Diversified Trust Co lowered its holdings in Independent Bank Corp. (NASDAQ:INDB – Get Rating) by 9.0% during the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 7,805 shares of the bank's stock after selling 770 shares during the period. Diversified Trust Co's holdings in Independent Bank were worth $620,000 at the end of the most recent reporting period.

Other large investors have also recently modified their holdings of the company. State Street Corp lifted its position in Independent Bank by 25.6% during the fourth quarter. State Street Corp now owns 2,271,077 shares of the bank's stock valued at $186,258,000 after purchasing an additional 462,932 shares during the last quarter. Impax Asset Management Group plc bought a new position in Independent Bank in the fourth quarter valued at $22,421,000. Geode Capital Management LLC raised its position in Independent Bank by 39.4% during the fourth quarter. Geode Capital Management LLC now owns 815,167 shares of the bank's stock valued at $66,460,000 after purchasing an additional 230,313 shares in the last quarter. Vanguard Group Inc. lifted its stake in Independent Bank by 4.1% during the first quarter. Vanguard Group Inc. now owns 5,422,075 shares of the bank's stock worth $442,929,000 after purchasing an additional 215,685 shares during the last quarter. Finally, JPMorgan Chase & Co. boosted its holdings in shares of Independent Bank by 108.1% in the 4th quarter. JPMorgan Chase & Co. now owns 256,162 shares of the bank's stock worth $20,886,000 after purchasing an additional 133,063 shares in the last quarter. Institutional investors own 81.45% of the company's stock.

Independent Bank Stock Performance

Independent Bank stock opened at $79.28 on Thursday. The firm has a fifty day simple moving average of $81.44 and a two-hundred day simple moving average of $80.86. Independent Bank Corp. has a twelve month low of $70.67 and a twelve month high of $93.52. The company has a market capitalization of $3.71 billion, a PE ratio of 21.49 and a beta of 0.83. The company has a quick ratio of 0.90, a current ratio of 0.90 and a debt-to-equity ratio of 0.05.

Independent Bank Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, October 7th. Shareholders of record on Monday, September 26th will be given a dividend of $0.51 per share. The ex-dividend date of this dividend is Friday, September 23rd. This represents a $2.04 annualized dividend and a yield of 2.57%. Independent Bank's payout ratio is 55.28%.

Insider Transactions at Independent Bank

In related news, Director Donna L. Abelli sold 750 shares of Independent Bank stock in a transaction that occurred on Wednesday, July 27th. The stock was sold at an average price of $83.10, for a total transaction of $62,325.00. Following the sale, the director now directly owns 10,734 shares in the company, valued at $891,995.40. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In other Independent Bank news, General Counsel Edward H. Seksay sold 700 shares of the firm's stock in a transaction that occurred on Tuesday, August 16th. The shares were sold at an average price of $88.26, for a total transaction of $61,782.00. Following the completion of the transaction, the general counsel now owns 7,336 shares of the company's stock, valued at $647,475.36. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Donna L. Abelli sold 750 shares of the business's stock in a transaction that occurred on Wednesday, July 27th. The stock was sold at an average price of $83.10, for a total value of $62,325.00. Following the completion of the sale, the director now directly owns 10,734 shares in the company, valued at $891,995.40. The disclosure for this sale can be found here. In the last quarter, insiders sold 4,058 shares of company stock valued at $350,236. Corporate insiders own 1.02% of the company's stock.

Analysts Set New Price Targets

Separately, Compass Point raised their price objective on Independent Bank to $107.00 in a report on Monday, July 25th.

Independent Bank Profile

(Get Rating)

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 accepts interest checking, money market, and savings accounts, as well as demand deposits and time certificates of deposit.

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