The Manufacturers Life Insurance Company Acquires 21,629 Shares of Independent Bank Corp. (INDB)

The Manufacturers Life Insurance Company grew its holdings in Independent Bank Corp. (NASDAQ:INDB) by 2.9% in the second quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 770,690 shares of the bank’s stock after buying an additional 21,629 shares during the quarter. The Manufacturers Life Insurance Company owned 2.81% of Independent Bank Corp. worth $51,367,000 as of its most recent filing with the SEC.

Several other hedge funds have also made changes to their positions in the company. US Bancorp DE grew its holdings in shares of Independent Bank Corp. by 2.7% in the 2nd quarter. US Bancorp DE now owns 1,893 shares of the bank’s stock worth $126,000 after purchasing an additional 49 shares during the last quarter. Louisiana State Employees Retirement System grew its holdings in shares of Independent Bank Corp. by 0.9% in the 2nd quarter. Louisiana State Employees Retirement System now owns 11,100 shares of the bank’s stock worth $740,000 after purchasing an additional 100 shares during the last quarter. Arizona State Retirement System grew its holdings in shares of Independent Bank Corp. by 0.7% in the 2nd quarter. Arizona State Retirement System now owns 14,171 shares of the bank’s stock worth $944,000 after purchasing an additional 100 shares during the last quarter. Oppenheimer Asset Management Inc. grew its holdings in shares of Independent Bank Corp. by 8.3% in the 2nd quarter. Oppenheimer Asset Management Inc. now owns 1,566 shares of the bank’s stock worth $104,000 after purchasing an additional 120 shares during the last quarter. Finally, Amalgamated Bank grew its holdings in shares of Independent Bank Corp. by 3.6% in the 2nd quarter. Amalgamated Bank now owns 3,640 shares of the bank’s stock worth $243,000 after purchasing an additional 126 shares during the last quarter. Institutional investors own 76.45% of the company’s stock.

Several equities research analysts have recently weighed in on the stock. Zacks Investment Research raised 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 raised 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 lowered shares of Independent Bank Corp. from a “buy” rating to a “hold” rating in a report on Wednesday, June 21st. Finally, Keefe, Bruyette & Woods reaffirmed a “hold” rating and issued 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. The stock currently has a consensus rating of “Hold” and a consensus target price of $72.00.

In other Independent Bank Corp. news, insider Mark J. Ruggiero sold 400 shares of Independent Bank Corp. 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 transaction, the insider now owns 2,852 shares in the company, valued at $208,338.60. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Gerard F. Nadeau sold 5,193 shares of Independent Bank Corp. stock in a transaction dated Monday, July 31st. The shares were sold at an average price of $71.75, for a total value of $372,597.75. The disclosure for this sale can be found here. In the last quarter, insiders sold 8,443 shares of company stock worth $607,108. Company insiders own 2.67% of the company’s stock.

Independent Bank Corp. (NASDAQ INDB) traded up 0.20% during midday trading on Thursday, hitting $73.75. 7,791 shares of the stock traded hands. The stock has a market capitalization of $2.02 billion, a PE ratio of 25.08 and a beta of 1.01. Independent Bank Corp. has a 12-month low of $47.50 and a 12-month high of $76.30. The firm’s 50 day moving average is $71.58 and its 200-day moving average is $67.02.

Independent Bank Corp. (NASDAQ:INDB) last posted its quarterly earnings results on Thursday, July 20th. The bank reported $0.82 EPS for the quarter, beating the Zacks’ consensus estimate of $0.81 by $0.01. The business had revenue of $85.15 million during the quarter, compared to the consensus estimate of $85.20 million. Independent Bank Corp. had a return on equity of 9.70% and a net margin of 23.17%. During the same quarter in the previous year, the firm earned $0.78 earnings per share. On average, analysts anticipate that Independent Bank Corp. will post $3.35 EPS for the current fiscal year.

The firm also recently announced a quarterly dividend, which was paid on Friday, October 6th. Shareholders of record on Monday, September 25th were given a $0.32 dividend. 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 dividend payout ratio is presently 43.69%.

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Independent Bank Corp. Company Profile

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.

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

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