Maryland State Retirement & Pension System Trims Position in Independent Bank Corp. (NASDAQ:INDB)

Maryland State Retirement & Pension System reduced its holdings in Independent Bank Corp. (NASDAQ:INDB) by 2.0% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 15,938 shares of the bank’s stock after selling 318 shares during the period. Maryland State Retirement & Pension System’s holdings in Independent Bank were worth $1,049,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in the business. Victory Capital Management Inc. grew its position in shares of Independent Bank by 1.3% during the 3rd quarter. Victory Capital Management Inc. now owns 1,907,345 shares of the bank’s stock valued at $93,632,000 after acquiring an additional 25,094 shares during the period. Nuance Investments LLC raised its holdings in shares of Independent Bank by 80.6% during the 3rd quarter. Nuance Investments LLC now owns 1,661,215 shares of the bank’s stock worth $81,549,000 after acquiring an additional 741,609 shares during the period. Northern Trust Corp boosted its holdings in Independent Bank by 0.5% in the 3rd quarter. Northern Trust Corp now owns 677,367 shares of the bank’s stock valued at $33,252,000 after purchasing an additional 3,359 shares during the last quarter. Boston Trust Walden Corp increased its holdings in shares of Independent Bank by 22.1% during the 4th quarter. Boston Trust Walden Corp now owns 518,119 shares of the bank’s stock worth $34,097,000 after buying an additional 93,901 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. raised its position in shares of Independent Bank by 5.9% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 439,760 shares of the bank’s stock valued at $21,588,000 after buying an additional 24,561 shares during the period. Institutional investors and hedge funds own 83.40% of the company’s stock.

Independent Bank Price Performance

INDB stock opened at $51.91 on Friday. The business’s 50-day moving average is $50.61 and its two-hundred day moving average is $55.15. The company has a debt-to-equity ratio of 0.36, a current ratio of 0.96 and a quick ratio of 0.96. The firm has a market capitalization of $2.20 billion, a P/E ratio of 10.02 and a beta of 0.84. Independent Bank Corp. has a 1 year low of $43.28 and a 1 year high of $68.75.

Independent Bank Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, April 5th. Stockholders of record on Monday, April 1st were issued a $0.57 dividend. This represents a $2.28 dividend on an annualized basis and a dividend yield of 4.39%. This is a positive change from Independent Bank’s previous quarterly dividend of $0.55. The ex-dividend date was Thursday, March 28th. Independent Bank’s dividend payout ratio (DPR) is presently 44.02%.

Insider Transactions at Independent Bank

In other Independent Bank news, Director Donna L. Abelli sold 800 shares of the stock in a transaction that occurred on Thursday, February 29th. The shares were sold at an average price of $52.83, for a total value of $42,264.00. Following the transaction, the director now directly owns 11,640 shares in the company, valued at $614,941.20. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 0.87% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently weighed in on INDB shares. Keefe, Bruyette & Woods lowered their price target on Independent Bank from $64.00 to $60.00 and set a “market perform” rating for the company in a report on Monday, April 22nd. TheStreet cut shares of Independent Bank from a “b-” rating to a “c+” rating in a research report on Wednesday, March 13th.

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.