Geode Capital Management LLC boosted its position in Independent Bank Corp (NASDAQ:INDB) by 4.3% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 250,455 shares of the bank’s stock after buying an additional 10,335 shares during the period. Geode Capital Management LLC owned approximately 0.91% of Independent Bank worth $17,493,000 as of its most recent SEC filing.
A number of other large investors have also recently bought and sold shares of the stock. Sei Investments Co. boosted its position in shares of Independent Bank by 134,750.0% during the 3rd quarter. Sei Investments Co. now owns 2,697 shares of the bank’s stock worth $202,000 after purchasing an additional 2,695 shares in the last quarter. Russell Investments Group Ltd. purchased a new stake in shares of Independent Bank during the 3rd quarter worth $403,000. American International Group Inc. boosted its position in shares of Independent Bank by 5.8% during the 3rd quarter. American International Group Inc. now owns 21,217 shares of the bank’s stock worth $1,584,000 after purchasing an additional 1,170 shares in the last quarter. Legal & General Group Plc boosted its position in shares of Independent Bank by 1.7% during the 3rd quarter. Legal & General Group Plc now owns 53,459 shares of the bank’s stock worth $3,992,000 after purchasing an additional 882 shares in the last quarter. Finally, JPMorgan Chase & Co. boosted its position in shares of Independent Bank by 39.3% during the 3rd quarter. JPMorgan Chase & Co. now owns 140,764 shares of the bank’s stock worth $10,488,000 after purchasing an additional 39,744 shares in the last quarter. Hedge funds and other institutional investors own 79.79% of the company’s stock.
INDB has been the topic of several research analyst reports. BidaskClub lowered shares of Independent Bank from a “hold” rating to a “sell” rating in a research report on Friday, January 5th. Compass Point upgraded shares of Independent Bank from a “neutral” rating to a “buy” rating in a research report on Monday, December 18th. Zacks Investment Research upgraded shares of Independent Bank from a “sell” rating to a “hold” rating in a research report on Friday, December 22nd. Finally, Keefe, Bruyette & Woods restated a “hold” rating on shares of Independent Bank in a research report on Sunday, January 21st. Four investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. The company currently has a consensus rating of “Hold” and a consensus target price of $73.00.
Independent Bank (NASDAQ:INDB) last released its quarterly earnings results on Thursday, January 18th. The bank reported $0.89 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.89. The business had revenue of $89.70 million during the quarter, compared to the consensus estimate of $88.31 million. Independent Bank had a return on equity of 10.00% and a net margin of 24.21%. The business’s revenue was up 17.2% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.76 EPS. analysts forecast that Independent Bank Corp will post 4.38 EPS for the current year.
The company also recently declared a quarterly dividend, which will be paid on Friday, April 6th. Stockholders of record on Monday, March 26th will be paid a dividend of $0.38 per share. This represents a $1.52 annualized dividend and a dividend yield of 2.12%. The ex-dividend date of this dividend is Friday, March 23rd. This is an increase from Independent Bank’s previous quarterly dividend of $0.32. Independent Bank’s payout ratio is 45.37%.
In other news, insider Christopher Oddleifson sold 1,200 shares of Independent Bank stock in a transaction on Friday, February 2nd. The stock was sold at an average price of $72.60, for a total transaction of $87,120.00. Following the completion of the transaction, the insider now owns 86,643 shares of the company’s stock, valued at approximately $6,290,281.80. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CFO Robert D. Cozzone purchased 788 shares of the business’s stock in a transaction dated Friday, February 23rd. The shares were purchased at an average cost of $71.25 per share, with a total value of $56,145.00. The disclosure for this purchase can be found here. Insiders own 2.67% of the company’s stock.
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Independent Bank Company Profile
Independent Bank Corp. is a bank holding company. The Company operates through its subsidiary, Rockland Trust Company (the Bank). The Bank is a community-oriented commercial bank. Its community banking business provides a range of banking services, including lending activities, acceptance of demand, savings, and time deposits, and investment management.
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