First Republic Investment Management Inc. lowered its stake in shares of Independent Bank Corp. (NASDAQ:INDB – Get Rating) by 1.2% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 11,578 shares of the bank's stock after selling 139 shares during the quarter. First Republic Investment Management Inc.'s holdings in Independent Bank were worth $863,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in INDB. Teacher Retirement System of Texas grew its position in shares of Independent Bank by 31.0% during the third quarter. Teacher Retirement System of Texas now owns 9,791 shares of the bank's stock worth $730,000 after acquiring an additional 2,319 shares during the last quarter. The Manufacturers Life Insurance Company grew its position in shares of Independent Bank by 3.6% during the third quarter. The Manufacturers Life Insurance Company now owns 393,502 shares of the bank's stock worth $29,328,000 after acquiring an additional 13,675 shares during the last quarter. Rockefeller Capital Management L.P. grew its position in shares of Independent Bank by 38.1% during the third quarter. Rockefeller Capital Management L.P. now owns 2,519 shares of the bank's stock worth $187,000 after acquiring an additional 695 shares during the last quarter. Los Angeles Capital Management LLC purchased a new position in shares of Independent Bank during the third quarter worth approximately $856,000. Finally, Great West Life Assurance Co. Can grew its position in shares of Independent Bank by 16.8% during the third quarter. Great West Life Assurance Co. Can now owns 53,634 shares of the bank's stock worth $3,997,000 after acquiring an additional 7,704 shares during the last quarter. Institutional investors and hedge funds own 81.28% of the company's stock.
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Analyst Ratings Changes
INDB has been the topic of a number of research reports. Compass Point lowered their target price on shares of Independent Bank to $100.00 in a research report on Thursday, October 27th. StockNews.com lowered shares of Independent Bank from a "hold" rating to a "sell" rating in a research report on Wednesday, January 25th. Raymond James assumed coverage on shares of Independent Bank in a research report on Tuesday, December 20th. They issued a "market perform" rating on the stock. Finally, Keefe, Bruyette & Woods lowered shares of Independent Bank from an "outperform" rating to a "market perform" rating and set a $100.00 price objective on the stock. in a research report on Monday, December 12th.
Insiders Place Their Bets
In other Independent Bank news, CEO Christopher Oddleifson sold 1,200 shares of the business's stock in a transaction on Monday, January 30th. The shares were sold at an average price of $77.80, for a total transaction of $93,360.00. Following the sale, the chief executive officer now directly owns 95,817 shares in the company, valued at approximately $7,454,562.60. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through
the SEC website. Insiders own 1.02% of the company's stock.
Independent Bank Stock Performance
NASDAQ:INDB opened at $82.74 on Friday. The firm has a market cap of $3.78 billion, a price-to-earnings ratio of 14.52 and a beta of 0.83. Independent Bank Corp. has a 1-year low of $74.28 and a 1-year high of $91.65. The firm's fifty day moving average price is $83.09 and its 200 day moving average price is $82.55. The company has a debt-to-equity ratio of 0.04, a current ratio of 0.89 and a quick ratio of 0.89.
Independent Bank Increases Dividend
The business also recently announced a quarterly dividend, which was paid on Friday, January 6th. Shareholders of record on Tuesday, December 27th were given a dividend of $0.55 per share. This is a positive change from Independent Bank's previous quarterly dividend of $0.51. This represents a $2.20 annualized dividend and a dividend yield of 2.66%. The ex-dividend date was Friday, December 23rd. Independent Bank's payout ratio is presently 38.60%.
Independent Bank Profile
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Independent Bank Corp. operates as a bank holding company. The company provides commercial banking, retail banking, and wealth management services and is engaged in the sale of retail investments and insurance products in Massachusetts. It offers deposit products, including demand deposits, interest checking, money market accounts, savings accounts, and time certificates of deposit.
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