Independent Bank Corp. (NASDAQ:INDB) Shares Sold by Oregon Public Employees Retirement Fund

Posted by Defense World Staff on Aug 9th, 2023

Oregon Public Employees Retirement Fund trimmed its position in Independent Bank Corp. (NASDAQ:INDB – Free Report) by 3.6% in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 14,642 shares of the bank’s stock after selling 540 shares during the quarter. Oregon Public Employees Retirement Fund’s holdings in Independent Bank were worth $961,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently modified their holdings of the company. CI Investments Inc. acquired a new stake in shares of Independent Bank in the fourth quarter worth $27,000. State of Wyoming boosted its stake in shares of Independent Bank by 44.4% in the fourth quarter. State of Wyoming now owns 543 shares of the bank’s stock worth $46,000 after buying an additional 167 shares during the last quarter. FMR LLC grew its holdings in 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 acquiring an additional 135 shares during the period. Point72 Hong Kong Ltd purchased a new position in Independent Bank during the second quarter valued at approximately $166,000. Finally, Point72 Middle East FZE acquired a new position in Independent Bank in the fourth quarter valued at approximately $199,000. Institutional investors and hedge funds own 80.52% of the company’s stock.

Independent Bank Price Performance

Shares of NASDAQ INDB opened at $58.38 on Wednesday. The firm has a market cap of $2.58 billion, a PE ratio of 9.67 and a beta of 0.82. The firm has a fifty day moving average of $51.07 and a 200 day moving average of $60.55. The company has a debt-to-equity ratio of 0.32, a quick ratio of 0.94 and a current ratio of 0.94. Independent Bank Corp. has a one year low of $43.28 and a one year high of $91.65.

Independent Bank Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, July 7th. Investors of record on Monday, June 26th were issued a $0.55 dividend. This represents a $2.20 annualized dividend and a yield of 3.77%. The ex-dividend date was Friday, June 23rd. Independent Bank’s payout ratio is 36.42%.

Wall Street Analyst Weigh In

A number of brokerages have recently commented on INDB. StockNews.com assumed coverage on shares of Independent Bank in a research note 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.

View Our Latest Stock Report on Independent Bank

Independent Bank Profile

(Free Report)

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.