US Bancorp DE Sells 5,614 Shares of Independent Bank Corp. (NASDAQ:INDB)

US Bancorp DE decreased its position in Independent Bank Corp. (NASDAQ:INDB) by 56.1% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 4,387 shares of the bank’s stock after selling 5,614 shares during the quarter. US Bancorp DE’s holdings in Independent Bank were worth $282,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds have also recently modified their holdings of INDB. Venturi Wealth Management LLC purchased a new stake in shares of Independent Bank in the 4th quarter worth $62,000. KBC Group NV increased its holdings in shares of Independent Bank by 34.5% in the fourth quarter. KBC Group NV now owns 1,911 shares of the bank’s stock valued at $123,000 after purchasing an additional 490 shares during the period. ST Germain D J Co. Inc. increased its holdings in shares of Independent Bank by 364.9% in the fourth quarter. ST Germain D J Co. Inc. now owns 2,213 shares of the bank’s stock valued at $142,000 after purchasing an additional 1,737 shares during the period. Connor Clark & Lunn Investment Management Ltd. purchased a new stake in shares of Independent Bank in the third quarter worth about $222,000. Finally, Relyea Zuckerberg Hanson LLC purchased a new stake in shares of Independent Bank in the fourth quarter worth about $250,000. Hedge funds and other institutional investors own 83.40% of the company’s stock.

Independent Bank Stock Performance

Shares of INDB stock opened at $63.66 on Friday. The company has a market cap of $2.71 billion, a price-to-earnings ratio of 14.08 and a beta of 0.77. The stock has a 50 day simple moving average of $66.20 and a 200-day simple moving average of $65.49. Independent Bank Corp. has a 12-month low of $45.11 and a 12-month high of $77.23. The company has a current ratio of 0.95, a quick ratio of 0.95 and a debt-to-equity ratio of 0.23.

Independent Bank (NASDAQ:INDB) last announced its earnings results on Thursday, January 16th. The bank reported $1.21 EPS for the quarter, beating analysts’ consensus estimates of $1.16 by $0.05. Independent Bank had a return on equity of 6.57% and a net margin of 19.58%. On average, equities analysts forecast that Independent Bank Corp. will post 5.41 EPS for the current year.

Insider Buying and Selling

In other news, Director Donna L. Abelli sold 640 shares of the firm’s stock in a transaction dated Tuesday, February 11th. The stock was sold at an average price of $70.03, for a total transaction of $44,819.20. Following the completion of the sale, the director now directly owns 12,516 shares in the company, valued at $876,495.48. This trade represents a 4.86 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Corporate insiders own 0.97% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts have commented on the company. StockNews.com raised Independent Bank from a “sell” rating to a “hold” rating in a report on Saturday. Raymond James reiterated a “strong-buy” rating and set a $78.00 price objective (up previously from $74.00) on shares of Independent Bank in a research report on Tuesday, January 21st. Finally, Keefe, Bruyette & Woods reduced their target price on Independent Bank from $82.00 to $80.00 and set a “market perform” rating on the stock in a research report on Tuesday, January 21st.

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.