Independent Bank Corp. $INDB Shares Sold by VIRGINIA RETIREMENT SYSTEMS ET Al

VIRGINIA RETIREMENT SYSTEMS ET Al reduced its stake in Independent Bank Corp. (NASDAQ:INDB) by 77.8% in the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 3,200 shares of the bank’s stock after selling 11,200 shares during the quarter. VIRGINIA RETIREMENT SYSTEMS ET Al’s holdings in Independent Bank were worth $248,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also modified their holdings of the stock. BlackRock Inc. purchased a new position in shares of Independent Bank during the 2nd quarter worth $584,333,000. Reinhart Partners LLC. boosted its position in shares of Independent Bank by 1.3% during the 2nd quarter. Reinhart Partners LLC. now owns 657,871 shares of the bank’s stock valued at $55,078,000 after acquiring an additional 8,575 shares during the last quarter. Bank of America Corp DE acquired a new position in shares of Independent Bank during the 2nd quarter valued at about $44,640,000. Bank of New York Mellon Corp acquired a new stake in Independent Bank during the second quarter worth about $41,268,000. Finally, NFJ Investment Group LLC acquired a new stake in Independent Bank during the second quarter worth about $35,278,000. 83.40% of the stock is owned by institutional investors and hedge funds.

Independent Bank Price Performance

Shares of NASDAQ:INDB opened at $84.10 on Monday. The company has a market capitalization of $3.91 billion, a price-to-earnings ratio of 12.46 and a beta of 0.74. Independent Bank Corp. has a 12-month low of $66.17 and a 12-month high of $88.58. The business has a 50-day moving average price of $81.20 and a 200 day moving average price of $80.85. The company has a current ratio of 0.93, a quick ratio of 0.93 and a debt-to-equity ratio of 0.18.

Independent Bank (NASDAQ:INDB) last posted its earnings results on Thursday, October 15th. The bank reported $1.90 EPS for the quarter, beating analysts’ consensus estimates of $1.85 by $0.05. Independent Bank had a net margin of 24.27% and a return on equity of 9.61%. The company had revenue of $261.95 million for the quarter, compared to analysts’ expectations of $261.27 million. Sell-side analysts expect that Independent Bank Corp. will post 7.25 EPS for the current year.

Independent Bank Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, October 9th. Shareholders of record on Monday, September 28th were given a dividend of $0.64 per share. The ex-dividend date was Monday, September 28th. This represents a $2.56 dividend on an annualized basis and a dividend yield of 3.0%. Independent Bank’s dividend payout ratio (DPR) is currently 37.93%.

Analyst Upgrades and Downgrades

A number of brokerages have commented on INDB. Barclays lifted their target price on shares of Independent Bank from $82.00 to $86.00 and gave the stock an “underweight” rating in a research note on Tuesday, November 3rd. Weiss Ratings reissued a “buy (b)” rating on shares of Independent Bank in a research note on Tuesday, November 3rd. Piper Sandler upgraded shares of Independent Bank from a “hold” rating to a “strong-buy” rating in a report on Friday, October 2nd. Finally, Keefe, Bruyette & Woods reduced their price target on shares of Independent Bank from $99.00 to $96.00 and set an “outperform” rating on the stock in a research report on Monday, July 20th. Two equities research analysts have rated the stock with a Strong Buy rating, four have assigned a Buy rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Buy” and an average target price of $92.43.

Insider Buying and Selling at Independent Bank

In other news, Director Thomas R. Venables sold 3,750 shares of the business’s stock in a transaction that occurred on Tuesday, August 25th. The shares were sold at an average price of $83.00, for a total value of $311,250.00. Following the sale, the director directly owned 17,649 shares of the company’s stock, valued at approximately $1,464,867. The trade was a 17.52% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 1.60% of the stock is currently owned by corporate insiders.

Independent Bank Profile

Independent Bank Corp. is a bank holding company headquartered in Rockland, Massachusetts. Its principal subsidiary, Rockland Trust Company, provides banking and financial services to individuals, businesses and organizations.

Rockland Trust offers checking and savings accounts, loans, mortgages, and other deposit and lending services. Its business banking services include cash management and financing, while wealth management services include investment and trust services.

Founded in 1907, Rockland Trust serves communities across Massachusetts through its branch network and digital banking channels.