State of New Jersey Common Pension Fund D raised its holdings in Independent Bank Corp. (NASDAQ:INDB – Free Report) by 9.3% in the first quarter, according to the company in its most recent disclosure with the SEC. The firm owned 28,950 shares of the bank’s stock after acquiring an additional 2,462 shares during the quarter. State of New Jersey Common Pension Fund D owned 0.07% of Independent Bank worth $1,900,000 as of its most recent filing with the SEC.
A number of other hedge funds and other institutional investors also recently bought and sold shares of the business. Vanguard Group Inc. lifted its holdings in Independent Bank by 4.1% in the first quarter. Vanguard Group Inc. now owns 5,422,075 shares of the bank’s stock valued at $442,929,000 after acquiring an additional 215,685 shares during the period. State Street Corp lifted its holdings in Independent Bank by 2.4% in the first quarter. State Street Corp now owns 2,325,701 shares of the bank’s stock valued at $191,187,000 after acquiring an additional 54,624 shares during the period. Morgan Stanley raised its stake in shares of Independent Bank by 251.3% during the 4th quarter. Morgan Stanley now owns 961,843 shares of the bank’s stock worth $81,208,000 after buying an additional 688,062 shares during the last quarter. Geode Capital Management LLC raised its stake in shares of Independent Bank by 2.6% during the 4th quarter. Geode Capital Management LLC now owns 872,644 shares of the bank’s stock worth $73,677,000 after buying an additional 22,220 shares during the last quarter. Finally, Macquarie Group Ltd. raised its stake in shares of Independent Bank by 2.6% during the 4th quarter. Macquarie Group Ltd. now owns 795,430 shares of the bank’s stock worth $67,158,000 after buying an additional 20,507 shares during the last quarter. Institutional investors and hedge funds own 80.52% of the company’s stock.
Independent Bank Trading Up 4.0 %
Independent Bank stock opened at $55.58 on Friday. The stock has a market cap of $2.45 billion, a PE ratio of 9.36 and a beta of 0.80. The stock has a 50-day moving average price of $48.03 and a 200 day moving average price of $62.44. Independent Bank Corp. has a 52 week low of $43.28 and a 52 week high of $91.65. The company has a current ratio of 0.94, a quick ratio of 0.94 and a debt-to-equity ratio of 0.35.
Independent Bank Announces Dividend
The business also recently disclosed a quarterly dividend, which was paid on Friday, July 7th. Investors of record on Monday, June 26th were given a dividend of $0.55 per share. This represents a $2.20 dividend on an annualized basis and a yield of 3.96%. The ex-dividend date of this dividend was Friday, June 23rd. Independent Bank’s dividend payout ratio is presently 37.04%.
Insider Buying and Selling at Independent Bank
In other Independent Bank news, Director Scott Smith sold 1,300 shares of Independent Bank stock in a transaction dated Thursday, April 27th. The stock was sold at an average price of $55.83, for a total value of $72,579.00. Following the completion of the sale, the director now owns 2,695 shares in the company, valued at approximately $150,461.85. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other Independent Bank news, CEO Jeffrey J. Tengel purchased 2,069 shares of the stock in a transaction on Thursday, May 4th. The stock was bought at an average price of $48.42 per share, for a total transaction of $100,180.98. Following the acquisition, the chief executive officer now directly owns 21,948 shares of the company’s stock, valued at $1,062,722.16. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, Director Scott Smith sold 1,300 shares of Independent Bank stock in a transaction dated Thursday, April 27th. The shares were sold at an average price of $55.83, for a total value of $72,579.00. Following the completion of the sale, the director now owns 2,695 shares of the company’s stock, valued at approximately $150,461.85. The disclosure for this sale can be found here. Insiders acquired 4,069 shares of company stock worth $207,131 in the last 90 days. 0.87% of the stock is owned by company insiders.
Wall Street Analyst Weigh In
Several research analysts have recently issued reports on INDB shares. Keefe, Bruyette & Woods cut their price target on Independent Bank from $90.00 to $80.00 and set a “market perform” rating for the company in a research note on Thursday, April 6th. StockNews.com started coverage on Independent Bank in a research note on Thursday, May 18th. They set a “sell” rating for the company. Finally, TheStreet downgraded Independent Bank from a “b-” rating to a “c+” rating in a research note on Wednesday, April 26th.
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 primarily in Massachusetts. It accepts interest checking, money market, and savings accounts, as well as demand deposits and time certificates of deposit.
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