Keybank National Association OH cut its stake in shares of Independent Bank Corp. (NASDAQ:INDB – Free Report) by 5.4% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 9,393 shares of the bank’s stock after selling 540 shares during the quarter. Keybank National Association OH’s holdings in Independent Bank were worth $461,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Several other institutional investors also recently bought and sold shares of the stock. FMR LLC lifted its stake in shares of Independent Bank by 7.9% in the 2nd quarter. FMR LLC now owns 1,854 shares of the bank’s stock valued at $147,000 after purchasing an additional 135 shares during the period. State of Wyoming lifted its stake in shares of Independent Bank by 44.4% in the 4th quarter. State of Wyoming now owns 543 shares of the bank’s stock valued at $46,000 after purchasing an additional 167 shares during the period. Bank of Montreal Can lifted its stake in shares of Independent Bank by 1.3% in the 1st quarter. Bank of Montreal Can now owns 13,404 shares of the bank’s stock valued at $1,141,000 after purchasing an additional 172 shares during the period. NBW Capital LLC lifted its stake in shares of Independent Bank by 0.8% in the 4th quarter. NBW Capital LLC now owns 35,711 shares of the bank’s stock valued at $3,015,000 after purchasing an additional 273 shares during the period. Finally, Guggenheim Capital LLC lifted its stake in shares of Independent Bank by 12.3% in the 1st quarter. Guggenheim Capital LLC now owns 2,965 shares of the bank’s stock valued at $242,000 after purchasing an additional 325 shares during the period. 80.16% of the stock is currently owned by hedge funds and other institutional investors.
Analyst Ratings Changes
A number of research analysts have recently commented on INDB shares. Seaport Res Ptn upgraded Independent Bank from a “sell” rating to a “neutral” rating in a research note on Monday, October 23rd. Keefe, Bruyette & Woods reduced their price objective on Independent Bank from $66.00 to $64.00 and set a “market perform” rating for the company in a research report on Monday, January 22nd. Finally, TheStreet raised Independent Bank from a “c+” rating to a “b-” rating in a research report on Tuesday, December 12th.
Independent Bank Stock Down 1.0 %
Independent Bank stock opened at $53.28 on Thursday. The firm has a market cap of $2.34 billion, a price-to-earnings ratio of 9.83 and a beta of 0.87. The stock has a fifty day simple moving average of $61.88 and a two-hundred day simple moving average of $56.04. Independent Bank Corp. has a 12 month low of $43.28 and a 12 month high of $82.66. The company has a current ratio of 0.97, a quick ratio of 0.97 and a debt-to-equity ratio of 0.42.
Independent Bank Announces Dividend
The firm also recently announced a quarterly dividend, which was paid on Friday, January 5th. Shareholders of record on Tuesday, December 26th were issued a $0.55 dividend. This represents a $2.20 dividend on an annualized basis and a dividend yield of 4.13%. The ex-dividend date of this dividend was Friday, December 22nd. Independent Bank’s payout ratio is 40.59%.
Independent Bank 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. It accepts interest checking, money market, and savings accounts, as well as demand deposits and time certificates of deposit.
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