Credit Suisse AG lifted its holdings in Independent Bank Corp (NASDAQ:INDB) by 31.4% during the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 32,005 shares of the bank’s stock after buying an additional 7,653 shares during the period. Credit Suisse AG owned approximately 0.09% of Independent Bank worth $2,665,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors have also made changes to their positions in INDB. Public Employees Retirement System of Ohio raised its holdings in shares of Independent Bank by 51.3% in the 3rd quarter. Public Employees Retirement System of Ohio now owns 410 shares of the bank’s stock worth $31,000 after purchasing an additional 139 shares during the period. Quantbot Technologies LP bought a new stake in shares of Independent Bank in the 4th quarter worth approximately $59,000. Tower Research Capital LLC TRC raised its holdings in shares of Independent Bank by 704.3% in the 3rd quarter. Tower Research Capital LLC TRC now owns 1,303 shares of the bank’s stock worth $97,000 after purchasing an additional 1,141 shares during the period. Strs Ohio raised its holdings in shares of Independent Bank by 41.2% in the 4th quarter. Strs Ohio now owns 2,400 shares of the bank’s stock worth $199,000 after purchasing an additional 700 shares during the period. Finally, PNC Financial Services Group Inc. raised its holdings in shares of Independent Bank by 34.4% in the 4th quarter. PNC Financial Services Group Inc. now owns 2,418 shares of the bank’s stock worth $201,000 after purchasing an additional 619 shares during the period. Hedge funds and other institutional investors own 80.55% of the company’s stock.
A number of research firms recently commented on INDB. DA Davidson raised shares of Independent Bank from a “neutral” rating to a “buy” rating and lowered their price target for the stock from $83.00 to $68.00 in a report on Monday, March 16th. Zacks Investment Research raised shares of Independent Bank from a “sell” rating to a “hold” rating in a report on Tuesday, March 10th. Gabelli began coverage on shares of Independent Bank in a report on Monday, December 9th. They issued a “hold” rating and a $98.00 price target on the stock. TheStreet cut shares of Independent Bank from a “b” rating to a “c+” rating in a report on Friday, March 13th. Finally, Compass Point cut shares of Independent Bank from a “buy” rating to a “neutral” rating and lowered their price target for the stock from $91.00 to $76.00 in a report on Wednesday, March 4th. One research analyst has rated the stock with a sell rating, five have given a hold rating and two have assigned a buy rating to the company. The stock has an average rating of “Hold” and an average target price of $80.67.
In other Independent Bank news, CEO Christopher Oddleifson sold 1,500 shares of the business’s stock in a transaction on Wednesday, February 5th. The shares were sold at an average price of $76.13, for a total transaction of $114,195.00. Following the sale, the chief executive officer now owns 92,936 shares of the company’s stock, valued at approximately $7,075,217.68. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 1.60% of the company’s stock.
Shares of INDB stock opened at $57.92 on Thursday. The company’s fifty day simple moving average is $67.99 and its two-hundred day simple moving average is $76.83. The company has a debt-to-equity ratio of 0.18, a current ratio of 0.98 and a quick ratio of 0.98. Independent Bank Corp has a 1 year low of $50.45 and a 1 year high of $87.64. The stock has a market capitalization of $1.95 billion, a price-to-earnings ratio of 11.51, a PEG ratio of 1.81 and a beta of 1.11.
Independent Bank (NASDAQ:INDB) last issued its earnings results on Thursday, January 16th. The bank reported $1.38 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.40 by ($0.02). Independent Bank had a net margin of 29.37% and a return on equity of 12.05%. The business had revenue of $133.29 million for the quarter, compared to the consensus estimate of $131.07 million. Equities research analysts anticipate that Independent Bank Corp will post 5.14 EPS for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Thursday, April 9th. Shareholders of record on Monday, March 30th will be issued a dividend of $0.46 per share. This is a boost from Independent Bank’s previous quarterly dividend of $0.44. The ex-dividend date is Friday, March 27th. This represents a $1.84 dividend on an annualized basis and a yield of 3.18%. Independent Bank’s payout ratio is presently 31.32%.
Independent Bank Company Profile
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. Its products and services include demand deposits and time certificates of deposit, as well as checking, money market, and savings accounts.
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