Independent Bank Corp. (NASDAQ:INDB) Director Sells $44,819.20 in Stock

Independent Bank Corp. (NASDAQ:INDB) Director Donna L. Abelli sold 640 shares of the business’s stock in a transaction on Tuesday, February 11th. The stock was sold at an average price of $70.03, for a total transaction of $44,819.20. Following the completion of the sale, the director now directly owns 12,516 shares in the company, valued at approximately $876,495.48. This represents a 4.86 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website.

Independent Bank Stock Performance

Shares of INDB opened at $68.75 on Thursday. The firm’s fifty day simple moving average is $66.86 and its two-hundred day simple moving average is $64.54. Independent Bank Corp. has a 12 month low of $45.11 and a 12 month high of $77.23. The company has a current ratio of 0.95, a quick ratio of 0.95 and a debt-to-equity ratio of 0.23. The stock has a market capitalization of $2.92 billion, a P/E ratio of 15.21 and a beta of 0.77.

Independent Bank (NASDAQ:INDB) last released its earnings results on Thursday, January 16th. The bank reported $1.21 EPS for the quarter, topping the consensus estimate of $1.16 by $0.05. Independent Bank had a return on equity of 6.57% and a net margin of 19.58%. As a group, analysts predict that Independent Bank Corp. will post 5.41 EPS for the current year.

Independent Bank Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, January 6th. Stockholders of record on Monday, December 30th were paid a $0.57 dividend. The ex-dividend date of this dividend was Monday, December 30th. This represents a $2.28 annualized dividend and a dividend yield of 3.32%. Independent Bank’s dividend payout ratio is currently 50.44%.

Analyst Upgrades and Downgrades

Several research analysts have commented on the company. Raymond James reaffirmed a “strong-buy” rating and set a $78.00 target price (up from $74.00) on shares of Independent Bank in a report on Tuesday, January 21st. StockNews.com upgraded Independent Bank from a “sell” rating to a “hold” rating in a report on Friday, January 17th. Finally, Keefe, Bruyette & Woods decreased their target price on shares of Independent Bank from $82.00 to $80.00 and set a “market perform” rating for the company in a research report on Tuesday, January 21st. Two research analysts have rated the stock with a hold rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat.com, Independent Bank currently has an average rating of “Buy” and a consensus target price of $79.00.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the stock. CIBC Asset Management Inc grew its holdings in Independent Bank by 3.9% in the fourth quarter. CIBC Asset Management Inc now owns 4,206 shares of the bank’s stock worth $270,000 after purchasing an additional 158 shares during the period. GHP Investment Advisors Inc. grew its stake in shares of Independent Bank by 0.7% in the 4th quarter. GHP Investment Advisors Inc. now owns 32,458 shares of the bank’s stock valued at $2,083,000 after buying an additional 236 shares during the period. Isthmus Partners LLC increased its position in Independent Bank by 0.7% in the 4th quarter. Isthmus Partners LLC now owns 37,313 shares of the bank’s stock valued at $2,395,000 after buying an additional 245 shares in the last quarter. HighTower Advisors LLC raised its stake in Independent Bank by 4.1% during the 4th quarter. HighTower Advisors LLC now owns 6,823 shares of the bank’s stock worth $438,000 after buying an additional 267 shares during the period. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its stake in Independent Bank by 0.3% during the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 83,048 shares of the bank’s stock worth $4,911,000 after buying an additional 285 shares during the period. Institutional investors and hedge funds own 83.40% of the company’s stock.

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.