Oppenheimer & Co. Inc. Purchases Shares of 7,874 Independent Bank Corp. (NASDAQ:INDB)

Posted by on Feb 24th, 2023

Oppenheimer & Co. Inc. purchased a new stake in Independent Bank Corp. (NASDAQ:INDB – Get Rating) during the third quarter, according to the company in its most recent disclosure with the SEC. The firm purchased 7,874 shares of the bank’s stock, valued at approximately $587,000.

A number of other hedge funds also recently bought and sold shares of the stock. Rockland Trust Co. raised its position in shares of Independent Bank by 0.9% during the 3rd quarter. Rockland Trust Co. now owns 661,190 shares of the bank’s stock worth $49,278,000 after acquiring an additional 5,740 shares in the last quarter. New England Research & Management Inc. raised its position in shares of Independent Bank by 2.7% during the 3rd quarter. New England Research & Management Inc. now owns 14,958 shares of the bank’s stock worth $1,115,000 after acquiring an additional 400 shares in the last quarter. Isthmus Partners LLC raised its position in shares of Independent Bank by 2.4% during the 2nd quarter. Isthmus Partners LLC now owns 22,288 shares of the bank’s stock worth $1,770,000 after acquiring an additional 531 shares in the last quarter. GHP Investment Advisors Inc. raised its position in shares of Independent Bank by 2.5% during the 3rd quarter. GHP Investment Advisors Inc. now owns 43,890 shares of the bank’s stock worth $3,271,000 after acquiring an additional 1,091 shares in the last quarter. Finally, Moors & Cabot Inc. increased its position in Independent Bank by 1.4% during the second quarter. Moors & Cabot Inc. now owns 60,236 shares of the bank’s stock worth $4,785,000 after buying an additional 821 shares during the period. Institutional investors and hedge funds own 81.28% of the company’s stock.

Independent Bank Stock Up 0.3 %

Independent Bank stock opened at $80.46 on Friday. The company has a debt-to-equity ratio of 0.04, a current ratio of 0.89 and a quick ratio of 0.89. Independent Bank Corp. has a 1-year low of $74.28 and a 1-year high of $91.65. The company has a market cap of $3.67 billion, a PE ratio of 14.12 and a beta of 0.83. The stock’s 50 day moving average price is $81.17 and its 200 day moving average price is $82.32.

Independent Bank Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, January 6th. Investors of record on Tuesday, December 27th were paid a $0.55 dividend. The ex-dividend date was Friday, December 23rd. This is an increase from Independent Bank’s previous quarterly dividend of $0.51. This represents a $2.20 dividend on an annualized basis and a dividend yield of 2.73%. Independent Bank’s payout ratio is 38.60%.

Analyst Ratings Changes

Several research analysts have commented on INDB shares. Compass Point cut their price target on Independent Bank to $100.00 in a research report on Thursday, October 27th. Keefe, Bruyette & Woods lowered Independent Bank from an “outperform” rating to a “market perform” rating and set a $100.00 price target on the stock. in a research report on Monday, December 12th. Raymond James began coverage on Independent Bank in a research note on Tuesday, December 20th. They issued a “market perform” rating on the stock. Finally, StockNews.com upgraded Independent Bank from a “sell” rating to a “hold” rating in a research note on Friday, February 17th.

Insider Activity at Independent Bank

In related news, CEO Christopher Oddleifson sold 1,200 shares of Independent Bank stock in a transaction that occurred on Monday, January 30th. The stock was sold at an average price of $77.80, for a total value of $93,360.00. Following the sale, the chief executive officer now directly owns 95,817 shares in the company, valued at $7,454,562.60. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Company insiders own 1.02% of the company’s stock.

Independent Bank Company Profile

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Independent Bank Corp. operates as a bank holding company. The company provides commercial banking, retail banking, and wealth management services and is engaged in the sale of retail investments and insurance products in Massachusetts. It offers deposit products, including demand deposits, interest checking, money market accounts, savings accounts, and time certificates of deposit.

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Institutional Ownership by Quarter for Independent Bank (NASDAQ:INDB)

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