Illinois Municipal Retirement Fund reduced its stake in Independent Bank Corp. (NASDAQ:INDB – Free Report) by 0.8% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 24,882 shares of the bank’s stock after selling 194 shares during the period. Illinois Municipal Retirement Fund owned approximately 0.06% of Independent Bank worth $1,637,000 at the end of the most recent quarter.
Other large investors also recently bought and sold shares of the company. HighTower Advisors LLC boosted its position in shares of Independent Bank by 5.1% during the third quarter. HighTower Advisors LLC now owns 5,892 shares of the bank’s stock worth $289,000 after buying an additional 287 shares during the period. Covestor Ltd boosted its holdings in Independent Bank by 13.5% during the 3rd quarter. Covestor Ltd now owns 2,598 shares of the bank’s stock valued at $128,000 after acquiring an additional 310 shares during the period. Diversified Trust Co grew its position in Independent Bank by 3.5% in the 4th quarter. Diversified Trust Co now owns 10,116 shares of the bank’s stock valued at $666,000 after acquiring an additional 345 shares in the last quarter. Swiss National Bank increased its stake in Independent Bank by 0.4% during the third quarter. Swiss National Bank now owns 96,978 shares of the bank’s stock worth $4,761,000 after purchasing an additional 400 shares during the period. Finally, Nisa Investment Advisors LLC lifted its position in shares of Independent Bank by 4.2% during the fourth quarter. Nisa Investment Advisors LLC now owns 10,677 shares of the bank’s stock worth $703,000 after purchasing an additional 434 shares in the last quarter. Institutional investors and hedge funds own 83.40% of the company’s stock.
Independent Bank Stock Up 0.7 %
Shares of Independent Bank stock opened at $52.73 on Friday. The company has a quick ratio of 0.96, a current ratio of 0.96 and a debt-to-equity ratio of 0.36. Independent Bank Corp. has a 52-week low of $43.28 and a 52-week high of $68.75. The company has a market capitalization of $2.24 billion, a P/E ratio of 10.18 and a beta of 0.83. The company has a 50 day moving average of $50.85 and a 200 day moving average of $54.97.
Independent Bank Increases Dividend
Insider Activity at Independent Bank
In other Independent Bank news, Director Donna L. Abelli sold 800 shares of Independent Bank stock in a transaction dated Thursday, February 29th. The stock was sold at an average price of $52.83, for a total transaction of $42,264.00. Following the completion of the sale, the director now directly owns 11,640 shares of the company’s stock, valued at approximately $614,941.20. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 0.87% of the stock is currently owned by corporate insiders.
Analyst Ratings Changes
INDB has been the subject of several recent research reports. TheStreet cut shares of Independent Bank from a “b-” rating to a “c+” rating in a research report on Wednesday, March 13th. Keefe, Bruyette & Woods decreased their target price on Independent Bank from $64.00 to $60.00 and set a “market perform” rating for the company in a report on Monday, April 22nd.
Get Our Latest Stock Report on Independent Bank
About Independent Bank
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 in the United States. The company provides interest checking, money market, and savings accounts, as well as demand deposits and time certificates of deposit.
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