Allspring Global Investments Holdings LLC Sells 549 Shares of Independent Bank Corp. (NASDAQ:INDB)

Allspring Global Investments Holdings LLC lessened its stake in shares of Independent Bank Corp. (NASDAQ:INDBFree Report) by 50.9% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 530 shares of the bank’s stock after selling 549 shares during the quarter. Allspring Global Investments Holdings LLC’s holdings in Independent Bank were worth $26,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently made changes to their positions in the company. State of Wyoming raised its holdings in shares of Independent Bank by 44.4% in the 4th quarter. State of Wyoming now owns 543 shares of the bank’s stock valued at $46,000 after acquiring an additional 167 shares in the last quarter. Point72 Asset Management L.P. bought a new position in shares of Independent Bank in the second quarter worth approximately $98,000. Covestor Ltd increased its position in shares of Independent Bank by 96.1% in the second quarter. Covestor Ltd now owns 2,288 shares of the bank’s stock worth $102,000 after purchasing an additional 1,121 shares during the last quarter. FMR LLC increased its position in shares of Independent Bank by 7.9% in the second quarter. FMR LLC now owns 1,854 shares of the bank’s stock worth $147,000 after purchasing an additional 135 shares during the last quarter. Finally, Point72 Hong Kong Ltd bought a new position in shares of Independent Bank in the second quarter worth approximately $166,000. Institutional investors own 80.16% of the company’s stock.

Analyst Ratings Changes

Several research analysts recently weighed in on INDB shares. Seaport Res Ptn upgraded shares of Independent Bank from a “sell” rating to a “neutral” rating in a research report on Monday, October 23rd. TheStreet upgraded shares of Independent Bank from a “c+” rating to a “b-” rating in a research report on Tuesday, December 12th. Finally, Keefe, Bruyette & Woods reduced their price objective on Independent Bank from $66.00 to $64.00 and set a “market perform” rating on the stock in a research report on Monday, January 22nd.

Get Our Latest Report on INDB

Independent Bank Stock Down 1.6 %

Shares of NASDAQ:INDB opened at $53.84 on Wednesday. The stock’s 50-day moving average price is $61.95 and its 200-day moving average price is $56.06. Independent Bank Corp. has a 12-month low of $43.28 and a 12-month high of $82.66. The stock has a market capitalization of $2.36 billion, a P/E ratio of 9.93 and a beta of 0.87. The company has a current ratio of 0.97, a quick ratio of 0.97 and a debt-to-equity ratio of 0.42.

Independent Bank Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, January 5th. Stockholders of record on Tuesday, December 26th were paid a dividend of $0.55 per share. The ex-dividend date of this dividend was Friday, December 22nd. This represents a $2.20 dividend on an annualized basis and a dividend yield of 4.09%. Independent Bank’s dividend payout ratio (DPR) is currently 40.59%.

About Independent Bank

(Free Report)

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. It 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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