State of Alaska Department of Revenue Buys 2,405 Shares of Independent Bank Corp. (NASDAQ:INDB)

State of Alaska Department of Revenue increased its stake in Independent Bank Corp. (NASDAQ:INDBGet Rating) by 7.3% in the 2nd quarter, Holdings Channel reports. The fund owned 35,388 shares of the bank’s stock after buying an additional 2,405 shares during the quarter. State of Alaska Department of Revenue’s holdings in Independent Bank were worth $2,810,000 at the end of the most recent reporting period.

A number of other institutional investors have also added to or reduced their stakes in INDB. Citigroup Inc. lifted its position in Independent Bank by 92.9% in the 4th quarter. Citigroup Inc. now owns 37,248 shares of the bank’s stock worth $3,037,000 after buying an additional 17,940 shares during the last quarter. Pictet Asset Management SA purchased a new stake in shares of Independent Bank in the 4th quarter valued at $242,000. JPMorgan Chase & Co. boosted its stake in shares of Independent Bank by 108.1% in the 4th quarter. JPMorgan Chase & Co. now owns 256,162 shares of the bank’s stock valued at $20,886,000 after purchasing an additional 133,063 shares in the last quarter. Bank of Montreal Can boosted its stake in shares of Independent Bank by 11.8% in the 4th quarter. Bank of Montreal Can now owns 13,232 shares of the bank’s stock valued at $1,086,000 after purchasing an additional 1,397 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. boosted its stake in shares of Independent Bank by 39.4% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 381,107 shares of the bank’s stock valued at $31,072,000 after purchasing an additional 107,676 shares in the last quarter. Institutional investors own 81.45% of the company’s stock.

Insiders Place Their Bets

In other news, Director Donna L. Abelli sold 750 shares of the firm’s stock in a transaction dated Wednesday, July 27th. The shares were sold at an average price of $83.10, for a total value of $62,325.00. Following the completion of the sale, the director now directly owns 10,734 shares of the company’s stock, valued at approximately $891,995.40. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. In other news, Director Donna L. Abelli sold 750 shares of the firm’s stock in a transaction dated Wednesday, July 27th. The shares were sold at an average price of $83.10, for a total value of $62,325.00. Following the completion of the sale, the director now directly owns 10,734 shares of the company’s stock, valued at approximately $891,995.40. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Eileen C. Miskell sold 858 shares of the firm’s stock in a transaction dated Tuesday, August 16th. The stock was sold at an average price of $87.86, for a total transaction of $75,383.88. Following the completion of the sale, the director now directly owns 12,647 shares of the company’s stock, valued at $1,111,165.42. The disclosure for this sale can be found here. Insiders have sold a total of 4,058 shares of company stock valued at $350,236 in the last quarter. Insiders own 1.02% of the company’s stock.

Independent Bank Price Performance

Shares of Independent Bank stock opened at $78.45 on Friday. The firm has a market cap of $3.67 billion, a PE ratio of 21.26 and a beta of 0.83. Independent Bank Corp. has a 12-month low of $71.75 and a 12-month high of $93.52. The company has a quick ratio of 0.90, a current ratio of 0.90 and a debt-to-equity ratio of 0.05. The company’s fifty day simple moving average is $81.46 and its two-hundred day simple moving average is $80.84.

Independent Bank (NASDAQ:INDBGet Rating) last announced its quarterly 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. The business had revenue of $172.76 million for the quarter, compared to analyst estimates of $168.60 million. Independent Bank had a net margin of 25.36% and a return on equity of 8.56%. During the same quarter last year, the firm earned $1.17 EPS. As a group, equities analysts expect that Independent Bank Corp. will post 5.27 EPS for the current year.

Independent Bank Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, October 7th. Shareholders of record on Monday, September 26th will be issued a $0.51 dividend. This represents a $2.04 dividend on an annualized basis and a yield of 2.60%. The ex-dividend date of this dividend is Friday, September 23rd. Independent Bank’s dividend payout ratio (DPR) is presently 55.28%.

Analysts Set New Price Targets

Separately, Compass Point upped their price objective on shares of Independent Bank to $107.00 in a research note on Monday, July 25th.

About Independent Bank

(Get Rating)

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

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