Robert D. Cozzone Sells 1,000 Shares of Independent Bank Corp. (NASDAQ:INDB) Stock

Independent Bank Corp. (NASDAQ:INDB) COO Robert D. Cozzone sold 1,000 shares of Independent Bank stock in a transaction on Thursday, April 29th. The shares were sold at an average price of $83.24, for a total transaction of $83,240.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link.

NASDAQ:INDB traded up $1.37 on Monday, reaching $83.27. 15,378 shares of the company’s stock were exchanged, compared to its average volume of 164,291. The firm has a market cap of $2.75 billion, a price-to-earnings ratio of 20.58 and a beta of 1.01. The company has a debt-to-equity ratio of 0.18, a current ratio of 0.98 and a quick ratio of 0.97. The stock has a fifty day simple moving average of $85.89 and a 200-day simple moving average of $76.39. Independent Bank Corp. has a 52 week low of $49.25 and a 52 week high of $99.85.

Independent Bank (NASDAQ:INDB) last issued its earnings results on Wednesday, April 21st. The bank reported $1.26 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.09 by $0.17. Independent Bank had a net margin of 24.99% and a return on equity of 7.97%. As a group, sell-side analysts predict that Independent Bank Corp. will post 3.57 EPS for the current year.

The company also recently declared a quarterly dividend, which was paid on Friday, April 9th. Stockholders of record on Monday, March 29th were issued a $0.48 dividend. This represents a $1.92 dividend on an annualized basis and a dividend yield of 2.31%. This is an increase from Independent Bank’s previous quarterly dividend of $0.46. The ex-dividend date was Friday, March 26th. Independent Bank’s dividend payout ratio is presently 34.16%.

Institutional investors have recently bought and sold shares of the stock. US Bancorp DE grew its holdings in shares of Independent Bank by 11.5% in the first quarter. US Bancorp DE now owns 32,715 shares of the bank’s stock worth $2,755,000 after purchasing an additional 3,364 shares during the last quarter. Janney Montgomery Scott LLC bought a new stake in Independent Bank in the 1st quarter worth $215,000. Fisher Asset Management LLC boosted its holdings in shares of Independent Bank by 2.8% during the first quarter. Fisher Asset Management LLC now owns 95,910 shares of the bank’s stock worth $8,075,000 after purchasing an additional 2,598 shares during the period. Piscataqua Savings Bank bought a new stake in shares of Independent Bank in the first quarter worth about $29,000. Finally, Oregon Public Employees Retirement Fund increased its holdings in Independent Bank by 2.3% during the 1st quarter. Oregon Public Employees Retirement Fund now owns 13,568 shares of the bank’s stock valued at $1,142,000 after purchasing an additional 300 shares during the period. 80.44% of the stock is currently owned by institutional investors and hedge funds.

Several equities research analysts recently issued reports on the company. Seaport Global Securities upgraded Independent Bank from a “neutral” rating to a “buy” rating and set a $94.00 price target for the company in a report on Monday. Zacks Investment Research cut shares of Independent Bank from a “buy” rating to a “hold” rating in a research note on Monday, April 26th. Finally, Piper Sandler raised Independent Bank from a “neutral” rating to an “overweight” rating and increased their price objective for the company from $86.00 to $90.00 in a report on Friday, April 23rd. Two analysts have rated the stock with a hold rating and three have given a buy rating to the stock. The company presently has an average rating of “Buy” and an average target price of $85.00.

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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