Legal & General Group Plc lifted its position in Independent Bank Corp (NASDAQ:INDB) by 1.7% during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 53,459 shares of the bank’s stock after buying an additional 882 shares during the period. Legal & General Group Plc owned approximately 0.19% of Independent Bank worth $3,992,000 as of its most recent SEC filing.
Several other institutional investors have also recently modified their holdings of INDB. Bank of Montreal Can grew its position in shares of Independent Bank by 11.4% in the 2nd quarter. Bank of Montreal Can now owns 3,381 shares of the bank’s stock worth $226,000 after buying an additional 345 shares during the last quarter. US Bancorp DE grew its position in shares of Independent Bank by 2.7% in the 2nd quarter. US Bancorp DE now owns 1,893 shares of the bank’s stock worth $126,000 after buying an additional 49 shares during the last quarter. Municipal Employees Retirement System of Michigan grew its position in shares of Independent Bank by 4.4% in the 2nd quarter. Municipal Employees Retirement System of Michigan now owns 6,440 shares of the bank’s stock worth $429,000 after buying an additional 270 shares during the last quarter. Schwab Charles Investment Management Inc. grew its position in shares of Independent Bank by 1.0% in the 2nd quarter. Schwab Charles Investment Management Inc. now owns 118,185 shares of the bank’s stock worth $7,878,000 after buying an additional 1,215 shares during the last quarter. Finally, Arizona State Retirement System grew its position in shares of Independent Bank 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 buying an additional 100 shares during the last quarter. 79.74% of the stock is currently owned by hedge funds and other institutional investors.
INDB has been the topic of a number of analyst reports. Zacks Investment Research downgraded shares of Independent Bank from a “hold” rating to a “sell” rating in a research report on Wednesday, October 25th. Compass Point downgraded shares of Independent Bank from a “buy” rating to a “neutral” rating and set a $76.00 price objective on the stock. in a research report on Wednesday, October 11th. They noted that the move was a valuation call. Finally, Keefe, Bruyette & Woods reaffirmed a “hold” rating and issued a $73.00 price objective on shares of Independent Bank in a research report on Tuesday, October 3rd. One analyst has rated the stock with a sell rating, four have issued a hold rating and one has given a buy rating to the company’s stock. Independent Bank has a consensus rating of “Hold” and a consensus price target of $73.00.
Independent Bank (NASDAQ:INDB) last released its earnings results on Thursday, October 19th. The bank reported $0.87 EPS for the quarter, missing analysts’ consensus estimates of $0.91 by ($0.04). The company had revenue of $87.84 million during the quarter, compared to analyst estimates of $88.57 million. Independent Bank had a return on equity of 9.76% and a net margin of 23.48%. The firm’s revenue for the quarter was up 12.5% on a year-over-year basis. During the same quarter last year, the business earned $0.78 earnings per share. analysts anticipate that Independent Bank Corp will post 3.41 earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Friday, January 5th. Investors of record on Tuesday, December 26th will be paid a $0.32 dividend. This represents a $1.28 dividend on an annualized basis and a yield of 1.76%. The ex-dividend date is Friday, December 22nd. Independent Bank’s dividend payout ratio (DPR) is presently 42.24%.
In related news, Director Carl Ribeiro sold 700 shares of Independent Bank stock in a transaction that occurred on Tuesday, December 12th. The shares were sold at an average price of $69.25, for a total value of $48,475.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Robert D. Cozzone sold 3,250 shares of Independent Bank stock in a transaction that occurred on Thursday, November 2nd. The stock was sold at an average price of $72.50, for a total transaction of $235,625.00. The disclosure for this sale can be found here. Insiders sold a total of 6,150 shares of company stock valued at $439,814 over the last quarter. 2.67% of the stock is owned by company insiders.
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About Independent Bank
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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