Strs Ohio Decreases Stake in Independent Bank Corp. (NASDAQ:INDB)

Strs Ohio reduced its stake in shares of Independent Bank Corp. (NASDAQ:INDB) by 10.1% during the 4th quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 16,900 shares of the bank’s stock after selling 1,900 shares during the period. Strs Ohio’s holdings in Independent Bank were worth $1,112,000 at the end of the most recent reporting period.

Other institutional investors also recently made changes to their positions in the company. Boston Trust Walden Corp raised its stake 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. Crestwood Advisors Group LLC acquired a new position in shares of Independent Bank during the 3rd quarter worth $4,663,000. Assenagon Asset Management S.A. acquired a new position in shares of Independent Bank during the 4th quarter worth $3,463,000. Canvas Wealth Advisors LLC acquired a new position in shares of Independent Bank during the 3rd quarter worth $399,000. Finally, Los Angeles Capital Management LLC acquired a new position in shares of Independent Bank during the 3rd quarter worth $659,000. 83.40% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In other news, Director Donna L. Abelli sold 800 shares of the company’s stock in a transaction dated Thursday, February 29th. The shares were sold at an average price of $52.83, for a total transaction of $42,264.00. Following the completion of the transaction, the director now owns 11,640 shares of the company’s stock, valued at approximately $614,941.20. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Corporate insiders own 0.87% of the company’s stock.

Independent Bank Trading Up 2.8 %

Shares of INDB stock opened at $52.22 on Wednesday. The firm has a 50-day moving average price of $50.87 and a 200 day moving average price of $54.97. Independent Bank Corp. has a twelve month low of $43.28 and a twelve month high of $68.75. The company has a market capitalization of $2.22 billion, a price-to-earnings ratio of 10.08 and a beta of 0.83. The company has a current ratio of 0.96, a quick ratio of 0.96 and a debt-to-equity ratio of 0.36.

Independent Bank Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, April 5th. Investors of record on Monday, April 1st were paid a $0.57 dividend. This is an increase from Independent Bank’s previous quarterly dividend of $0.55. The ex-dividend date of this dividend was Thursday, March 28th. This represents a $2.28 annualized dividend and a yield of 4.37%. Independent Bank’s payout ratio is presently 44.02%.

Analyst Upgrades and Downgrades

Several research analysts have recently issued reports on the company. Keefe, Bruyette & Woods cut their price target on Independent Bank from $64.00 to $60.00 and set a “market perform” rating for the company in a research note on Monday. TheStreet downgraded shares of Independent Bank from a “b-” rating to a “c+” rating in a research note on Wednesday, March 13th.

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 in the United States. The company provides interest checking, money market, and savings accounts, as well as demand deposits and time certificates of deposit.