Cerity Partners LLC acquired a new position in shares of Independent Bank Corp. (NASDAQ:INDB – Free Report) during the 1st quarter, according to its most recent Form 13F filing with the SEC. The firm acquired 804 shares of the bank’s stock, valued at approximately $896,000.
Other hedge funds and other institutional investors also recently bought and sold shares of the company. Citigroup Inc. grew its position in Independent Bank by 22.6% during the 4th quarter. Citigroup Inc. now owns 27,622 shares of the bank’s stock worth $2,332,000 after purchasing an additional 5,091 shares during the last quarter. Panagora Asset Management Inc. purchased a new position in shares of Independent Bank in the 4th quarter valued at approximately $3,664,000. Truist Financial Corp grew its stake in shares of Independent Bank by 8.9% in the 1st quarter. Truist Financial Corp now owns 7,133 shares of the bank’s stock valued at $468,000 after purchasing an additional 583 shares during the last quarter. Palisade Capital Management LP grew its stake in shares of Independent Bank by 1.7% in the 1st quarter. Palisade Capital Management LP now owns 469,586 shares of the bank’s stock valued at $30,814,000 after purchasing an additional 7,841 shares during the last quarter. Finally, Y Intercept Hong Kong Ltd purchased a new position in shares of Independent Bank in the 1st quarter valued at approximately $268,000. 80.16% of the stock is owned by hedge funds and other institutional investors.
Wall Street Analyst Weigh In
Separately, StockNews.com assumed coverage on shares of Independent Bank in a report on Thursday, August 17th. They issued a “sell” rating on the stock.
Independent Bank Stock Up 3.7 %
Shares of NASDAQ:INDB opened at $56.04 on Monday. The company has a quick ratio of 0.94, a current ratio of 0.94 and a debt-to-equity ratio of 0.32. 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 market cap of $2.47 billion, a price-to-earnings ratio of 9.28 and a beta of 0.84. The firm’s 50-day simple moving average is $53.19 and its 200-day simple moving average is $57.38.
Independent Bank (NASDAQ:INDB – Get Free Report) last posted its quarterly earnings results on Thursday, July 20th. The bank reported $1.42 earnings per share for the quarter, beating analysts’ consensus estimates of $1.34 by $0.08. Independent Bank had a return on equity of 9.58% and a net margin of 31.75%. The firm had revenue of $183.30 million for the quarter, compared to the consensus estimate of $184.40 million. As a group, equities research analysts predict that Independent Bank Corp. will post 5.41 earnings per share for the current year.
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 issued a dividend of $0.55 per share. This represents a $2.20 dividend on an annualized basis and a yield of 3.93%. The ex-dividend date of this dividend was Friday, June 23rd. Independent Bank’s dividend payout ratio is currently 36.42%.
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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