Independent Bank Corp. (NASDAQ:INDB) Director Donna L. Abelli Sells 640 Shares of Stock

Independent Bank Corp. (NASDAQ:INDB) Director Donna L. Abelli sold 640 shares of the business’s stock in a transaction dated Tuesday, February 11th. The shares were sold at an average price of $70.03, for a total transaction of $44,819.20. Following the completion of the sale, the director now directly owns 12,516 shares of the company’s stock, valued at $876,495.48. This represents a 4.86 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website.

Independent Bank Stock Performance

Shares of Independent Bank stock opened at $68.75 on Thursday. The company has a current ratio of 0.95, a quick ratio of 0.95 and a debt-to-equity ratio of 0.23. The company has a market cap of $2.92 billion, a PE ratio of 15.21 and a beta of 0.77. The company has a 50 day moving average of $66.86 and a 200-day moving average of $64.54. Independent Bank Corp. has a 1-year low of $45.11 and a 1-year high of $77.23.

Independent Bank (NASDAQ:INDB) last released its earnings results on Thursday, January 16th. The bank reported $1.21 earnings per share for the quarter, topping the consensus estimate of $1.16 by $0.05. Independent Bank had a return on equity of 6.57% and a net margin of 19.58%. As a group, equities research analysts forecast that Independent Bank Corp. will post 5.41 earnings per share for the current fiscal year.

Independent Bank Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, January 6th. Shareholders of record on Monday, December 30th were given a $0.57 dividend. This represents a $2.28 dividend on an annualized basis and a yield of 3.32%. The ex-dividend date was Monday, December 30th. Independent Bank’s dividend payout ratio is presently 50.44%.

Hedge Funds Weigh In On Independent Bank

Several institutional investors and hedge funds have recently added to or reduced their stakes in INDB. BNP Paribas Financial Markets lifted its stake in shares of Independent Bank by 106.0% in the 3rd quarter. BNP Paribas Financial Markets now owns 25,077 shares of the bank’s stock valued at $1,483,000 after acquiring an additional 12,904 shares during the last quarter. Centiva Capital LP acquired a new position in Independent Bank in the 3rd quarter worth about $535,000. JPMorgan Chase & Co. increased its holdings in Independent Bank by 59.8% in the 3rd quarter. JPMorgan Chase & Co. now owns 338,640 shares of the bank’s stock worth $20,024,000 after purchasing an additional 126,791 shares in the last quarter. Eastern Bank boosted its stake in shares of Independent Bank by 454.7% during the third quarter. Eastern Bank now owns 23,237 shares of the bank’s stock valued at $1,374,000 after purchasing an additional 19,048 shares in the last quarter. Finally, BNP PARIBAS ASSET MANAGEMENT Holding S.A. boosted its stake in shares of Independent Bank by 11.1% during the third quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 283,661 shares of the bank’s stock valued at $16,773,000 after purchasing an additional 28,373 shares in the last quarter. Institutional investors own 83.40% of the company’s stock.

Wall Street Analyst Weigh In

INDB has been the subject of a number of analyst reports. Keefe, Bruyette & Woods dropped their price target on shares of Independent Bank from $82.00 to $80.00 and set a “market perform” rating for the company in a research report on Tuesday, January 21st. Raymond James reaffirmed a “strong-buy” rating and issued a $78.00 price objective (up from $74.00) on shares of Independent Bank in a report on Tuesday, January 21st. Finally, StockNews.com raised Independent Bank from a “sell” rating to a “hold” rating in a report on Friday, January 17th. Two analysts have rated the stock with a hold rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat, Independent Bank currently has an average rating of “Buy” and an average target price of $79.00.

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 in the United States. The company provides interest checking, money market, and savings accounts, as well as demand deposits and time certificates of deposit.