Citigroup Inc. Has $2.33 Million Stake in Independent Bank Corp. (NASDAQ:INDB)

Citigroup Inc. lifted its stake in shares of Independent Bank Corp. (NASDAQ:INDB – Get Rating) by 22.6% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 27,622 shares of the bank’s stock after purchasing an additional 5,091 shares during the period. Citigroup Inc.’s holdings in Independent Bank were worth $2,332,000 at the end of the most recent reporting period.

Other large investors also recently modified their holdings of the company. Baldwin Brothers LLC MA bought a new stake in shares of Independent Bank during the fourth quarter worth approximately $80,000. Armstrong Advisory Group Inc. bought a new stake in shares of Independent Bank during the fourth quarter worth approximately $53,000. Leeward Investments LLC MA bought a new stake in shares of Independent Bank during the fourth quarter worth approximately $21,398,000. Bank of Montreal Can raised its stake in shares of Independent Bank by 36.1% during the fourth quarter. Bank of Montreal Can now owns 7,539 shares of the bank’s stock worth $647,000 after buying an additional 1,999 shares during the last quarter. Finally, GHP Investment Advisors Inc. raised its stake in shares of Independent Bank by 2.5% during the third quarter. GHP Investment Advisors Inc. now owns 43,890 shares of the bank’s stock worth $3,271,000 after buying an additional 1,091 shares during the last quarter. 81.28% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In related news, CEO Jeffrey J. Tengel purchased 2,069 shares of Independent Bank stock in a transaction dated Thursday, May 4th. The stock was bought at an average price of $48.42 per share, for a total transaction of $100,180.98. Following the completion of the acquisition, the chief executive officer now directly owns 21,948 shares of the company’s stock, valued at $1,062,722.16. The acquisition was disclosed in a filing with the SEC, which is available through this hyperlink. In related news, CFO Mark J. Ruggiero purchased 1,000 shares of Independent Bank stock in a transaction dated Friday, April 28th. The stock was bought at an average price of $56.29 per share, for a total transaction of $56,290.00. Following the completion of the acquisition, the chief financial officer now directly owns 10,958 shares of the company’s stock, valued at $616,825.82. The acquisition was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CEO Jeffrey J. Tengel bought 2,069 shares of Independent Bank stock in a transaction that occurred on Thursday, May 4th. The shares were acquired at an average price of $48.42 per share, with a total value of $100,180.98. Following the acquisition, the chief executive officer now directly owns 21,948 shares of the company’s stock, valued at approximately $1,062,722.16. The disclosure for this purchase can be found here. Insiders purchased 4,069 shares of company stock worth $207,131 over the last quarter. 0.87% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

A number of equities research analysts recently weighed in on INDB shares. TheStreet downgraded shares of Independent Bank from a “b-” rating to a “c+” rating in a research note on Wednesday, April 26th. Keefe, Bruyette & Woods lowered their target price on shares of Independent Bank from $90.00 to $80.00 and set a “market perform” rating for the company in a research note on Thursday, April 6th. StockNews.com began coverage on shares of Independent Bank in a research note on Thursday, May 18th. They issued a “sell” rating for the company. Finally, Piper Sandler lowered their target price on shares of Independent Bank from $83.00 to $72.00 in a research note on Tuesday, March 14th.

Independent Bank Stock Down 3.0 %

Shares of NASDAQ:INDB opened at $46.68 on Thursday. Independent Bank Corp. has a 52 week low of $44.56 and a 52 week high of $91.65. The company has a debt-to-equity ratio of 0.35, a quick ratio of 0.94 and a current ratio of 0.94. The company has a market capitalization of $2.06 billion, a PE ratio of 7.86 and a beta of 0.80. The company has a 50 day moving average price of $57.92 and a two-hundred day moving average price of $73.68.

Independent Bank Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, April 6th. Stockholders of record on Monday, March 27th were issued a $0.55 dividend. This represents a $2.20 annualized dividend and a dividend yield of 4.71%. The ex-dividend date was Friday, March 24th. Independent Bank’s dividend payout ratio (DPR) is presently 37.04%.

Independent Bank Profile

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Independent Bank Corp. operates as a bank holding company. The company provides commercial banking, retail banking, and wealth management services and is engaged in the sale of retail investments and insurance products in Massachusetts. It offers deposit products, including demand deposits, interest checking, money market accounts, savings accounts, and time certificates of deposit.