Independent Bank Corp. (NASDAQ:INDB) Director Sells $44,819.20 in Stock

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

Independent Bank Stock Down 0.7 %

INDB stock opened at $68.53 on Friday. The business’s 50-day simple moving average is $66.74 and its 200 day simple moving average is $64.60. The company has a quick ratio of 0.95, a current ratio of 0.95 and a debt-to-equity ratio of 0.23. The company has a market cap of $2.91 billion, a PE ratio of 15.16 and a beta of 0.77. Independent Bank Corp. has a twelve month low of $45.11 and a twelve month high of $77.23.

Independent Bank (NASDAQ:INDB) last released its quarterly earnings data on Thursday, January 16th. The bank reported $1.21 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.16 by $0.05. Independent Bank had a return on equity of 6.57% and a net margin of 19.58%. On average, research analysts anticipate that Independent Bank Corp. will post 5.41 earnings per share for the current year.

Independent Bank Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, January 6th. Investors of record on Monday, December 30th were paid a $0.57 dividend. The ex-dividend date of this dividend was Monday, December 30th. This represents a $2.28 dividend on an annualized basis and a yield of 3.33%. Independent Bank’s payout ratio is currently 50.44%.

Analysts Set New Price Targets

A number of research firms have recently commented on INDB. Keefe, Bruyette & Woods dropped their price objective on Independent Bank from $82.00 to $80.00 and set a “market perform” rating on the stock in a research note on Tuesday, January 21st. StockNews.com upgraded Independent Bank from a “sell” rating to a “hold” rating in a report on Friday, January 17th. Finally, Raymond James reaffirmed a “strong-buy” rating and set a $78.00 target price (up previously from $74.00) on shares of Independent Bank in a research report on Tuesday, January 21st. Two equities research analysts have rated the stock with a hold rating and two have given a strong buy rating to the stock. According to data from MarketBeat, Independent Bank has a consensus rating of “Buy” and a consensus target price of $79.00.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in INDB. Venturi Wealth Management LLC acquired a new position in shares of Independent Bank in the 4th quarter worth approximately $62,000. Smartleaf Asset Management LLC grew its position in Independent Bank by 105.4% in the fourth quarter. Smartleaf Asset Management LLC now owns 1,056 shares of the bank’s stock valued at $68,000 after acquiring an additional 542 shares during the period. Sterling Capital Management LLC raised its stake in Independent Bank by 810.2% during the fourth quarter. Sterling Capital Management LLC now owns 1,338 shares of the bank’s stock worth $86,000 after acquiring an additional 1,191 shares in the last quarter. KBC Group NV boosted its stake in shares of Independent Bank by 34.5% in the 4th quarter. KBC Group NV now owns 1,911 shares of the bank’s stock valued at $123,000 after purchasing an additional 490 shares in the last quarter. Finally, ST Germain D J Co. Inc. grew its holdings in shares of Independent Bank by 364.9% in the 4th quarter. ST Germain D J Co. Inc. now owns 2,213 shares of the bank’s stock worth $142,000 after purchasing an additional 1,737 shares during the last quarter. Institutional investors own 83.40% of the company’s stock.

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.