Independent Bank Corp. (NASDAQ:INDB) Shares Sold by Illinois Municipal Retirement Fund

Illinois Municipal Retirement Fund lowered its holdings in Independent Bank Corp. (NASDAQ:INDB) by 0.8% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 24,882 shares of the bank’s stock after selling 194 shares during the period. Illinois Municipal Retirement Fund’s holdings in Independent Bank were worth $1,637,000 as of its most recent SEC filing.

Several other institutional investors have also recently added to or reduced their stakes in INDB. SG Americas Securities LLC purchased a new stake in shares of Independent Bank during the 3rd quarter valued at $1,472,000. Raymond James & Associates increased its stake in Independent Bank by 45.8% during the third quarter. Raymond James & Associates now owns 109,149 shares of the bank’s stock worth $5,358,000 after acquiring an additional 34,264 shares during the last quarter. Canvas Wealth Advisors LLC purchased a new position in shares of Independent Bank in the 3rd quarter worth about $399,000. Zurcher Kantonalbank Zurich Cantonalbank lifted its stake in shares of Independent Bank by 28.5% in the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 8,969 shares of the bank’s stock valued at $440,000 after purchasing an additional 1,988 shares in the last quarter. Finally, Panagora Asset Management Inc. purchased a new stake in shares of Independent Bank during the 3rd quarter worth about $8,154,000. 83.40% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several research firms recently commented on INDB. TheStreet lowered shares of Independent Bank from a “b-” rating to a “c+” rating in a report on Wednesday, March 13th. Keefe, Bruyette & Woods reduced their target price on shares of Independent Bank from $64.00 to $60.00 and set a “market perform” rating on the stock in a report on Monday, April 22nd.

Insider Activity 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 stock was sold at an average price of $52.83, for a total transaction of $42,264.00. Following 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 document filed with the SEC, which is available at this link. 0.87% of the stock is owned by corporate insiders.

Independent Bank Price Performance

Shares of NASDAQ INDB opened at $52.73 on Friday. Independent Bank Corp. has a 1-year low of $43.28 and a 1-year high of $68.75. 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 company has a market capitalization of $2.24 billion, a price-to-earnings ratio of 10.18 and a beta of 0.83. The business has a 50-day moving average of $50.85 and a 200-day moving average of $54.97.

Independent Bank Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, April 5th. Stockholders of record on Monday, April 1st were given a dividend of $0.57 per share. This is a boost 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 dividend yield of 4.32%. Independent Bank’s dividend payout ratio (DPR) is presently 44.02%.

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.