Raymond James & Associates Has $3.60 Million Stock Position in Independent Bank Corp. (NASDAQ:INDB)

Raymond James & Associates grew its stake in shares of Independent Bank Corp. (NASDAQ:INDBGet Rating) by 123.3% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 42,625 shares of the bank’s stock after purchasing an additional 23,540 shares during the period. Raymond James & Associates owned approximately 0.09% of Independent Bank worth $3,599,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also recently made changes to their positions in the company. Vanguard Group Inc. raised its holdings in shares of Independent Bank by 4.1% in the 1st 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 during the last quarter. State Street Corp lifted its position in shares of Independent Bank by 2.4% during the 1st quarter. State Street Corp now owns 2,325,701 shares of the bank’s stock worth $191,187,000 after buying an additional 54,624 shares in the last quarter. Macquarie Group Ltd. lifted its position in shares of Independent Bank by 1.5% during the 3rd quarter. Macquarie Group Ltd. now owns 774,923 shares of the bank’s stock worth $57,794,000 after buying an additional 11,127 shares in the last quarter. Eaton Vance Management lifted its position in shares of Independent Bank by 3.7% during the 3rd quarter. Eaton Vance Management now owns 612,510 shares of the bank’s stock worth $45,650,000 after buying an additional 21,617 shares in the last quarter. Finally, Nuance Investments LLC lifted its position in shares of Independent Bank by 145.2% during the 4th quarter. Nuance Investments LLC now owns 455,696 shares of the bank’s stock worth $38,474,000 after buying an additional 269,873 shares in the last quarter. Institutional investors and hedge funds own 81.28% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts have commented on INDB shares. TheStreet cut shares of Independent Bank from a “b-” rating to a “c+” rating in a research report on Wednesday, April 26th. Keefe, Bruyette & Woods dropped their target price on shares of Independent Bank from $90.00 to $80.00 and set a “market perform” rating on the stock in a research report on Thursday, April 6th. Piper Sandler dropped their target price on shares of Independent Bank from $83.00 to $72.00 in a research report on Tuesday, March 14th. Finally, StockNews.com assumed coverage on shares of Independent Bank in a research note on Thursday, May 18th. They set a “sell” rating for the company.

Independent Bank Trading Down 3.8 %

Shares of INDB stock opened at $44.90 on Friday. The company has a 50 day moving average of $57.92 and a 200-day moving average of $73.68. The company has a quick ratio of 0.94, a current ratio of 0.94 and a debt-to-equity ratio of 0.35. Independent Bank Corp. has a 12-month low of $44.56 and a 12-month high of $91.65. The firm has a market cap of $1.98 billion, a P/E ratio of 7.56 and a beta of 0.80.

Independent Bank Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, April 6th. Investors of record on Monday, March 27th were paid a $0.55 dividend. The ex-dividend date was Friday, March 24th. This represents a $2.20 dividend on an annualized basis and a yield of 4.90%. Independent Bank’s dividend payout ratio is 37.04%.

Insider Activity at Independent Bank

In related news, Director Scott Smith sold 1,300 shares of Independent Bank stock in a transaction that occurred on Thursday, April 27th. The shares were sold at an average price of $55.83, for a total value of $72,579.00. Following the completion of the transaction, the director now directly owns 2,695 shares in the company, valued at approximately $150,461.85. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other Independent Bank news, CTO Barry H. Jensen acquired 1,000 shares of Independent Bank stock in a transaction that occurred on Tuesday, May 2nd. The stock was acquired at an average cost of $50.66 per share, for a total transaction of $50,660.00. Following the purchase, the chief technology officer now owns 25,049 shares of the company’s stock, valued at $1,268,982.34. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Scott Smith sold 1,300 shares of Independent Bank stock in a transaction that occurred on Thursday, April 27th. The shares were sold at an average price of $55.83, for a total transaction of $72,579.00. Following the completion of the transaction, the director now owns 2,695 shares of the company’s stock, valued at $150,461.85. The disclosure for this sale can be found here. In the last ninety days, insiders acquired 4,069 shares of company stock worth $207,131. Corporate insiders own 0.87% of the company’s stock.

Independent Bank Profile

(Get Rating)

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.

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

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