Oregon Public Employees Retirement Fund Sells 161 Shares of Independent Bank Corp. (NASDAQ:INDB)

Oregon Public Employees Retirement Fund reduced its stake in Independent Bank Corp. (NASDAQ:INDBGet Rating) by 1.0% in the 3rd quarter, HoldingsChannel reports. The firm owned 15,243 shares of the bank’s stock after selling 161 shares during the quarter. Oregon Public Employees Retirement Fund’s holdings in Independent Bank were worth $1,136,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Vanguard Group Inc. increased its position in shares of Independent Bank by 4.1% during the first quarter. Vanguard Group Inc. now owns 5,422,075 shares of the bank’s stock worth $442,929,000 after acquiring an additional 215,685 shares in the last quarter. State Street Corp increased its position in shares of Independent Bank by 2.4% during the first quarter. State Street Corp now owns 2,325,701 shares of the bank’s stock worth $191,187,000 after acquiring an additional 54,624 shares in the last quarter. Macquarie Group Ltd. increased its position in shares of Independent Bank by 4.1% during the second quarter. Macquarie Group Ltd. now owns 763,796 shares of the bank’s stock worth $60,669,000 after acquiring an additional 29,899 shares in the last quarter. Rockland Trust Co. increased its position in shares of Independent Bank by 0.9% during the third quarter. Rockland Trust Co. now owns 661,190 shares of the bank’s stock worth $49,278,000 after acquiring an additional 5,740 shares in the last quarter. Finally, Eaton Vance Management increased its position in shares of Independent Bank by 6.4% during the first quarter. Eaton Vance Management now owns 598,396 shares of the bank’s stock worth $48,884,000 after acquiring an additional 35,974 shares in the last quarter. 81.28% of the stock is owned by institutional investors.

Independent Bank Stock Down 2.9 %

INDB opened at $76.91 on Monday. The company has a quick ratio of 0.89, a current ratio of 0.89 and a debt-to-equity ratio of 0.04. The stock has a market cap of $3.51 billion, a price-to-earnings ratio of 13.49 and a beta of 0.86. Independent Bank Corp. has a twelve month low of $74.28 and a twelve month high of $91.65. The company’s 50-day moving average price is $84.74 and its two-hundred day moving average price is $82.63.

Independent Bank (NASDAQ:INDBGet Rating) last released its earnings results on Thursday, October 20th. The bank reported $1.57 earnings per share for the quarter, beating analysts’ consensus estimates of $1.40 by $0.17. The firm had revenue of $190.80 million for the quarter, compared to analysts’ expectations of $178.60 million. Independent Bank had a net margin of 34.83% and a return on equity of 9.32%. As a group, equities analysts expect that Independent Bank Corp. will post 6.63 earnings per share for the current year.

Independent Bank Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, January 6th. Shareholders of record on Tuesday, December 27th were paid a $0.55 dividend. This represents a $2.20 dividend on an annualized basis and a yield of 2.86%. This is a boost from Independent Bank’s previous quarterly dividend of $0.51. The ex-dividend date was Friday, December 23rd. Independent Bank’s payout ratio is presently 38.60%.

Wall Street Analyst Weigh In

Several equities research analysts have recently commented on INDB shares. Piper Sandler decreased their target price on shares of Independent Bank to $83.00 in a research report on Wednesday, October 5th. Keefe, Bruyette & Woods cut shares of Independent Bank from an “outperform” rating to a “market perform” rating and set a $100.00 price target on the stock. in a report on Monday, December 12th. StockNews.com started coverage on shares of Independent Bank in a report on Wednesday, October 12th. They set a “hold” rating on the stock. Raymond James started coverage on shares of Independent Bank in a report on Tuesday, December 20th. They set a “market perform” rating on the stock. Finally, Compass Point cut their price target on shares of Independent Bank to $100.00 in a report on Thursday, October 27th.

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.

Further Reading

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

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