Independent Bank Corp. (NASDAQ:INDB) Stock Holdings Trimmed by California Public Employees Retirement System

California Public Employees Retirement System decreased its holdings in Independent Bank Corp. (NASDAQ:INDB) by 2.1% in the 4th quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 60,366 shares of the bank’s stock after selling 1,282 shares during the quarter. California Public Employees Retirement System owned 0.14% of Independent Bank worth $3,973,000 as of its most recent filing with the SEC.

A number of other large investors also recently modified their holdings of the business. HighTower Advisors LLC lifted its holdings in shares of Independent Bank by 5.1% during the third quarter. HighTower Advisors LLC now owns 5,892 shares of the bank’s stock valued at $289,000 after purchasing an additional 287 shares during the last quarter. Covestor Ltd lifted its stake in Independent Bank by 13.5% during the third quarter. Covestor Ltd now owns 2,598 shares of the bank’s stock valued at $128,000 after buying an additional 310 shares in the last quarter. Diversified Trust Co boosted its holdings in shares of Independent Bank by 3.5% in the fourth quarter. Diversified Trust Co now owns 10,116 shares of the bank’s stock worth $666,000 after buying an additional 345 shares during the period. Swiss National Bank increased its position in shares of Independent Bank by 0.4% in the third quarter. Swiss National Bank now owns 96,978 shares of the bank’s stock worth $4,761,000 after acquiring an additional 400 shares in the last quarter. Finally, Nisa Investment Advisors LLC raised its holdings in shares of Independent Bank by 4.2% during the fourth quarter. Nisa Investment Advisors LLC now owns 10,677 shares of the bank’s stock valued at $703,000 after acquiring an additional 434 shares during the period. 83.40% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at Independent Bank

In other news, Director Donna L. Abelli sold 800 shares of the firm’s stock in a transaction dated Thursday, February 29th. The stock was sold at an average price of $52.83, for a total transaction of $42,264.00. Following the completion of the sale, the director now directly 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 Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 0.87% of the company’s stock.

Analyst Ratings Changes

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

Independent Bank Stock Up 1.1 %

INDB stock opened at $51.92 on Monday. The company has a 50 day moving average of $50.65 and a two-hundred day moving average of $55.14. The company has a market cap of $2.20 billion, a price-to-earnings ratio of 10.02 and a beta of 0.84. Independent Bank Corp. has a 12-month low of $43.28 and a 12-month high of $68.75. The company has a quick ratio of 0.96, a current ratio of 0.96 and a debt-to-equity ratio of 0.36.

Independent Bank Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, April 5th. Investors 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 was Thursday, March 28th. This represents a $2.28 dividend on an annualized basis and a yield of 4.39%. 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.