Dimensional Fund Advisors LP grew its stake in shares of Independent Bank Corp. (NASDAQ:INDB – Free Report) by 2.7% during the 1st quarter, Holdings Channel reports. The firm owned 1,615,855 shares of the bank’s stock after buying an additional 41,852 shares during the period. Dimensional Fund Advisors LP’s holdings in Independent Bank were worth $106,032,000 as of its most recent SEC filing.
Other institutional investors also recently modified their holdings of the company. FMR LLC increased its holdings in shares of Independent Bank by 7.9% during the 2nd quarter. FMR LLC now owns 1,854 shares of the bank’s stock worth $147,000 after acquiring an additional 135 shares during the last quarter. State of Wyoming grew its stake in Independent Bank by 44.4% in the 4th quarter. State of Wyoming now owns 543 shares of the bank’s stock valued at $46,000 after buying an additional 167 shares during the last quarter. Bank of Montreal Can grew its stake in Independent Bank by 1.3% in the 1st quarter. Bank of Montreal Can now owns 13,404 shares of the bank’s stock valued at $1,141,000 after buying an additional 172 shares during the last quarter. Arizona State Retirement System raised its holdings in Independent Bank by 1.9% in the 4th quarter. Arizona State Retirement System now owns 12,951 shares of the bank’s stock valued at $1,093,000 after acquiring an additional 239 shares during the period. Finally, NBW Capital LLC lifted its position in Independent Bank by 0.8% during the fourth quarter. NBW Capital LLC now owns 35,711 shares of the bank’s stock worth $3,015,000 after acquiring an additional 273 shares during the last quarter. 80.16% of the stock is currently owned by institutional investors and hedge funds.
Independent Bank Stock Down 0.3 %
Shares of INDB opened at $53.75 on Friday. The company has a current ratio of 0.94, a quick ratio of 0.94 and a debt-to-equity ratio of 0.32. The stock has a market capitalization of $2.37 billion, a PE ratio of 8.90 and a beta of 0.84. The firm’s 50 day moving average is $53.90 and its 200-day moving average is $56.98. Independent Bank Corp. has a 12 month low of $43.28 and a 12 month high of $91.65.
Independent Bank Dividend Announcement
The firm also recently disclosed a quarterly dividend, which was paid on Friday, July 7th. Shareholders of record on Monday, June 26th were issued a dividend of $0.55 per share. The ex-dividend date of this dividend was Friday, June 23rd. This represents a $2.20 annualized dividend and a yield of 4.09%. Independent Bank’s payout ratio is 36.42%.
Wall Street Analyst Weigh In
Separately, StockNews.com started coverage on Independent Bank in a report on Thursday, August 17th. They set a “sell” rating for the company.
Get Our Latest Stock Analysis on INDB
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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