Northern Trust Corp lifted its holdings in Independent Bank Corp (NASDAQ:INDB) by 1.2% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 774,106 shares of the bank’s stock after purchasing an additional 9,449 shares during the period. Northern Trust Corp owned about 2.81% of Independent Bank worth $60,690,000 at the end of the most recent reporting period.
Other institutional investors and hedge funds have also made changes to their positions in the company. BlackRock Inc. increased its position in shares of Independent Bank by 6.5% in the second quarter. BlackRock Inc. now owns 3,820,379 shares of the bank’s stock worth $299,519,000 after acquiring an additional 234,640 shares in the last quarter. Silvercrest Asset Management Group LLC increased its position in shares of Independent Bank by 1.0% in the first quarter. Silvercrest Asset Management Group LLC now owns 1,592,375 shares of the bank’s stock worth $113,935,000 after acquiring an additional 15,434 shares in the last quarter. Dimensional Fund Advisors LP increased its position in shares of Independent Bank by 0.4% in the second quarter. Dimensional Fund Advisors LP now owns 1,287,485 shares of the bank’s stock worth $100,940,000 after acquiring an additional 4,591 shares in the last quarter. The Manufacturers Life Insurance Company increased its position in shares of Independent Bank by 5.6% in the first quarter. The Manufacturers Life Insurance Company now owns 816,964 shares of the bank’s stock worth $58,453,000 after acquiring an additional 43,198 shares in the last quarter. Finally, FMR LLC increased its position in shares of Independent Bank by 0.6% in the second quarter. FMR LLC now owns 669,962 shares of the bank’s stock worth $52,525,000 after acquiring an additional 3,741 shares in the last quarter. 81.50% of the stock is currently owned by institutional investors.
Independent Bank stock opened at $84.39 on Tuesday. The company has a market capitalization of $2.27 billion, a PE ratio of 25.19 and a beta of 0.95. The company has a current ratio of 0.94, a quick ratio of 0.94 and a debt-to-equity ratio of 0.16. Independent Bank Corp has a fifty-two week low of $66.85 and a fifty-two week high of $95.00.
Independent Bank (NASDAQ:INDB) last posted its quarterly earnings results on Thursday, July 19th. The bank reported $1.14 EPS for the quarter, topping the consensus estimate of $1.11 by $0.03. The business had revenue of $95.06 million during the quarter, compared to analysts’ expectations of $92.60 million. Independent Bank had a net margin of 27.38% and a return on equity of 11.27%. On average, equities research analysts predict that Independent Bank Corp will post 4.67 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which was paid on Friday, October 5th. Investors of record on Monday, October 1st were issued a dividend of $0.38 per share. This represents a $1.52 annualized dividend and a dividend yield of 1.80%. The ex-dividend date of this dividend was Friday, September 28th. Independent Bank’s dividend payout ratio is currently 45.37%.
INDB has been the topic of several analyst reports. BidaskClub downgraded shares of Independent Bank from a “buy” rating to a “hold” rating in a research report on Wednesday, August 8th. Sandler O’Neill reissued a “hold” rating and issued a $88.00 target price on shares of Independent Bank in a research report on Friday, July 20th. Zacks Investment Research raised shares of Independent Bank from a “hold” rating to a “buy” rating and set a $96.00 target price on the stock in a research report on Thursday, September 27th. Finally, Keefe, Bruyette & Woods raised shares of Independent Bank from a “market perform” rating to an “outperform” rating in a research report on Sunday, July 22nd. One analyst has rated the stock with a sell rating, three have issued a hold rating and three have assigned a buy rating to the company. The company currently has an average rating of “Hold” and a consensus price target of $85.00.
In related news, Director Carl Ribeiro sold 1,000 shares of the firm’s stock in a transaction that occurred on Tuesday, July 24th. The shares were sold at an average price of $90.10, for a total transaction of $90,100.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Company insiders own 2.67% of the company’s stock.
Independent Bank Company 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. The company's products and services include demand deposits and time certificates of deposit, as well as checking, money market, and savings accounts.
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