Handelsbanken Fonder AB grew its position in shares of Independent Bank Corp. (NASDAQ:INDB – Free Report) by 24.6% during the 1st quarter, according to the company in its most recent disclosure with the SEC. The fund owned 10,629 shares of the bank’s stock after purchasing an additional 2,100 shares during the quarter. Handelsbanken Fonder AB’s holdings in Independent Bank were worth $697,000 as of its most recent filing with the SEC.
Other hedge funds also recently made changes to their positions in the company. CI Investments Inc. purchased a new position in shares of Independent Bank during the fourth quarter worth about $27,000. State of Wyoming grew its holdings in shares of Independent Bank by 44.4% during the fourth quarter. State of Wyoming now owns 543 shares of the bank’s stock worth $46,000 after purchasing an additional 167 shares during the last quarter. Armstrong Advisory Group Inc. purchased a new position in shares of Independent Bank during the fourth quarter worth about $53,000. Baldwin Brothers LLC MA purchased a new position in shares of Independent Bank during the fourth quarter worth about $80,000. Finally, FMR LLC grew its holdings in shares of Independent Bank by 7.9% during the second quarter. FMR LLC now owns 1,854 shares of the bank’s stock worth $147,000 after buying an additional 135 shares during the last quarter. Hedge funds and other institutional investors own 80.52% of the company’s stock.
Independent Bank Price Performance
Shares of INDB opened at $55.58 on Friday. Independent Bank Corp. has a twelve month low of $43.28 and a twelve month high of $91.65. The stock’s 50 day moving average is $48.03 and its two-hundred day moving average is $62.44. The firm has a market capitalization of $2.45 billion, a PE ratio of 9.36 and a beta of 0.80. 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 declared a quarterly dividend, which was paid on Friday, July 7th. Stockholders of record on Monday, June 26th were given a dividend of $0.55 per share. The ex-dividend date of this dividend was Friday, June 23rd. This represents a $2.20 dividend on an annualized basis and a dividend yield of 3.96%. Independent Bank’s payout ratio is 37.04%.
Insider Activity
In other news, Director Scott Smith sold 1,300 shares of Independent Bank stock in a transaction that occurred on Thursday, April 27th. The shares were sold at an average price of $55.83, for a total transaction of $72,579.00. Following the completion of the sale, the director now directly owns 2,695 shares in the company, valued at approximately $150,461.85. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. In related news, CFO Mark J. Ruggiero acquired 1,000 shares of the business’s stock in a transaction that occurred on Friday, April 28th. The stock was purchased at an average cost of $56.29 per share, for a total transaction of $56,290.00. Following the transaction, the chief financial officer now directly owns 10,958 shares of the company’s stock, valued at approximately $616,825.82. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, Director Scott Smith sold 1,300 shares of Independent Bank stock in a transaction that occurred on Thursday, April 27th. The stock was sold at an average price of $55.83, for a total value of $72,579.00. Following the transaction, the director now owns 2,695 shares of the company’s stock, valued at $150,461.85. The disclosure for this sale can be found here. In the last three months, insiders purchased 4,069 shares of company stock worth $207,131. Company insiders own 0.87% of the company’s stock.
Analyst Ratings Changes
A number of equities analysts recently issued reports on INDB shares. Keefe, Bruyette & Woods lowered their price target on Independent Bank from $90.00 to $80.00 and set a “market perform” rating on the stock in a report on Thursday, April 6th. TheStreet lowered Independent Bank from a “b-” rating to a “c+” rating in a report on Wednesday, April 26th. Finally, StockNews.com started coverage on Independent Bank in a report on Thursday, May 18th. They set a “sell” rating on the stock.
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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