1 week Ago By ABMN Staff
JPMorgan Chase & Co. decreased its stake in shares of Independent Bank Corp. ( NASDAQ:INDB – Free Report ) by 10.
2% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 304,148 shares of the bank’s stock after selling 34,492 shares during the quarter. JPMorgan Chase & Co.
owned about 0.72% of Independent Bank worth $19,523,000 at the end of the most recent reporting period. A number of other hedge funds and other institutional investors have also made changes to their positions in INDB.
New York State Common Retirement Fund increased its position in shares of Independent Bank by 681.3% in the 4th quarter. New York State Common Retirement Fund now owns 101,431 shares of the bank’s stock valued at $6,511,000 after acquiring an additional 88,448 shares during the period.
Assenagon Asset Management S.A. purchased a new stake in Independent Bank during the 4th quarter valued at about $5,586,000.
Fisher Asset Management LLC grew its stake in Independent Bank by 58.8% during the 4th quarter. Fisher Asset Management LLC now owns 188,385 shares of the bank’s stock valued at $12,092,000 after purchasing an additional 69,753 shares during the last quarter.
American Century Companies Inc. increased its holdings in shares of Independent Bank by 10.9% in the fourth quarter.
American Century Companies Inc. now owns 469,359 shares of the bank’s stock valued at $30,128,000 after purchasing an additional 46,046 shares during the period. Finally, Barclays PLC raised its stake in shares of Independent Bank by 75.
0% in the third quarter. Barclays PLC now owns 94,976 shares of the bank’s stock worth $5,616,000 after purchasing an additional 40,697 shares during the last quarter. Hedge funds and other institutional investors own 83.
40% of the company’s stock. Analyst Upgrades and Downgrades Several equities analysts recently weighed in on INDB shares. Keefe, Bruyette & Woods cut their price target on shares of Independent Bank from $82.
00 to $80.00 and set a “market perform” rating on the stock in a report on Tuesday, January 21st. Raymond James reiterated a “strong-buy” rating and issued a $78.
00 price objective (up previously from $74.00) on shares of Independent Bank in a research note on Tuesday, January 21st. Finally, StockNews.
com raised Independent Bank from a “sell” rating to a “hold” rating in a research note on Tuesday, March 25th. Independent Bank Stock Down 7.3 % Shares of NASDAQ INDB opened at $54.
34 on Friday. The company has a current ratio of 0.95, a quick ratio of 0.
95 and a debt-to-equity ratio of 0.23. The company has a 50-day moving average of $64.
39 and a 200 day moving average of $65.42. Independent Bank Corp.
has a 12-month low of $45.11 and a 12-month high of $77.23.
The stock has a market cap of $2.32 billion, a PE ratio of 12.02 and a beta of 0.
84. Independent Bank ( NASDAQ:INDB – Get Free Report ) last posted its quarterly earnings results on Thursday, January 16th. The bank reported $1.
21 EPS for the quarter, beating the consensus estimate of $1.16 by $0.05.
Independent Bank had a return on equity of 6.57% and a net margin of 19.58%.
As a group, sell-side analysts predict that Independent Bank Corp. will post 5.41 EPS for the current fiscal year.
Independent Bank Increases Dividend The company also recently declared a quarterly dividend, which was paid on Monday, April 7th. Stockholders of record on Monday, March 31st were given a dividend of $0.59 per share.
This is a boost from Independent Bank’s previous quarterly dividend of $0.57. The ex-dividend date of this dividend was Monday, March 31st.
This represents a $2.36 annualized dividend and a dividend yield of 4.34%.
Independent Bank’s payout ratio is presently 52.21%. Insider Activity at Independent Bank In other Independent Bank news, Director Donna L.
Abelli sold 640 shares of Independent Bank stock in a transaction dated Tuesday, February 11th. The shares were sold at an average price of $70.03, for a total transaction of $44,819.
20. Following the transaction, the director now directly owns 12,516 shares of the company’s stock, valued at $876,495.48.
The trade was a 4.86 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website .
0.87% of the stock is currently owned by insiders. Independent Bank Company 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. Read More Want to see what other hedge funds are holding INDB? Visit HoldingsChannel.
com to get the latest 13F filings and insider trades for Independent Bank Corp. ( NASDAQ:INDB – Free Report ). Receive News & Ratings for Independent Bank Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Independent Bank and related companies with MarketBeat.
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