Principal Financial Group Inc. Increases Holdings in Independent Bank Corp. (NASDAQ:INDB)

Principal Financial Group Inc. lifted its position in Independent Bank Corp. (NASDAQ:INDBGet Rating) by 64.3% in the fourth quarter, according to its most recent Form 13F filing with the SEC. The firm owned 374,772 shares of the bank’s stock after purchasing an additional 146,626 shares during the period. Principal Financial Group Inc.’s holdings in Independent Bank were worth $30,555,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently made changes to their positions in the stock. Victory Capital Management Inc. boosted its holdings in shares of Independent Bank by 1.9% in the fourth quarter. Victory Capital Management Inc. now owns 1,912,323 shares of the bank’s stock valued at $155,912,000 after purchasing an additional 35,779 shares during the period. Dimensional Fund Advisors LP boosted its holdings in shares of Independent Bank by 69.9% in the fourth quarter. Dimensional Fund Advisors LP now owns 1,725,085 shares of the bank’s stock valued at $140,646,000 after purchasing an additional 709,679 shares during the period. Macquarie Group Ltd. boosted its holdings in shares of Independent Bank by 1.0% in the third quarter. Macquarie Group Ltd. now owns 749,061 shares of the bank’s stock valued at $57,041,000 after purchasing an additional 7,293 shares during the period. Northern Trust Corp boosted its holdings in shares of Independent Bank by 28.1% in the fourth quarter. Northern Trust Corp now owns 707,037 shares of the bank’s stock valued at $57,646,000 after purchasing an additional 154,902 shares during the period. Finally, Goldman Sachs Group Inc. boosted its holdings in shares of Independent Bank by 1.6% in the third quarter. Goldman Sachs Group Inc. now owns 698,503 shares of the bank’s stock valued at $53,191,000 after purchasing an additional 10,865 shares during the period. Hedge funds and other institutional investors own 83.42% of the company’s stock.

Independent Bank stock opened at $76.81 on Friday. The business has a fifty day moving average of $80.54 and a two-hundred day moving average of $82.94. The company has a quick ratio of 0.91, a current ratio of 0.91 and a debt-to-equity ratio of 0.05. The firm has a market cap of $3.59 billion, a P/E ratio of 21.88 and a beta of 0.86. Independent Bank Corp. has a twelve month low of $68.14 and a twelve month high of $93.52.

Independent Bank (NASDAQ:INDBGet Rating) last posted its earnings results on Thursday, April 21st. The bank reported $1.23 earnings per share for the quarter, missing analysts’ consensus estimates of $1.26 by ($0.03). Independent Bank had a return on equity of 8.61% and a net margin of 23.51%. During the same period in the previous year, the business posted $1.26 EPS. Equities analysts expect that Independent Bank Corp. will post 5.05 earnings per share for the current year.

The firm also recently declared a quarterly dividend, which was paid on Friday, April 8th. Stockholders of record on Monday, March 28th were given a dividend of $0.51 per share. The ex-dividend date of this dividend was Friday, March 25th. This is an increase from Independent Bank’s previous quarterly dividend of $0.48. This represents a $2.04 dividend on an annualized basis and a dividend yield of 2.66%. Independent Bank’s dividend payout ratio is presently 58.12%.

In other news, President Gerard F. Nadeau sold 1,500 shares of the company’s stock in a transaction on Tuesday, March 15th. The stock was sold at an average price of $84.94, for a total transaction of $127,410.00. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CEO Christopher Oddleifson sold 1,050 shares of the company’s stock in a transaction on Thursday, February 24th. The stock was sold at an average price of $80.50, for a total value of $84,525.00. The disclosure for this sale can be found here. Corporate insiders own 1.02% of the company’s stock.

A number of analysts have weighed in on INDB shares. StockNews.com started coverage on Independent Bank in a report on Thursday, March 31st. They set a “hold” rating for the company. Zacks Investment Research upgraded Independent Bank from a “hold” rating to a “buy” rating and set a $88.00 target price for the company in a report on Wednesday, April 27th.

Independent Bank Company Profile (Get Rating)

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 primarily in Massachusetts. The company accepts interest checking, money market, and savings accounts, as well as demand deposits and time certificates of deposit.

See Also

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Institutional Ownership by Quarter for Independent Bank (NASDAQ:INDB)

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