Independent Bank (NASDAQ:INDB) Shares Gap Down to $49.45

Independent Bank Corp. (NASDAQ:INDB)’s share price gapped down before the market opened on Friday . The stock had previously closed at $49.45, but opened at $47.84. Independent Bank shares last traded at $49.82, with a volume of 24,437 shares traded.

Analyst Upgrades and Downgrades

INDB has been the subject of several analyst reports. Keefe, Bruyette & Woods cut their target price on Independent Bank from $66.00 to $64.00 and set a “market perform” rating for the company in a research report on Monday, January 22nd. TheStreet downgraded Independent Bank from a “b-” rating to a “c+” rating in a research report on Wednesday, March 13th.

Independent Bank Trading Down 1.3 %

The company has a debt-to-equity ratio of 0.42, a current ratio of 0.97 and a quick ratio of 0.97. The business has a 50 day moving average of $50.97 and a 200 day moving average of $54.81. The firm has a market capitalization of $2.07 billion, a price-to-earnings ratio of 9.12 and a beta of 0.83.

Independent Bank (NASDAQ:INDB) last announced its quarterly earnings data on Thursday, January 18th. The bank reported $1.26 EPS for the quarter, topping analysts’ consensus estimates of $1.25 by $0.01. Independent Bank had a return on equity of 8.35% and a net margin of 26.02%. The business had revenue of $177.16 million during the quarter, compared to analysts’ expectations of $176.75 million. As a group, research analysts predict that Independent Bank Corp. will post 4.58 earnings per share for the current fiscal year.

Independent Bank Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, April 5th. Investors of record on Monday, April 1st were paid a dividend of $0.57 per share. The ex-dividend date of this dividend was Thursday, March 28th. This is a boost from Independent Bank’s previous quarterly dividend of $0.55. This represents a $2.28 dividend on an annualized basis and a dividend yield of 4.67%. Independent Bank’s payout ratio is 42.07%.

Insider Buying and Selling

In other Independent Bank news, Director Donna L. Abelli sold 800 shares of the business’s stock in a transaction dated Thursday, February 29th. The stock was sold at an average price of $52.83, for a total value of $42,264.00. Following the completion of the transaction, the director now directly owns 11,640 shares of the company’s stock, valued at $614,941.20. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 0.87% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Vanguard Group Inc. grew its stake in Independent Bank by 4.1% in the first quarter. Vanguard Group Inc. now owns 5,422,075 shares of the bank’s stock valued at $442,929,000 after acquiring an additional 215,685 shares during the period. State Street Corp lifted its holdings in shares of Independent Bank by 2.4% in the first quarter. State Street Corp now owns 2,325,701 shares of the bank’s stock valued at $191,187,000 after purchasing an additional 54,624 shares in the last quarter. Victory Capital Management Inc. lifted its holdings in shares of Independent Bank by 1.3% in the third quarter. Victory Capital Management Inc. now owns 1,907,345 shares of the bank’s stock valued at $93,632,000 after purchasing an additional 25,094 shares in the last quarter. Dimensional Fund Advisors LP lifted its holdings in shares of Independent Bank by 10.3% in the fourth quarter. Dimensional Fund Advisors LP now owns 1,753,697 shares of the bank’s stock valued at $115,415,000 after purchasing an additional 164,254 shares in the last quarter. Finally, Nuance Investments LLC lifted its holdings in shares of Independent Bank by 80.6% in the third quarter. Nuance Investments LLC now owns 1,661,215 shares of the bank’s stock valued at $81,549,000 after purchasing an additional 741,609 shares in the last quarter. 83.40% of the stock is owned by institutional investors and hedge funds.

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.