Independent Bank Corp. (NASDAQ:INDB) Shares Sold by Truist Financial Corp

Truist Financial Corp decreased its stake in Independent Bank Corp. (NASDAQ:INDB) by 25.6% in the 2nd quarter, Holdings Channel.com reports. The institutional investor owned 4,213 shares of the bank’s stock after selling 1,447 shares during the quarter. Truist Financial Corp’s holdings in Independent Bank were worth $214,000 as of its most recent SEC filing.

A number of other large investors have also modified their holdings of INDB. Louisiana State Employees Retirement System lifted its holdings in Independent Bank by 0.9% in the 2nd quarter. Louisiana State Employees Retirement System now owns 21,400 shares of the bank’s stock worth $1,085,000 after buying an additional 200 shares in the last quarter. CWM LLC increased its holdings in Independent Bank by 2.7% during the 2nd quarter. CWM LLC now owns 8,704 shares of the bank’s stock worth $441,000 after purchasing an additional 232 shares during the last quarter. Aries Wealth Management raised its position in shares of Independent Bank by 1.5% in the 2nd quarter. Aries Wealth Management now owns 16,122 shares of the bank’s stock valued at $818,000 after purchasing an additional 232 shares in the last quarter. Illinois Municipal Retirement Fund boosted its stake in shares of Independent Bank by 1.8% during the 1st quarter. Illinois Municipal Retirement Fund now owns 25,325 shares of the bank’s stock valued at $1,317,000 after buying an additional 443 shares during the last quarter. Finally, Plimoth Trust Co. LLC grew its position in shares of Independent Bank by 6.0% during the first quarter. Plimoth Trust Co. LLC now owns 8,900 shares of the bank’s stock worth $463,000 after buying an additional 500 shares in the last quarter. Institutional investors and hedge funds own 83.40% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts recently issued reports on INDB shares. StockNews.com cut shares of Independent Bank from a “hold” rating to a “sell” rating in a report on Tuesday, September 17th. Seaport Res Ptn upgraded shares of Independent Bank from a “hold” rating to a “strong-buy” rating in a research note on Monday, July 22nd.

Independent Bank Stock Performance

Independent Bank stock opened at $61.57 on Friday. The company has a debt-to-equity ratio of 0.24, a current ratio of 0.95 and a quick ratio of 0.95. Independent Bank Corp. has a 12 month low of $44.63 and a 12 month high of $68.75. The company has a fifty day moving average price of $60.26 and a two-hundred day moving average price of $54.95. The company has a market cap of $2.61 billion, a PE ratio of 11.89 and a beta of 0.74.

Independent Bank (NASDAQ:INDB) last posted its quarterly earnings results on Thursday, October 17th. The bank reported $1.01 EPS for the quarter, beating the consensus estimate of $0.99 by $0.02. The business had revenue of $250.07 million during the quarter, compared to analyst estimates of $173.24 million. Independent Bank had a net margin of 22.42% and a return on equity of 7.41%. During the same period in the previous year, the business posted $1.38 EPS. Research analysts expect that Independent Bank Corp. will post 4.49 earnings per share for the current year.

Independent Bank Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, October 4th. Stockholders of record on Monday, September 30th were issued a dividend of $0.57 per share. This represents a $2.28 annualized dividend and a dividend yield of 3.70%. The ex-dividend date was Monday, September 30th. Independent Bank’s dividend payout ratio (DPR) is presently 44.02%.

Independent Bank 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.