Dimensional Fund Advisors LP lessened its holdings in shares of Independent Bank Corp (NASDAQ:INDB) by 0.9% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 1,288,508 shares of the bank’s stock after selling 11,498 shares during the period. Dimensional Fund Advisors LP owned approximately 4.70% of Independent Bank worth $96,187,000 at the end of the most recent quarter.
Other institutional investors and hedge funds have also modified their holdings of the company. Oppenheimer Asset Management Inc. raised its stake in Independent Bank by 8.3% in the 2nd quarter. Oppenheimer Asset Management Inc. now owns 1,566 shares of the bank’s stock worth $104,000 after acquiring an additional 120 shares during the last quarter. US Bancorp DE grew its position in Independent Bank by 2.7% during the 2nd quarter. US Bancorp DE now owns 1,893 shares of the bank’s stock worth $126,000 after purchasing an additional 49 shares during the period. D.A. Davidson & CO. grew its position in Independent Bank by 12.9% during the 2nd quarter. D.A. Davidson & CO. now owns 1,995 shares of the bank’s stock worth $132,000 after purchasing an additional 228 shares during the period. Sei Investments Co. grew its position in Independent Bank by 134,750.0% during the 3rd quarter. Sei Investments Co. now owns 2,697 shares of the bank’s stock worth $202,000 after purchasing an additional 2,695 shares during the period. Finally, Penobscot Investment Management Company Inc. acquired a new stake in Independent Bank during the 3rd quarter worth about $215,000. Hedge funds and other institutional investors own 79.74% of the company’s stock.
Several equities research analysts have weighed in on the company. Zacks Investment Research raised Independent Bank from a “sell” rating to a “hold” rating in a research report on Friday, December 22nd. Compass Point upgraded Independent Bank from a “neutral” rating to a “buy” rating in a research report on Monday, December 18th. BidaskClub cut Independent Bank from a “hold” rating to a “sell” rating in a research report on Friday, January 5th. Finally, Keefe, Bruyette & Woods restated a “hold” rating and set a $73.00 target price on shares of Independent Bank in a research report on Tuesday, October 3rd. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and one has given a buy rating to the company. Independent Bank currently has an average rating of “Hold” and an average target price of $73.00.
Independent Bank (NASDAQ:INDB) last released its earnings results on Thursday, October 19th. The bank reported $0.87 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.91 by ($0.04). Independent Bank had a return on equity of 9.76% and a net margin of 23.48%. The business had revenue of $87.84 million during the quarter, compared to analysts’ expectations of $88.57 million. During the same period last year, the business earned $0.78 earnings per share. The company’s revenue for the quarter was up 12.5% compared to the same quarter last year. equities research analysts anticipate that Independent Bank Corp will post 3.41 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which was paid on Friday, January 5th. Shareholders of record on Tuesday, December 26th were paid a $0.32 dividend. This represents a $1.28 dividend on an annualized basis and a yield of 1.73%. The ex-dividend date was Friday, December 22nd. Independent Bank’s dividend payout ratio (DPR) is 42.24%.
In other news, Director Daniel F. Obrien sold 1,000 shares of Independent Bank stock in a transaction that occurred on Tuesday, November 21st. The shares were sold at an average price of $70.19, for a total transaction of $70,190.00. Following the sale, the director now owns 22,912 shares of the company’s stock, valued at approximately $1,608,193.28. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, CFO Robert D. Cozzone sold 3,250 shares of the business’s stock in a transaction that occurred on Thursday, November 2nd. The shares were sold at an average price of $72.50, for a total value of $235,625.00. The disclosure for this sale can be found here. Insiders sold a total of 6,150 shares of company stock worth $439,814 over the last three months. Corporate insiders own 2.67% of the company’s stock.
About Independent Bank
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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