Commonwealth Equity Services LLC increased its stake in Independent Bank Corp. (NASDAQ:INDB – Free Report) by 9.7% in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 55,715 shares of the bank’s stock after purchasing an additional 4,938 shares during the quarter. Commonwealth Equity Services LLC owned about 0.13% of Independent Bank worth $2,826,000 at the end of the most recent quarter.
Several other institutional investors have also bought and sold shares of INDB. Vanguard Group Inc. lifted its holdings in Independent Bank by 1.3% in the 4th quarter. Vanguard Group Inc. now owns 5,272,986 shares of the bank’s stock valued at $347,015,000 after acquiring an additional 69,312 shares during the last quarter. Dimensional Fund Advisors LP lifted its holdings in Independent Bank by 10.3% in the 4th quarter. Dimensional Fund Advisors LP now owns 1,753,697 shares of the bank’s stock valued at $115,415,000 after acquiring an additional 164,254 shares during the last quarter. Rockland Trust Co. lifted its holdings in Independent Bank by 14.3% in the 2nd quarter. Rockland Trust Co. now owns 737,477 shares of the bank’s stock valued at $37,405,000 after acquiring an additional 92,438 shares during the last quarter. Goldman Sachs Group Inc. lifted its holdings in Independent Bank by 5.3% in the 4th quarter. Goldman Sachs Group Inc. now owns 509,236 shares of the bank’s stock valued at $33,513,000 after acquiring an additional 25,664 shares during the last quarter. Finally, Norges Bank acquired a new stake in Independent Bank in the 4th quarter valued at about $32,784,000. Institutional investors and hedge funds own 83.40% of the company’s stock.
Independent Bank Price Performance
INDB stock opened at $58.91 on Thursday. The company has a current ratio of 0.95, a quick ratio of 0.95 and a debt-to-equity ratio of 0.24. Independent Bank Corp. has a one year low of $44.63 and a one year high of $68.75. The firm has a market capitalization of $2.50 billion, a PE ratio of 11.37 and a beta of 0.75. The firm has a 50-day moving average of $58.65 and a two-hundred day moving average of $53.23.
Independent Bank Announces Dividend
The business also recently declared a quarterly dividend, which was paid on Monday, July 8th. Stockholders of record on Monday, July 1st were given a $0.57 dividend. This represents a $2.28 dividend on an annualized basis and a dividend yield of 3.87%. The ex-dividend date of this dividend was Monday, July 1st. Independent Bank’s dividend payout ratio (DPR) is 44.02%.
Wall Street Analysts Forecast Growth
A number of equities research analysts have weighed in on the stock. StockNews.com raised shares of Independent Bank from a “sell” rating to a “hold” rating in a report on Monday. Seaport Res Ptn raised shares of Independent Bank from a “hold” rating to a “strong-buy” rating in a research note on Monday, July 22nd.
Read Our Latest Stock Analysis 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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