick ratio of 0.96 and a current ratio of 0.96. The stock has a market capitalization of $3.47 billion, a PE ratio of 15.68 and a beta of 0.85. Independent Bank Corp. has a 52 week low of $52.15 and a 52 week high of $77.23.

Independent Bank (NASDAQ:INDB) last announced its earnings results on Thursday, July 17th. The bank reported $1.25 EPS for the quarter, topping the consensus estimate of $1.20 by $0.05. The company had revenue of $181.80 million for the quarter, compared to analysts’ expectations of $179.47 million. Independent Bank had a return on equity of 6.39% and a net margin of 18.93%. Equities research analysts expect that Independent Bank Corp. will post 5.41 EPS for the current fiscal year.

Independent Bank Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, October 7th. Stockholders of record on Monday, September 29th will be issued a dividend of $0.59 per share. This represents a $2.36 annualized dividend and a dividend yield of 3.4%. The ex-dividend date is Monday, September 29th. Independent Bank’s dividend payout ratio is presently 53.27%.

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.