PNC Financial Services Group Inc. Sells 1,198 Shares of Independent Bank Corp. (NASDAQ:INDB)

PNC Financial Services Group Inc. trimmed its position in shares of Independent Bank Corp. (NASDAQ:INDB) by 8.8% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 12,371 shares of the bank’s stock after selling 1,198 shares during the period. PNC Financial Services Group Inc.’s holdings in Independent Bank were worth $814,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also bought and sold shares of INDB. Norges Bank purchased a new stake in shares of Independent Bank during the fourth quarter worth $32,784,000. Hsbc Holdings PLC lifted its position in shares of Independent Bank by 902.8% during the fourth quarter. Hsbc Holdings PLC now owns 268,315 shares of the bank’s stock worth $17,730,000 after acquiring an additional 241,558 shares in the last quarter. Dimensional Fund Advisors LP lifted its position in shares of Independent Bank by 10.3% during the fourth quarter. Dimensional Fund Advisors LP now owns 1,753,697 shares of the bank’s stock worth $115,415,000 after acquiring an additional 164,254 shares in the last quarter. Crestwood Advisors Group LLC purchased a new stake in shares of Independent Bank during the third quarter worth $4,663,000. Finally, Boston Trust Walden Corp lifted its position in shares of Independent Bank by 22.1% during the fourth quarter. Boston Trust Walden Corp now owns 518,119 shares of the bank’s stock worth $34,097,000 after acquiring an additional 93,901 shares in the last quarter. 83.40% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

INDB has been the topic of a number of recent analyst reports. TheStreet downgraded Independent Bank from a “b-” rating to a “c+” rating in a research report on Wednesday, March 13th. StockNews.com upgraded Independent Bank from a “sell” rating to a “hold” rating in a research report on Monday. Finally, Keefe, Bruyette & Woods lowered their price objective on Independent Bank from $64.00 to $60.00 and set a “market perform” rating on the stock in a research report on Monday, April 22nd.

Independent Bank Trading Up 2.0 %

NASDAQ INDB opened at $47.37 on Tuesday. The stock’s 50-day simple moving average is $50.30 and its two-hundred day simple moving average is $54.27. Independent Bank Corp. has a twelve month low of $44.27 and a twelve month high of $68.75. The company has a quick ratio of 0.96, a current ratio of 0.96 and a debt-to-equity ratio of 0.36. The company has a market capitalization of $2.01 billion, a price-to-earnings ratio of 9.14 and a beta of 0.80.

Independent Bank (NASDAQ:INDB) last released its quarterly earnings results on Thursday, April 18th. The bank reported $1.12 earnings per share for the quarter, missing analysts’ consensus estimates of $1.15 by ($0.03). Independent Bank had a net margin of 23.97% and a return on equity of 7.85%. The firm had revenue of $167.38 million for the quarter, compared to analysts’ expectations of $171.80 million. Research analysts forecast that Independent Bank Corp. will post 4.46 EPS for the current fiscal year.

Independent Bank Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, July 8th. Stockholders of record on Monday, July 1st will be paid a dividend of $0.57 per share. The ex-dividend date is Monday, July 1st. This represents a $2.28 dividend on an annualized basis and a dividend yield of 4.81%. Independent Bank’s dividend payout ratio (DPR) is currently 44.02%.

Independent Bank Company 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.