Independent Bank (NASDAQ:INDB) Hits New 12-Month Low at $44.45

Shares of Independent Bank Corp. (NASDAQ:INDB – Get Rating) hit a new 52-week low on Friday . The company traded as low as $44.45 and last traded at $45.00, with a volume of 13541 shares trading hands. The stock had previously closed at $44.90.

Analyst Upgrades and Downgrades

INDB has been the topic of a number of research reports. TheStreet lowered Independent Bank from a “b-” rating to a “c+” rating in a report on Wednesday, April 26th. StockNews.com started coverage on Independent Bank in a report on Thursday, May 18th. They set a “sell” rating on the stock. Keefe, Bruyette & Woods reduced their price target on Independent Bank from $90.00 to $80.00 and set a “market perform” rating on the stock in a report on Thursday, April 6th. Finally, Piper Sandler reduced their price target on Independent Bank from $83.00 to $72.00 in a report on Tuesday, March 14th.

Independent Bank Stock Performance

The company has a current ratio of 0.94, a quick ratio of 0.94 and a debt-to-equity ratio of 0.35. The firm has a fifty day moving average price of $57.92 and a 200 day moving average price of $73.68. The firm has a market cap of $1.97 billion, a PE ratio of 7.56 and a beta of 0.80.

Independent Bank Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, April 6th. Investors of record on Monday, March 27th were given a dividend of $0.55 per share. This represents a $2.20 dividend on an annualized basis and a dividend yield of 4.92%. The ex-dividend date was Friday, March 24th. Independent Bank’s payout ratio is 37.04%.

Insider Buying and Selling

In other Independent Bank news, CFO Mark J. Ruggiero acquired 1,000 shares of the business’s stock in a transaction that occurred on Friday, April 28th. The stock was purchased at an average cost of $56.29 per share, with a total value of $56,290.00. Following the transaction, the chief financial officer now owns 10,958 shares of the company’s stock, valued at $616,825.82. The transaction was disclosed in a filing with the SEC, which is available at this link. In other Independent Bank news, Director Scott Smith sold 1,300 shares of Independent Bank stock in a transaction dated Thursday, April 27th. The stock was sold at an average price of $55.83, for a total value of $72,579.00. Following the completion of the transaction, the director now directly owns 2,695 shares of the company’s stock, valued at approximately $150,461.85. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CFO Mark J. Ruggiero bought 1,000 shares of the company’s stock in a transaction on Friday, April 28th. The stock was purchased at an average cost of $56.29 per share, with a total value of $56,290.00. Following the completion of the transaction, the chief financial officer now owns 10,958 shares in the company, valued at $616,825.82. The disclosure for this purchase can be found here. In the last ninety days, insiders acquired 4,069 shares of company stock valued at $207,131. 0.87% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Independent Bank

Institutional investors have recently bought and sold shares of the company. Vanguard Group Inc. grew its position in shares of Independent Bank by 4.1% during the first quarter. Vanguard Group Inc. now owns 5,422,075 shares of the bank’s stock worth $442,929,000 after buying an additional 215,685 shares in the last quarter. State Street Corp grew its position in shares of Independent Bank by 2.4% during the first quarter. State Street Corp now owns 2,325,701 shares of the bank’s stock worth $191,187,000 after buying an additional 54,624 shares in the last quarter. Victory Capital Management Inc. grew its position in shares of Independent Bank by 5.1% during the first quarter. Victory Capital Management Inc. now owns 1,810,789 shares of the bank’s stock worth $118,824,000 after buying an additional 87,671 shares in the last quarter. Dimensional Fund Advisors LP grew its position in shares of Independent Bank by 2.7% during the first quarter. Dimensional Fund Advisors LP now owns 1,615,855 shares of the bank’s stock worth $106,032,000 after buying an additional 41,852 shares in the last quarter. Finally, Morgan Stanley grew its position in shares of Independent Bank by 251.3% during the fourth quarter. Morgan Stanley now owns 961,843 shares of the bank’s stock worth $81,208,000 after buying an additional 688,062 shares in the last quarter. 81.28% of the stock is owned by institutional investors and hedge funds.

About Independent Bank

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Independent Bank Corp. operates as a bank holding company. The company provides commercial banking, retail banking, and wealth management services and is engaged in the sale of retail investments and insurance products in Massachusetts. It offers deposit products, including demand deposits, interest checking, money market accounts, savings accounts, and time certificates of deposit.