Donna L. Abelli Sells 640 Shares of Independent Bank Corp. (NASDAQ:INDB) Stock

Independent Bank Corp. (NASDAQ:INDB) Director Donna L. Abelli sold 640 shares of the company’s stock in a transaction on Tuesday, February 11th. The stock was sold at an average price of $70.03, for a total value of $44,819.20. Following the sale, the director now owns 12,516 shares of the company’s stock, valued at $876,495.48. This trade represents a 4.86 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this hyperlink.

Independent Bank Stock Performance

NASDAQ:INDB traded down $1.49 during mid-day trading on Wednesday, hitting $68.75. 285,309 shares of the company traded hands, compared to its average volume of 252,182. The firm has a market cap of $2.92 billion, a price-to-earnings ratio of 15.21 and a beta of 0.77. The company has a quick ratio of 0.95, a current ratio of 0.95 and a debt-to-equity ratio of 0.23. The stock’s fifty day moving average price is $66.86 and its 200-day moving average price is $64.54. Independent Bank Corp. has a one year low of $45.11 and a one year high of $77.23.

Independent Bank (NASDAQ:INDB) last posted its earnings results on Thursday, January 16th. The bank reported $1.21 EPS for the quarter, topping analysts’ consensus estimates of $1.16 by $0.05. Independent Bank had a return on equity of 6.57% and a net margin of 19.58%. Research analysts anticipate that Independent Bank Corp. will post 5.41 earnings per share for the current fiscal year.

Independent Bank Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, January 6th. Stockholders of record on Monday, December 30th were paid a dividend of $0.57 per share. The ex-dividend date of this dividend was Monday, December 30th. This represents a $2.28 dividend on an annualized basis and a dividend yield of 3.32%. Independent Bank’s dividend payout ratio is 50.44%.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of INDB. Geode Capital Management LLC boosted its position in Independent Bank by 0.9% during the 3rd quarter. Geode Capital Management LLC now owns 1,017,400 shares of the bank’s stock valued at $60,170,000 after acquiring an additional 8,987 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its holdings in Independent Bank by 4.1% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 544,948 shares of the bank’s stock worth $34,980,000 after buying an additional 21,289 shares during the last quarter. American Century Companies Inc. boosted its holdings in Independent Bank by 10.9% in the 4th quarter. American Century Companies Inc. now owns 469,359 shares of the bank’s stock worth $30,128,000 after buying an additional 46,046 shares during the last quarter. Norges Bank purchased a new stake in shares of Independent Bank in the fourth quarter valued at approximately $28,810,000. Finally, JPMorgan Chase & Co. lifted its holdings in Independent Bank by 59.8% in the third quarter. JPMorgan Chase & Co. now owns 338,640 shares of the bank’s stock valued at $20,024,000 after acquiring an additional 126,791 shares during the last quarter. Institutional investors own 83.40% of the company’s stock.

Analysts Set New Price Targets

Several research firms have recently weighed in on INDB. StockNews.com upgraded Independent Bank from a “sell” rating to a “hold” rating in a research note on Friday, January 17th. Keefe, Bruyette & Woods decreased their price objective on Independent Bank from $82.00 to $80.00 and set a “market perform” rating on the stock in a report on Tuesday, January 21st. Finally, Raymond James restated a “strong-buy” rating and set a $78.00 price target (up from $74.00) on shares of Independent Bank in a research report on Tuesday, January 21st. Two research analysts have rated the stock with a hold rating and two have assigned a strong buy rating to the company. According to data from MarketBeat.com, Independent Bank presently has an average rating of “Buy” and an average price target of $79.00.

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.