2 weeks Ago By Defense World Staff
Bank of Montreal Can boosted its stake in shares of Independent Bank Corp. ( NASDAQ:INDB – Free Report ) by 11.7% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC).
The firm owned 6,889 shares of the bank’s stock after buying an additional 723 shares during the quarter. Bank of Montreal Can’s holdings in Independent Bank were worth $442,000 as of its most recent SEC filing. Other institutional investors have also made changes to their positions in the company.
Charles Schwab Investment Management Inc. increased its holdings in Independent Bank by 4.1% in the 4th quarter.
Charles Schwab Investment Management Inc. now owns 544,948 shares of the bank’s stock valued at $34,980,000 after purchasing an additional 21,289 shares during the last quarter. American Century Companies Inc.
grew its stake in shares of Independent Bank by 10.9% in the fourth quarter. American Century Companies Inc.
now owns 469,359 shares of the bank’s stock valued at $30,128,000 after buying an additional 46,046 shares in the last quarter. Norges Bank purchased a new stake in shares of Independent Bank in the 4th quarter valued at $28,810,000. JPMorgan Chase & Co.
lifted its stake in Independent Bank by 59.8% during the 3rd quarter. JPMorgan Chase & Co.
now owns 338,640 shares of the bank’s stock worth $20,024,000 after acquiring an additional 126,791 shares in the last quarter. Finally, Principal Financial Group Inc. boosted its holdings in Independent Bank by 2.
9% during the 4th quarter. Principal Financial Group Inc. now owns 206,079 shares of the bank’s stock valued at $13,228,000 after acquiring an additional 5,792 shares during the period.
83.40% of the stock is currently owned by institutional investors and hedge funds. Wall Street Analyst Weigh In A number of research firms recently issued reports on INDB.
StockNews.com upgraded Independent Bank from a “sell” rating to a “hold” rating in a report on Friday, April 18th. Raymond James reissued a “strong-buy” rating and set a $78.
00 price objective (up from $74.00) on shares of Independent Bank in a research report on Tuesday, January 21st. Piper Sandler reduced their target price on shares of Independent Bank from $74.
00 to $63.00 and set a “neutral” rating on the stock in a report on Monday. Finally, Keefe, Bruyette & Woods decreased their price target on shares of Independent Bank from $80.
00 to $72.00 and set a “market perform” rating for the company in a research note on Monday. Three equities research analysts have rated the stock with a hold rating and two have issued a strong buy rating to the company’s stock.
Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $71.00.
Insider Buying and Selling at Independent Bank In other news, Director Donna L. Abelli sold 640 shares of the firm’s stock in a transaction that occurred on 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 transaction, the director now directly owns 12,516 shares of the company’s stock, 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 SEC, which is available at this hyperlink . Insiders own 0.81% of the company’s stock.
Independent Bank Stock Performance INDB opened at $56.96 on Wednesday. Independent Bank Corp.
has a 1-year low of $45.11 and a 1-year high of $77.23.
The stock has a market cap of $2.43 billion, a P/E ratio of 12.60 and a beta of 0.
84. The stock’s 50 day simple moving average is $62.14 and its 200 day simple moving average is $65.
26. The company has a debt-to-equity ratio of 0.23, a current ratio of 0.
95 and a quick ratio of 0.95. Independent Bank ( NASDAQ:INDB – Get Free Report ) last posted its earnings results on Thursday, April 17th.
The bank reported $1.06 earnings per share for the quarter, missing the consensus estimate of $1.18 by ($0.
12). The firm had revenue of $178.04 million during the quarter, compared to analyst estimates of $175.
03 million. Independent Bank had a net margin of 19.58% and a return on equity of 6.
57%. As a group, equities analysts anticipate that Independent Bank Corp. will post 5.
41 EPS for the current fiscal year. Independent Bank Increases Dividend The firm also recently announced a quarterly dividend, which was paid on Monday, April 7th. Shareholders of record on Monday, March 31st were given a dividend of $0.
59 per share. The ex-dividend date was Monday, March 31st. This represents a $2.
36 dividend on an annualized basis and a yield of 4.14%. This is a boost from Independent Bank’s previous quarterly dividend of $0.
57. Independent Bank’s payout ratio is presently 53.15%.
About Independent Bank ( Free Report ) 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.
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