Handelsinvest Investeringsforvaltning cut its stake in shares of Independent Bank Corp. (NASDAQ:INDB – Free Report) by 34.2% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 4,302 shares of the bank’s stock after selling 2,234 shares during the period. Handelsinvest Investeringsforvaltning’s holdings in Independent Bank were worth $224,000 as of its most recent SEC filing.
Several other large investors have also bought and sold shares of the stock. Plimoth Trust Co. LLC lifted its stake in Independent Bank by 6.0% during the 1st quarter. Plimoth Trust Co. LLC now owns 8,900 shares of the bank’s stock valued at $463,000 after acquiring an additional 500 shares in the last quarter. Vanguard Group Inc. lifted its stake in Independent Bank by 1.3% during the 4th quarter. Vanguard Group Inc. now owns 5,272,986 shares of the bank’s stock valued at $347,015,000 after acquiring an additional 69,312 shares in the last quarter. Goldman Sachs Group Inc. lifted its stake in Independent Bank by 5.3% during the 4th quarter. Goldman Sachs Group Inc. now owns 509,236 shares of the bank’s stock valued at $33,513,000 after acquiring an additional 25,664 shares in the last quarter. Rafferty Asset Management LLC lifted its stake in Independent Bank by 58.8% during the 4th quarter. Rafferty Asset Management LLC now owns 53,486 shares of the bank’s stock valued at $3,520,000 after acquiring an additional 19,810 shares in the last quarter. Finally, CIBC Asset Management Inc bought a new position in Independent Bank during the 4th quarter valued at $290,000. 83.40% of the stock is currently owned by institutional investors.
Independent Bank Stock Performance
NASDAQ:INDB opened at $48.97 on Thursday. The business has a 50 day moving average of $50.05 and a 200 day moving average of $53.61. The company has a market capitalization of $2.08 billion, a price-to-earnings ratio of 9.45 and a beta of 0.77. Independent Bank Corp. has a 1-year low of $44.27 and a 1-year high of $68.75. The company has a debt-to-equity ratio of 0.36, a current ratio of 0.96 and a quick ratio of 0.96.
Independent Bank Announces Dividend
The company also recently announced a quarterly dividend, which will be paid on Monday, July 8th. Investors of record on Monday, July 1st will be given a $0.57 dividend. The ex-dividend date of this dividend is Monday, July 1st. This represents a $2.28 dividend on an annualized basis and a yield of 4.66%. Independent Bank’s payout ratio is 44.02%.
Wall Street Analyst Weigh In
Several equities analysts have weighed in on the company. Keefe, Bruyette & Woods dropped their price objective on Independent Bank from $64.00 to $60.00 and set a “market perform” rating on the stock in a research note on Monday, April 22nd. StockNews.com lowered Independent Bank from a “hold” rating to a “sell” rating in a report on Tuesday. Finally, TheStreet lowered Independent Bank from a “b-” rating to a “c+” rating in a report on Wednesday, March 13th.
Read Our Latest Stock Analysis on Independent Bank
Independent Bank 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.
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