Independent Bank Corp. (INDB) Holdings Boosted by Principal Financial Group Inc.

Principal Financial Group Inc. grew its position in Independent Bank Corp. (NASDAQ:INDB) by 1.8% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 221,802 shares of the bank’s stock after purchasing an additional 3,913 shares during the quarter. Principal Financial Group Inc. owned approximately 0.81% of Independent Bank Corp. worth $14,783,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also recently bought and sold shares of the business. BlackRock Inc. boosted its position in shares of Independent Bank Corp. by 49,979.6% in the first quarter. BlackRock Inc. now owns 3,281,718 shares of the bank’s stock worth $213,310,000 after purchasing an additional 3,275,165 shares during the period. Vanguard Group Inc. boosted its position in shares of Independent Bank Corp. by 4.3% in the first quarter. Vanguard Group Inc. now owns 2,362,266 shares of the bank’s stock worth $153,548,000 after purchasing an additional 96,358 shares during the period. Dimensional Fund Advisors LP boosted its position in shares of Independent Bank Corp. by 2.2% in the first quarter. Dimensional Fund Advisors LP now owns 1,275,934 shares of the bank’s stock worth $82,937,000 after purchasing an additional 27,904 shares during the period. Victory Capital Management Inc. boosted its position in shares of Independent Bank Corp. by 1.0% in the first quarter. Victory Capital Management Inc. now owns 996,737 shares of the bank’s stock worth $64,788,000 after purchasing an additional 9,418 shares during the period. Finally, State Street Corp boosted its position in shares of Independent Bank Corp. by 15.2% in the first quarter. State Street Corp now owns 841,085 shares of the bank’s stock worth $54,681,000 after purchasing an additional 111,161 shares during the period. Institutional investors and hedge funds own 76.45% of the company’s stock.

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Independent Bank Corp. (NASDAQ INDB) opened at 71.20 on Tuesday. The company has a market cap of $1.95 billion, a price-to-earnings ratio of 24.21 and a beta of 1.00. Independent Bank Corp. has a 12 month low of $47.50 and a 12 month high of $73.15. The company’s 50 day moving average is $69.35 and its 200-day moving average is $65.81.

Independent Bank Corp. (NASDAQ:INDB) last posted its earnings results on Thursday, July 20th. The bank reported $0.82 earnings per share for the quarter, beating the consensus estimate of $0.81 by $0.01. The firm had revenue of $85.15 million during the quarter, compared to analyst estimates of $85.20 million. Independent Bank Corp. had a net margin of 23.17% and a return on equity of 9.70%. During the same period in the previous year, the firm earned $0.78 EPS. On average, analysts expect that Independent Bank Corp. will post $3.33 earnings per share for the current fiscal year.

In related news, insider Mark J. Ruggiero sold 400 shares of the business’s stock in a transaction on Tuesday, July 25th. The shares were sold at an average price of $73.05, for a total value of $29,220.00. Following the completion of the sale, the insider now owns 2,852 shares of the company’s stock, valued at approximately $208,338.60. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Eileen C. Miskell sold 1,100 shares of the business’s stock in a transaction on Tuesday, July 25th. The stock was sold at an average price of $72.05, for a total transaction of $79,255.00. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 8,443 shares of company stock valued at $607,108. Insiders own 2.67% of the company’s stock.

A number of research firms have weighed in on INDB. Zacks Investment Research upgraded shares of Independent Bank Corp. from a “hold” rating to a “buy” rating and set a $81.00 price target for the company in a research report on Wednesday, July 26th. BidaskClub upgraded shares of Independent Bank Corp. from a “hold” rating to a “buy” rating in a research report on Tuesday, June 13th. Compass Point upgraded shares of Independent Bank Corp. from a “neutral” rating to a “buy” rating and set a $72.00 price target for the company in a research report on Friday, July 21st. Finally, Keefe, Bruyette & Woods reiterated a “hold” rating and issued a $71.00 price target on shares of Independent Bank Corp. in a research report on Wednesday, June 28th. Five research analysts have rated the stock with a hold rating and one has issued a buy rating to the company. The stock has an average rating of “Hold” and an average price target of $70.25.

Independent Bank Corp. Company Profile

Independent Bank Corp. is a bank holding company. The Company operates through its subsidiary, Rockland Trust Company (the Bank). The Bank is a community-oriented commercial bank. Its community banking business provides a range of banking services, including lending activities, acceptance of demand, savings, and time deposits, and investment management.

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Institutional Ownership by Quarter for Independent Bank Corp. (NASDAQ:INDB)

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