Commonwealth of Pennsylvania Public School Empls Retrmt SYS Has $688,000 Stock Position in Independent Bank Corp. $INDB

Commonwealth of Pennsylvania Public School Empls Retrmt SYS boosted its position in shares of Independent Bank Corp. (NASDAQ:INDB) by 7.6% in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 10,942 shares of the bank’s stock after purchasing an additional 773 shares during the quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS’s holdings in Independent Bank were worth $688,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds also recently modified their holdings of the company. Rockland Trust Co. raised its stake in shares of Independent Bank by 21.1% during the second quarter. Rockland Trust Co. now owns 731,272 shares of the bank’s stock worth $43,268,000 after buying an additional 127,332 shares during the last quarter. Y Intercept Hong Kong Ltd bought a new position in Independent Bank in the second quarter valued at approximately $389,000. Independence Financial Advisors LLC acquired a new stake in Independent Bank during the 1st quarter worth $347,000. Harbor Capital Advisors Inc. raised its position in shares of Independent Bank by 17,128.1% during the 2nd quarter. Harbor Capital Advisors Inc. now owns 45,310 shares of the bank’s stock valued at $2,849,000 after acquiring an additional 45,047 shares during the last quarter. Finally, Russell Investments Group Ltd. raised its position in shares of Independent Bank by 23.4% during the 1st quarter. Russell Investments Group Ltd. now owns 200,108 shares of the bank’s stock valued at $12,537,000 after acquiring an additional 37,902 shares during the last quarter. Institutional investors own 83.40% of the company’s stock.

Independent Bank Price Performance

Shares of INDB opened at $70.96 on Tuesday. The stock has a 50 day simple moving average of $68.91 and a 200 day simple moving average of $66.79. Independent Bank Corp. has a 52-week low of $52.15 and a 52-week high of $77.23. The company has a debt-to-equity ratio of 0.22, a quick ratio of 0.94 and a current ratio of 0.95. The firm has a market capitalization of $3.52 billion, a PE ratio of 17.27 and a beta of 0.89.

Independent Bank (NASDAQ:INDB) last announced its quarterly earnings results on Wednesday, February 12th. The bank reported $1.01 earnings per share for the quarter. Independent Bank had a net margin of 16.64% and a return on equity of 7.19%. The firm had revenue of $175.25 million for the quarter. Sell-side analysts predict that Independent Bank Corp. will post 5.41 EPS for the current fiscal year.

Independent Bank Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, October 7th. Investors of record on Monday, September 29th were paid a $0.59 dividend. The ex-dividend date of this dividend was Monday, September 29th. This represents a $2.36 dividend on an annualized basis and a yield of 3.3%. Independent Bank’s dividend payout ratio is presently 57.42%.

Insider Activity

In other news, Director Gerard F. Nadeau sold 3,000 shares of the business’s stock in a transaction dated Friday, November 21st. The stock was sold at an average price of $70.00, for a total value of $210,000.00. Following the sale, the director directly owned 22,395 shares in the company, valued at $1,567,650. The trade was a 11.81% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Ken S. Ansin sold 53,000 shares of the company’s stock in a transaction dated Friday, November 14th. The stock was sold at an average price of $69.06, for a total value of $3,660,180.00. Following the transaction, the director directly owned 53,738 shares of the company’s stock, valued at $3,711,146.28. This represents a 49.65% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 200,000 shares of company stock worth $13,941,540 in the last three months. Company insiders own 0.81% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms have recently issued reports on INDB. Weiss Ratings restated a “hold (c+)” rating on shares of Independent Bank in a research report on Wednesday, October 8th. Keefe, Bruyette & Woods raised Independent Bank from a “market perform” rating to an “outperform” rating and increased their target price for the company from $80.00 to $83.00 in a research note on Tuesday, October 21st. Independent Research set a $83.00 target price on Independent Bank in a research report on Tuesday, October 21st. Zacks Research downgraded shares of Independent Bank from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, August 19th. Finally, Wall Street Zen raised shares of Independent Bank from a “sell” rating to a “hold” rating in a research note on Sunday, August 10th. One research analyst has rated the stock with a Strong Buy rating, one has given a Buy rating and three have given a Hold rating to the stock. Based on data from MarketBeat, Independent Bank presently has an average rating of “Moderate Buy” and an average target price of $76.75.

Independent Bank 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.