Swiss National Bank Trims Stock Position in Independent Bank Corp. (NASDAQ:INDB)

Swiss National Bank lessened its position in shares of Independent Bank Corp. (NASDAQ:INDBGet Rating) by 0.7% during the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 111,478 shares of the bank’s stock after selling 800 shares during the quarter. Swiss National Bank owned about 0.24% of Independent Bank worth $8,855,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in INDB. Vanguard Group Inc. raised its position in Independent Bank by 4.1% in the first quarter. Vanguard Group Inc. now owns 5,422,075 shares of the bank’s stock valued at $442,929,000 after purchasing an additional 215,685 shares during the period. State Street Corp raised its position in Independent Bank by 2.4% in the first quarter. State Street Corp now owns 2,325,701 shares of the bank’s stock valued at $191,187,000 after purchasing an additional 54,624 shares during the period. American Century Companies Inc. raised its position in Independent Bank by 15.0% in the first quarter. American Century Companies Inc. now owns 650,304 shares of the bank’s stock valued at $53,123,000 after purchasing an additional 84,607 shares during the period. Eaton Vance Management raised its position in Independent Bank by 6.4% in the first quarter. Eaton Vance Management now owns 598,396 shares of the bank’s stock valued at $48,884,000 after purchasing an additional 35,974 shares during the period. Finally, Hsbc Holdings PLC raised its position in Independent Bank by 25.9% in the first quarter. Hsbc Holdings PLC now owns 439,100 shares of the bank’s stock valued at $36,182,000 after purchasing an additional 90,416 shares during the period. Hedge funds and other institutional investors own 81.45% of the company’s stock.

Independent Bank Stock Up 1.7 %

Independent Bank stock opened at $87.87 on Tuesday. Independent Bank Corp. has a twelve month low of $74.28 and a twelve month high of $89.46. The stock’s fifty day simple moving average is $81.81 and its 200-day simple moving average is $81.26. The company has a current ratio of 0.89, a quick ratio of 0.89 and a debt-to-equity ratio of 0.04. The firm has a market capitalization of $4.01 billion, a P/E ratio of 21.70 and a beta of 0.85.

Independent Bank Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, October 7th. Investors of record on Monday, September 26th were paid a dividend of $0.51 per share. The ex-dividend date was Friday, September 23rd. This represents a $2.04 dividend on an annualized basis and a dividend yield of 2.32%. Independent Bank’s payout ratio is currently 50.37%.

Analyst Ratings Changes

A number of analysts have issued reports on INDB shares. StockNews.com started coverage on Independent Bank in a research report on Wednesday, October 12th. They issued a “hold” rating on the stock. Compass Point cut their target price on Independent Bank to $100.00 in a research report on Thursday, October 27th. Finally, Piper Sandler cut their price objective on Independent Bank to $83.00 in a research report on Wednesday, October 5th.

Independent Bank Profile

(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.

Recommended Stories

Want to see what other hedge funds are holding INDB? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Independent Bank Corp. (NASDAQ:INDBGet Rating).

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

Receive News & Ratings for Independent Bank Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Independent Bank and related companies with MarketBeat.com's FREE daily email newsletter.