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State of Alaska Department of Revenue increased its position in Independent Bank Corp. (NASDAQ:INDB) by 79.2% during the second quarter, according to its most recent 13F filing with the SEC. The firm owned 5,376 shares of the bank’s stock after buying an additional 2,376 shares during the period. State of Alaska Department of Revenue’s holdings in Independent Bank Corp. were worth $358,000 at the end of the most recent quarter.
A number of other hedge funds also recently modified their holdings of the company. BNP Paribas Arbitrage SA boosted its stake in shares of Independent Bank Corp. by 12.6% in the first quarter. BNP Paribas Arbitrage SA now owns 5,596 shares of the bank’s stock worth $364,000 after buying an additional 628 shares during the period. Bank of New York Mellon Corp boosted its stake in shares of Independent Bank Corp. by 26.8% in the first quarter. Bank of New York Mellon Corp now owns 555,720 shares of the bank’s stock worth $36,122,000 after buying an additional 117,428 shares during the period. US Bancorp DE boosted its stake in shares of Independent Bank Corp. by 4.7% in the first quarter. US Bancorp DE now owns 1,844 shares of the bank’s stock worth $120,000 after buying an additional 82 shares during the period. First Trust Advisors LP raised its position in shares of Independent Bank Corp. by 23.8% in the first quarter. First Trust Advisors LP now owns 77,772 shares of the bank’s stock worth $5,055,000 after buying an additional 14,956 shares in the last quarter. Finally, Great West Life Assurance Co. Can raised its position in shares of Independent Bank Corp. by 6.9% in the first quarter. Great West Life Assurance Co. Can now owns 37,987 shares of the bank’s stock worth $2,469,000 after buying an additional 2,462 shares in the last quarter. 76.64% of the stock is currently owned by institutional investors and hedge funds.
Shares of Independent Bank Corp. (NASDAQ:INDB) traded up 0.85% during trading on Friday, hitting $71.20. The stock had a trading volume of 41,448 shares. Independent Bank Corp. has a 12 month low of $46.74 and a 12 month high of $73.15. The company has a market cap of $1.95 billion, a PE ratio of 24.21 and a beta of 0.98. The stock has a 50 day moving average of $67.56 and a 200 day moving average of $64.47.
Independent Bank Corp. (NASDAQ:INDB) last posted its quarterly earnings results on Thursday, July 20th. The bank reported $0.82 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.81 by $0.01. The business had revenue of $85.15 million during the quarter, compared to the consensus estimate of $85.20 million. Independent Bank Corp. had a net margin of 23.17% and a return on equity of 9.70%. During the same quarter in the previous year, the firm posted $0.78 earnings per share. Equities analysts forecast that Independent Bank Corp. will post $3.33 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which was paid on Friday, July 7th. Shareholders of record on Monday, June 26th were paid a $0.32 dividend. The ex-dividend date was Thursday, June 22nd. This represents a $1.28 annualized dividend and a dividend yield of 1.80%. Independent Bank Corp.’s dividend payout ratio (DPR) is 43.69%.
A number of brokerages have weighed in on INDB. Compass Point upgraded Independent Bank Corp. from a “neutral” rating to a “buy” rating and set a $72.00 target price on the stock in a research note on Friday, July 21st. Piper Jaffray Companies began coverage on Independent Bank Corp. in a research note on Monday, May 15th. They issued a “neutral” rating and a $63.00 target price on the stock. Sandler O’Neill upgraded Independent Bank Corp. from a “sell” rating to a “hold” rating in a research note on Monday, May 15th. BidaskClub upgraded Independent Bank Corp. from a “hold” rating to a “buy” rating in a research note on Tuesday, June 13th. Finally, Zacks Investment Research upgraded Independent Bank Corp. from a “hold” rating to a “buy” rating and set a $81.00 price objective on the stock in a research report on Wednesday, July 26th. Four analysts have rated the stock with a hold rating and two have given a buy rating to the company. Independent Bank Corp. presently has an average rating of “Hold” and an average price target of $67.60.
In other news, insider Gerard F. Nadeau sold 5,193 shares of Independent Bank Corp. stock in a transaction on Monday, July 31st. The shares were sold at an average price of $71.75, for a total transaction of $372,597.75. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Carl Ribeiro sold 1,000 shares of Independent Bank Corp. stock in a transaction on Thursday, May 25th. The stock was sold at an average price of $62.24, for a total transaction of $62,240.00. Following the sale, the director now directly owns 14,647 shares of the company’s stock, valued at $911,629.28. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 9,443 shares of company stock valued at $669,348. Corporate insiders own 2.67% of the company’s stock.
About Independent Bank Corp.
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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