Yousif Capital Management LLC cut its stake in shares of Independent Bank Corp. (NASDAQ:INDB – Free Report) by 11.5% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 25,672 shares of the bank’s stock after selling 3,340 shares during the period. Yousif Capital Management LLC owned 0.06% of Independent Bank worth $1,685,000 at the end of the most recent quarter.
Other hedge funds have also recently bought and sold shares of the company. CI Investments Inc. acquired a new stake in Independent Bank during the fourth quarter worth approximately $27,000. State of Wyoming increased 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 period. Baldwin Brothers LLC MA bought a new position in shares of Independent Bank during the fourth quarter worth approximately $80,000. FMR LLC increased 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 purchasing an additional 135 shares during the period. Finally, Point72 Hong Kong Ltd bought a new position in shares of Independent Bank during the second quarter worth approximately $166,000. 80.52% of the stock is currently owned by institutional investors and hedge funds.
Independent Bank Stock Performance
Shares of Independent Bank stock opened at $60.25 on Tuesday. Independent Bank Corp. has a fifty-two week low of $43.28 and a fifty-two week high of $91.65. The company has a debt-to-equity ratio of 0.32, a current ratio of 0.94 and a quick ratio of 0.94. The firm has a market capitalization of $2.66 billion, a P/E ratio of 9.98 and a beta of 0.80. The company’s 50 day moving average price is $49.48 and its two-hundred day moving average price is $61.43.
Independent Bank Dividend Announcement
Analyst Upgrades and Downgrades
Several research analysts have recently commented on the stock. StockNews.com assumed coverage on shares of Independent Bank in a report on Thursday, May 18th. They set a “sell” rating on the stock. TheStreet cut shares of Independent Bank from a “b-” rating to a “c+” rating in a report on Wednesday, April 26th. Finally, Keefe, Bruyette & Woods lowered their target price on shares of Independent Bank from $90.00 to $80.00 and set a “market perform” rating on the stock in a report on Thursday, April 6th.
Insider Buying and Selling at Independent Bank
In other Independent Bank news, CEO Jeffrey J. Tengel bought 2,069 shares of the firm’s stock in a transaction dated Thursday, May 4th. The stock was bought at an average cost of $48.42 per share, with a total value of $100,180.98. Following the completion of the transaction, the chief executive officer now directly owns 21,948 shares in the company, valued at approximately $1,062,722.16. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 0.87% of the company’s stock.
About Independent Bank
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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