Assenagon Asset Management S.A. increased its position in Independent Bank Corp. (NASDAQ:INDB – Get Rating) by 5.5% during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 11,869 shares of the bank’s stock after acquiring an additional 617 shares during the period. Assenagon Asset Management S.A.’s holdings in Independent Bank were worth $970,000 at the end of the most recent reporting period.
A number of other large investors have also modified their holdings of INDB. Parallel Advisors LLC acquired a new stake in shares of Independent Bank in the 4th quarter worth about $28,000. Baystate Wealth Management LLC increased its holdings in shares of Independent Bank by 83.9% in the 4th quarter. Baystate Wealth Management LLC now owns 2,696 shares of the bank’s stock worth $220,000 after acquiring an additional 1,230 shares during the period. Russell Investments Group Ltd. acquired a new stake in shares of Independent Bank in the 4th quarter worth about $620,000. Strs Ohio acquired a new position in Independent Bank during the 4th quarter valued at about $211,000. Finally, New York State Teachers Retirement System increased its stake in Independent Bank by 12.1% during the 4th quarter. New York State Teachers Retirement System now owns 38,485 shares of the bank’s stock valued at $3,138,000 after buying an additional 4,162 shares during the period. Institutional investors and hedge funds own 83.42% of the company’s stock.
In other news, Director Eileen C. Miskell sold 1,123 shares of the firm’s stock in a transaction dated Thursday, June 9th. The shares were sold at an average price of $81.04, for a total transaction of $91,007.92. Following the completion of the transaction, the director now owns 13,435 shares in the company, valued at approximately $1,088,772.40. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In other Independent Bank news, CEO Christopher Oddleifson sold 3,000 shares of the firm’s stock in a transaction dated Thursday, June 9th. The shares were sold at an average price of $80.86, for a total value of $242,580.00. Following the completion of the transaction, the chief executive officer now directly owns 99,917 shares in the company, valued at $8,079,288.62. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Eileen C. Miskell sold 1,123 shares of the firm’s stock in a transaction dated Thursday, June 9th. The stock was sold at an average price of $81.04, for a total transaction of $91,007.92. Following the completion of the transaction, the director now owns 13,435 shares of the company’s stock, valued at $1,088,772.40. The disclosure for this sale can be found here. Insiders own 1.02% of the company’s stock.
Analyst Ratings Changes
Separately, StockNews.com assumed coverage on shares of Independent Bank in a research note on Thursday, March 31st. They set a “hold” rating on the stock.
Independent Bank Stock Up 2.5 %
Independent Bank stock opened at $79.24 on Friday. The stock has a market cap of $3.71 billion, a price-to-earnings ratio of 22.58 and a beta of 0.84. The company has a current ratio of 0.91, a quick ratio of 0.91 and a debt-to-equity ratio of 0.05. The company’s 50-day moving average price is $80.08 and its two-hundred day moving average price is $81.85. Independent Bank Corp. has a 52 week low of $68.14 and a 52 week high of $93.52.
Independent Bank (NASDAQ:INDB – Get Rating) last released its earnings results on Thursday, April 21st. The bank reported $1.23 EPS for the quarter, meeting the consensus estimate of $1.23. Independent Bank had a net margin of 23.51% and a return on equity of 8.61%. The firm had revenue of $163.70 million for the quarter, compared to analysts’ expectations of $164.30 million. During the same quarter last year, the company earned $1.26 EPS. On average, analysts expect that Independent Bank Corp. will post 5.08 EPS for the current fiscal year.
Independent Bank Announces Dividend
The firm also recently disclosed a quarterly dividend, which was paid on Friday, July 8th. Stockholders of record on Monday, June 27th were given a dividend of $0.51 per share. The ex-dividend date of this dividend was Friday, June 24th. This represents a $2.04 annualized dividend and a dividend yield of 2.57%. Independent Bank’s dividend payout ratio (DPR) is 58.12%.
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 primarily in Massachusetts. The company accepts interest checking, money market, and savings accounts, as well as demand deposits and time certificates of deposit.
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