Fmr LLC Increases Holdings in Independent Bank Corp (INDB)

Fmr LLC boosted its position in Independent Bank Corp (NASDAQ:INDB) by 0.6% during the 2nd quarter, according to its most recent Form 13F filing with the SEC. The fund owned 669,962 shares of the bank’s stock after purchasing an additional 3,741 shares during the period. Fmr LLC owned about 2.43% of Independent Bank worth $52,525,000 as of its most recent SEC filing.

Other large investors have also recently made changes to their positions in the company. Commonwealth of Pennsylvania Public School Empls Retrmt SYS purchased a new position in Independent Bank in the second quarter worth about $457,000. Principal Financial Group Inc. raised its stake in shares of Independent Bank by 4.3% in the first quarter. Principal Financial Group Inc. now owns 223,398 shares of the bank’s stock worth $15,984,000 after buying an additional 9,254 shares during the period. Schwab Charles Investment Management Inc. raised its stake in shares of Independent Bank by 4.1% in the first quarter. Schwab Charles Investment Management Inc. now owns 135,871 shares of the bank’s stock worth $9,722,000 after buying an additional 5,336 shares during the period. Legal & General Group Plc raised its stake in shares of Independent Bank by 2.6% in the first quarter. Legal & General Group Plc now owns 56,321 shares of the bank’s stock worth $4,030,000 after buying an additional 1,431 shares during the period. Finally, BlackRock Inc. raised its stake in shares of Independent Bank by 6.5% in the second quarter. BlackRock Inc. now owns 3,820,379 shares of the bank’s stock worth $299,519,000 after buying an additional 234,640 shares during the period. 81.50% of the stock is currently owned by institutional investors and hedge funds.

Several research firms have recently commented on INDB. BidaskClub raised Independent Bank from a “buy” rating to a “strong-buy” rating in a research note on Saturday, June 23rd. Zacks Investment Research downgraded Independent Bank from a “buy” rating to a “hold” rating in a research note on Tuesday. Keefe, Bruyette & Woods raised Independent Bank from a “market perform” rating to an “outperform” rating in a research note on Sunday, July 22nd. ValuEngine downgraded Independent Bank from a “buy” rating to a “hold” rating in a research note on Monday. Finally, Sandler O’Neill reaffirmed a “hold” rating and issued a $88.00 price objective on shares of Independent Bank in a research note on Friday, July 20th. One investment analyst has rated the stock with a sell rating, four have given a hold rating and two have assigned a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and an average target price of $80.00.

In related news, Director Carl Ribeiro sold 1,000 shares of Independent Bank stock in a transaction that occurred on Tuesday, July 24th. The stock was sold at an average price of $90.10, for a total transaction of $90,100.00. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. 2.67% of the stock is currently owned by company insiders.

NASDAQ INDB opened at $86.40 on Tuesday. The company has a debt-to-equity ratio of 0.16, a quick ratio of 0.94 and a current ratio of 0.94. Independent Bank Corp has a 52 week low of $66.85 and a 52 week high of $95.00. The stock has a market capitalization of $2.42 billion, a PE ratio of 25.79 and a beta of 0.93.

Independent Bank (NASDAQ:INDB) last posted its quarterly earnings data on Thursday, July 19th. The bank reported $1.14 EPS for the quarter, topping the consensus estimate of $1.11 by $0.03. Independent Bank had a return on equity of 11.27% and a net margin of 27.38%. The firm had revenue of $95.06 million for the quarter, compared to the consensus estimate of $92.60 million. equities analysts predict that Independent Bank Corp will post 4.68 EPS for the current fiscal year.

The firm also recently announced a quarterly dividend, which will be paid on Friday, October 5th. Investors of record on Monday, October 1st will be paid a dividend of $0.38 per share. This represents a $1.52 annualized dividend and a yield of 1.76%. The ex-dividend date is Friday, September 28th. Independent Bank’s dividend payout ratio (DPR) is presently 45.37%.

About Independent Bank

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 primarily in Massachusetts. The company's products and services include demand deposits and time certificates of deposit, as well as checking, money market, and savings accounts.

Read More: Closed-End Mutual Funds (CEFs)

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

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