PNC Financial Services Group Inc. Sells 191 Shares of Independent Bank Corp. (NASDAQ:INDB)

PNC Financial Services Group Inc. cut its stake in Independent Bank Corp. (NASDAQ:INDB) by 2.9% in the fourth quarter, Holdings Channel.com reports. The firm owned 6,384 shares of the bank’s stock after selling 191 shares during the quarter. PNC Financial Services Group Inc.’s holdings in Independent Bank were worth $410,000 as of its most recent SEC filing.

Other large investors have also recently added to or reduced their stakes in the company. Venturi Wealth Management LLC acquired a new stake in Independent Bank in the 4th quarter valued at approximately $62,000. Smartleaf Asset Management LLC lifted its position in shares of Independent Bank by 105.4% in the fourth quarter. Smartleaf Asset Management LLC now owns 1,056 shares of the bank’s stock worth $68,000 after purchasing an additional 542 shares in the last quarter. KBC Group NV lifted its position in shares of Independent Bank by 34.5% in the fourth quarter. KBC Group NV now owns 1,911 shares of the bank’s stock worth $123,000 after purchasing an additional 490 shares in the last quarter. ST Germain D J Co. Inc. boosted its holdings in Independent Bank by 364.9% during the fourth quarter. ST Germain D J Co. Inc. now owns 2,213 shares of the bank’s stock worth $142,000 after purchasing an additional 1,737 shares during the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. bought a new position in Independent Bank in the third quarter valued at $222,000. Institutional investors own 83.40% of the company’s stock.

Insider Buying and Selling at Independent Bank

In related news, Director Donna L. Abelli sold 640 shares of the stock in a transaction on Tuesday, February 11th. The stock was sold at an average price of $70.03, for a total value of $44,819.20. Following the completion of the sale, the director now directly owns 12,516 shares of the company’s stock, valued at approximately $876,495.48. This represents a 4.86 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Insiders own 0.87% of the company’s stock.

Independent Bank Stock Down 1.5 %

Shares of NASDAQ:INDB opened at $63.07 on Friday. Independent Bank Corp. has a 52-week low of $45.11 and a 52-week high of $77.23. The company has a market capitalization of $2.69 billion, a PE ratio of 13.95 and a beta of 0.77. The company has a debt-to-equity ratio of 0.23, a quick ratio of 0.95 and a current ratio of 0.95. The company has a fifty day moving average of $66.28 and a 200-day moving average of $65.51.

Independent Bank (NASDAQ:INDB) last posted its quarterly earnings data on Thursday, January 16th. The bank reported $1.21 earnings per share for the quarter, beating analysts’ consensus estimates of $1.16 by $0.05. Independent Bank had a return on equity of 6.57% and a net margin of 19.58%. On average, equities analysts predict that Independent Bank Corp. will post 5.41 EPS for the current fiscal year.

Independent Bank Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, April 7th. Shareholders of record on Monday, March 31st will be issued a $0.59 dividend. This represents a $2.36 dividend on an annualized basis and a yield of 3.74%. This is a boost from Independent Bank’s previous quarterly dividend of $0.57. Independent Bank’s dividend payout ratio (DPR) is presently 50.44%.

Wall Street Analysts Forecast Growth

Several research analysts recently commented on the company. Keefe, Bruyette & Woods reduced their price target on Independent Bank from $82.00 to $80.00 and set a “market perform” rating for the company in a research report on Tuesday, January 21st. StockNews.com raised Independent Bank from a “sell” rating to a “hold” rating in a research report on Saturday, March 15th. Finally, Raymond James reaffirmed a “strong-buy” rating and issued a $78.00 price objective (up from $74.00) on shares of Independent Bank in a research report on Tuesday, January 21st.

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