State of Alaska Department of Revenue Sells 689 Shares of Independent Bank Corp. (NASDAQ:INDB)

State of Alaska Department of Revenue lessened its holdings in shares of Independent Bank Corp. (NASDAQ:INDB) by 2.8% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 24,244 shares of the bank’s stock after selling 689 shares during the period. State of Alaska Department of Revenue owned approximately 0.06% of Independent Bank worth $1,433,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also modified their holdings of the company. EntryPoint Capital LLC acquired a new position in shares of Independent Bank in the first quarter valued at approximately $47,000. Innealta Capital LLC bought a new position in Independent Bank during the 2nd quarter worth about $73,000. Profund Advisors LLC acquired a new stake in shares of Independent Bank in the 2nd quarter valued at about $229,000. Vanguard Personalized Indexing Management LLC lifted its holdings in shares of Independent Bank by 29.7% in the second quarter. Vanguard Personalized Indexing Management LLC now owns 5,378 shares of the bank’s stock valued at $273,000 after purchasing an additional 1,231 shares in the last quarter. Finally, SG Americas Securities LLC boosted its position in shares of Independent Bank by 102.6% during the first quarter. SG Americas Securities LLC now owns 5,305 shares of the bank’s stock worth $276,000 after buying an additional 2,687 shares during the period. 83.40% of the stock is currently owned by institutional investors and hedge funds.

Independent Bank Price Performance

NASDAQ:INDB opened at $62.60 on Monday. The stock has a market capitalization of $2.66 billion, a PE ratio of 13.61 and a beta of 0.73. Independent Bank Corp. has a 1-year low of $45.11 and a 1-year high of $68.75. The firm has a fifty day simple moving average of $60.98 and a 200 day simple moving average of $55.98. 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 (NASDAQ:INDB) last announced its quarterly earnings data on Thursday, October 17th. The bank reported $1.01 EPS for the quarter, beating analysts’ consensus estimates of $0.99 by $0.02. Independent Bank had a net margin of 20.26% and a return on equity of 6.79%. The company had revenue of $250.07 million during the quarter, compared to the consensus estimate of $173.24 million. During the same quarter last year, the firm posted $1.38 EPS. On average, research analysts expect that Independent Bank Corp. will post 4.5 EPS for the current fiscal year.

Independent Bank Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, October 4th. Stockholders of record on Monday, September 30th were given a $0.57 dividend. The ex-dividend date of this dividend was Monday, September 30th. This represents a $2.28 dividend on an annualized basis and a dividend yield of 3.64%. Independent Bank’s payout ratio is 49.57%.

Analysts Set New Price Targets

Several equities research analysts have commented on INDB shares. Keefe, Bruyette & Woods boosted their target price on Independent Bank from $62.00 to $65.00 and gave the company a “market perform” rating in a research note on Monday, October 21st. Seaport Res Ptn upgraded shares of Independent Bank from a “hold” rating to a “strong-buy” rating in a report on Monday, July 22nd. Raymond James upgraded shares of Independent Bank from a “market perform” rating to a “strong-buy” rating and set a $74.00 price target on the stock in a research note on Monday, October 21st. Finally, StockNews.com downgraded shares of Independent Bank from a “hold” rating to a “sell” rating in a research note on Tuesday, September 17th. One investment analyst has rated the stock with a sell rating, one has issued a hold rating and two have assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $69.50.

Independent Bank Company Profile

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.