Bank of New York Mellon Corp trimmed its position in Independent Bank Corp. (NASDAQ:INDB – Free Report) by 6.7% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 476,965 shares of the bank’s stock after selling 33,992 shares during the quarter. Bank of New York Mellon Corp owned approximately 1.12% of Independent Bank worth $24,192,000 as of its most recent filing with the Securities and Exchange Commission.
Other institutional investors have also made changes to their positions in the company. Sachetta LLC bought a new stake in shares of Independent Bank in the 4th quarter valued at approximately $56,000. EntryPoint Capital LLC bought a new position in Independent Bank during the 1st quarter worth $47,000. Vanguard Personalized Indexing Management LLC bought a new position in Independent Bank during the 4th quarter worth $217,000. TFO Wealth Partners LLC grew its stake in Independent Bank by 215,100.0% during the 4th quarter. TFO Wealth Partners LLC now owns 4,304 shares of the bank’s stock worth $283,000 after buying an additional 4,302 shares during the last quarter. Finally, CIBC Asset Management Inc bought a new position in Independent Bank during the 4th quarter worth $290,000. 83.40% of the stock is currently owned by institutional investors.
Independent Bank Trading Down 1.5 %
Shares of INDB stock opened at $61.45 on Thursday. The company has a debt-to-equity ratio of 0.24, a quick ratio of 0.95 and a current ratio of 0.95. Independent Bank Corp. has a 1 year low of $44.63 and a 1 year high of $68.75. The stock has a fifty day moving average of $57.51 and a two-hundred day moving average of $52.97. The firm has a market capitalization of $2.61 billion, a PE ratio of 11.80 and a beta of 0.77.
Independent Bank Announces Dividend
The firm also recently declared a quarterly dividend, which was paid on Monday, July 8th. Shareholders of record on Monday, July 1st were given a dividend of $0.57 per share. The ex-dividend date of this dividend was Monday, July 1st. This represents a $2.28 dividend on an annualized basis and a yield of 3.71%. Independent Bank’s dividend payout ratio (DPR) is presently 44.02%.
Analysts Set New Price Targets
A number of brokerages recently commented on INDB. StockNews.com downgraded Independent Bank from a “hold” rating to a “sell” rating in a research note on Sunday. Seaport Res Ptn upgraded Independent Bank from a “hold” rating to a “strong-buy” rating in a research note on Monday, July 22nd.
Get Our Latest Stock Report 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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