State of New Jersey Common Pension Fund D lessened its holdings in shares of Independent Bank Corp. (NASDAQ:INDB – Get Rating) by 9.7% during the 1st quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 29,932 shares of the bank’s stock after selling 3,216 shares during the quarter. State of New Jersey Common Pension Fund D owned approximately 0.06% of Independent Bank worth $2,445,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the business. Mutual of America Capital Management LLC raised its position in Independent Bank by 5.0% during the first quarter. Mutual of America Capital Management LLC now owns 6,816 shares of the bank’s stock valued at $557,000 after acquiring an additional 324 shares in the last quarter. GHP Investment Advisors Inc. raised its position in shares of Independent Bank by 10.6% in the first quarter. GHP Investment Advisors Inc. now owns 39,881 shares of the bank’s stock valued at $3,258,000 after purchasing an additional 3,835 shares during the period. Assenagon Asset Management S.A. raised its position in shares of Independent Bank by 5.5% in the first quarter. Assenagon Asset Management S.A. now owns 11,869 shares of the bank’s stock valued at $970,000 after purchasing an additional 617 shares during the period. Truist Financial Corp bought a new position in shares of Independent Bank in the first quarter valued at approximately $476,000. Finally, Strs Ohio raised its position in shares of Independent Bank by 38.5% in the first quarter. Strs Ohio now owns 3,600 shares of the bank’s stock valued at $294,000 after purchasing an additional 1,000 shares during the period. Institutional investors own 83.42% of the company’s stock.
Insider Buying and Selling
In other Independent Bank news, CEO Christopher Oddleifson sold 3,000 shares of Independent Bank stock in a transaction on Thursday, June 9th. The shares were sold at an average price of $80.86, for a total transaction of $242,580.00. Following the sale, the chief executive officer now owns 99,917 shares in the company, valued at $8,079,288.62. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In other news, Director Donna L. Abelli sold 750 shares of the business’s stock in a transaction on Wednesday, July 27th. The shares were sold at an average price of $83.10, for a total value of $62,325.00. Following the sale, the director now owns 10,734 shares in the company, valued at approximately $891,995.40. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Christopher Oddleifson sold 3,000 shares of the business’s stock in a transaction on Thursday, June 9th. The shares were sold at an average price of $80.86, for a total transaction of $242,580.00. Following the completion of the sale, the chief executive officer now owns 99,917 shares in the company, valued at approximately $8,079,288.62. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 4,873 shares of company stock valued at $395,913. 1.02% of the stock is owned by company insiders.
Independent Bank Trading Down 1.6 %
Independent Bank (NASDAQ:INDB – Get Rating) last announced its earnings results on Thursday, July 21st. The bank reported $1.32 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.26 by $0.06. Independent Bank had a net margin of 25.36% and a return on equity of 8.56%. The business had revenue of $172.76 million for the quarter, compared to analyst estimates of $168.60 million. During the same quarter in the previous year, the firm posted $1.17 earnings per share. As a group, sell-side analysts predict that Independent Bank Corp. will post 5.27 EPS for the current year.
Independent Bank Announces Dividend
The business also recently announced a quarterly dividend, which was paid on Friday, July 8th. Investors of record on Monday, June 27th were given a dividend of $0.51 per share. This represents a $2.04 dividend on an annualized basis and a yield of 2.46%. The ex-dividend date of this dividend was Friday, June 24th. Independent Bank’s dividend payout ratio (DPR) is currently 55.28%.
Analyst Upgrades and Downgrades
Separately, Compass Point lifted their price target on shares of Independent Bank to $107.00 in a research report on Monday, July 25th.
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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