Walthausen & Co. LLC lowered its stake in Independent Bank Corp. (NASDAQ:INDB) by 2.3% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 90,948 shares of the bank’s stock after selling 2,140 shares during the period. Walthausen & Co. LLC owned 0.33% of Independent Bank Corp. worth $6,062,000 at the end of the most recent reporting period.
Other large investors also recently added to or reduced their stakes in the company. Oppenheimer Asset Management Inc. boosted its holdings in Independent Bank Corp. by 8.3% in the second quarter. Oppenheimer Asset Management Inc. now owns 1,566 shares of the bank’s stock valued at $104,000 after acquiring an additional 120 shares in the last quarter. US Bancorp DE boosted its holdings in Independent Bank Corp. by 4.7% in the first quarter. US Bancorp DE now owns 1,844 shares of the bank’s stock valued at $120,000 after acquiring an additional 82 shares in the last quarter. D.A. Davidson & CO. boosted its holdings in Independent Bank Corp. by 12.9% in the second quarter. D.A. Davidson & CO. now owns 1,995 shares of the bank’s stock valued at $132,000 after acquiring an additional 228 shares in the last quarter. Ameritas Investment Partners Inc. bought a new stake in Independent Bank Corp. in the first quarter valued at $145,000. Finally, SG Americas Securities LLC boosted its holdings in Independent Bank Corp. by 47.3% in the first quarter. SG Americas Securities LLC now owns 3,032 shares of the bank’s stock valued at $197,000 after acquiring an additional 973 shares in the last quarter. Institutional investors and hedge funds own 76.45% of the company’s stock.
In other Independent Bank Corp. news, insider Christopher Oddleifson sold 1,750 shares of the firm’s stock in a transaction dated Wednesday, July 26th. The stock was sold at an average price of $72.02, for a total value of $126,035.00. Following the completion of the sale, the insider now owns 92,143 shares of the company’s stock, valued at $6,636,138.86. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, insider Mark J. Ruggiero sold 400 shares of the firm’s stock in a transaction dated Tuesday, July 25th. The stock was sold at an average price of $73.05, for a total value of $29,220.00. Following the completion of the sale, the insider now directly owns 2,852 shares of the company’s stock, valued at approximately $208,338.60. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 8,443 shares of company stock worth $607,108. 2.67% of the stock is owned by corporate insiders.
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Independent Bank Corp. (NASDAQ:INDB) last issued its quarterly earnings data on Thursday, July 20th. The bank reported $0.82 earnings per share for the quarter, beating analysts’ consensus estimates of $0.81 by $0.01. Independent Bank Corp. had a return on equity of 9.70% and a net margin of 23.17%. The company had revenue of $85.15 million for the quarter, compared to the consensus estimate of $85.20 million. During the same quarter last year, the company earned $0.78 earnings per share.
The business also recently disclosed a quarterly dividend, which was paid on Friday, October 6th. Investors of record on Monday, September 25th were given a dividend of $0.32 per share. This represents a $1.28 dividend on an annualized basis and a yield of 1.74%. The ex-dividend date was Friday, September 22nd. Independent Bank Corp.’s payout ratio is currently 43.69%.
INDB has been the topic of a number of research reports. Zacks Investment Research upgraded shares of Independent Bank Corp. from a “hold” rating to a “buy” rating and set a $80.00 target price on the stock in a report on Wednesday, September 20th. Compass Point upgraded shares of Independent Bank Corp. from a “neutral” rating to a “buy” rating and set a $72.00 target price on the stock in a report on Friday, July 21st. BidaskClub cut shares of Independent Bank Corp. from a “buy” rating to a “hold” rating in a report on Wednesday, June 21st. Finally, Keefe, Bruyette & Woods restated a “hold” rating and set a $71.00 target price on shares of Independent Bank Corp. in a report on Wednesday, June 28th. Five research analysts have rated the stock with a hold rating and one has assigned a buy rating to the company. Independent Bank Corp. currently has a consensus rating of “Hold” and a consensus price target of $72.00.
About Independent Bank Corp.
Independent Bank Corp. is a bank holding company. The Company operates through its subsidiary, Rockland Trust Company (the Bank). The Bank is a community-oriented commercial bank. Its community banking business provides a range of banking services, including lending activities, acceptance of demand, savings, and time deposits, and investment management.
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