Ken Ansin Sells 144,000 Shares of Independent Bank (NASDAQ:INDB) Stock

Independent Bank Corp. (NASDAQ:INDB) Director Ken Ansin sold 144,000 shares of the firm’s stock in a transaction that occurred on Monday, November 10th. The stock was sold at an average price of $69.94, for a total transaction of $10,071,360.00. Following the sale, the director owned 288,481 shares of the company’s stock, valued at $20,176,361.14. This represents a 33.30% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink.

Independent Bank Trading Down 0.6%

INDB traded down $0.41 during trading hours on Wednesday, reaching $69.73. The company’s stock had a trading volume of 218,016 shares, compared to its average volume of 331,164. The business’s 50-day moving average is $69.31 and its 200-day moving average is $66.29. The company has a debt-to-equity ratio of 0.22, a current ratio of 0.95 and a quick ratio of 0.94. The stock has a market cap of $3.46 billion, a PE ratio of 16.97 and a beta of 0.89. Independent Bank Corp. has a fifty-two week low of $52.15 and a fifty-two week high of $77.23.

Independent Bank (NASDAQ:INDB) last announced its quarterly earnings results on Wednesday, February 12th. The bank reported $1.01 EPS for the quarter. The business had revenue of $175.25 million for the quarter. Independent Bank had a return on equity of 7.19% and a net margin of 16.64%. As a group, equities research analysts predict that Independent Bank Corp. will post 5.41 earnings per share for the current fiscal year.

Independent Bank Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Tuesday, October 7th. Shareholders of record on Monday, September 29th were paid a dividend of $0.59 per share. This represents a $2.36 annualized dividend and a yield of 3.4%. The ex-dividend date of this dividend was Monday, September 29th. Independent Bank’s dividend payout ratio (DPR) is 57.42%.

Analyst Upgrades and Downgrades

INDB has been the topic of a number of research analyst reports. Keefe, Bruyette & Woods raised shares of Independent Bank from a “market perform” rating to an “outperform” rating and boosted their price target for the company from $80.00 to $83.00 in a research note on Tuesday, October 21st. Weiss Ratings restated a “hold (c+)” rating on shares of Independent Bank in a research note on Wednesday, October 8th. Wall Street Zen upgraded Independent Bank from a “sell” rating to a “hold” rating in a research report on Sunday, August 10th. Zacks Research downgraded Independent Bank from a “strong-buy” rating to a “hold” rating in a report on Tuesday, August 19th. Finally, Independent Research set a $83.00 target price on Independent Bank in a report on Tuesday, October 21st. One investment analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating and three have given a Hold rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $76.75.

Institutional Trading of Independent Bank

Several institutional investors have recently modified their holdings of INDB. First Horizon Corp acquired a new stake in shares of Independent Bank during the third quarter worth about $31,000. EverSource Wealth Advisors LLC grew its stake in Independent Bank by 233.3% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 550 shares of the bank’s stock worth $35,000 after buying an additional 385 shares during the last quarter. Cullen Frost Bankers Inc. purchased a new position in Independent Bank during the 3rd quarter worth approximately $37,000. Private Trust Co. NA increased its position in Independent Bank by 296.8% during the second quarter. Private Trust Co. NA now owns 619 shares of the bank’s stock worth $39,000 after buying an additional 463 shares during the period. Finally, Bessemer Group Inc. lifted its stake in Independent Bank by 95.1% in the second quarter. Bessemer Group Inc. now owns 638 shares of the bank’s stock valued at $40,000 after buying an additional 311 shares during the last quarter. Hedge funds and other institutional investors own 83.40% of the company’s stock.

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.