Isthmus Partners LLC boosted its position in Independent Bank Corp. (NASDAQ:INDB) by 2.7% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 20,182 shares of the bank’s stock after acquiring an additional 527 shares during the quarter. Isthmus Partners LLC’s holdings in Independent Bank were worth $1,524,000 as of its most recent filing with the Securities and Exchange Commission.
Other large investors also recently added to or reduced their stakes in the company. Toronto Dominion Bank raised its position in Independent Bank by 70.7% in the second quarter. Toronto Dominion Bank now owns 623 shares of the bank’s stock valued at $47,000 after purchasing an additional 258 shares during the period. Point72 Hong Kong Ltd purchased a new stake in shares of Independent Bank during the first quarter worth about $81,000. The PNC Financial Services Group Inc. increased its position in shares of Independent Bank by 101.7% during the first quarter. The PNC Financial Services Group Inc. now owns 1,511 shares of the bank’s stock worth $127,000 after acquiring an additional 762 shares during the last quarter. D. E. Shaw & Co. Inc. purchased a new stake in shares of Independent Bank during the first quarter worth about $210,000. Finally, Janney Montgomery Scott LLC purchased a new stake in shares of Independent Bank during the first quarter worth about $215,000. 85.67% of the stock is currently owned by institutional investors.
Independent Bank stock traded up $0.43 during midday trading on Wednesday, hitting $69.86. The stock had a trading volume of 129 shares, compared to its average volume of 176,663. The company has a current ratio of 0.93, a quick ratio of 0.93 and a debt-to-equity ratio of 0.10. The stock has a market cap of $2.31 billion, a P/E ratio of 15.39 and a beta of 0.97. Independent Bank Corp. has a 12 month low of $49.25 and a 12 month high of $99.85. The business has a fifty day moving average price of $73.29 and a 200 day moving average price of $79.31.
The business also recently announced a quarterly dividend, which was paid on Friday, July 9th. Shareholders of record on Monday, June 28th were paid a $0.48 dividend. The ex-dividend date was Friday, June 25th. This represents a $1.92 dividend on an annualized basis and a yield of 2.75%. Independent Bank’s payout ratio is currently 52.46%.
Separately, Zacks Investment Research lowered Independent Bank from a “hold” rating to a “sell” rating in a research report on Wednesday, July 28th. One research analyst has rated the stock with a sell rating and three have given a buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Buy” and a consensus price target of $85.75.
In other Independent Bank news, Director Eileen C. Miskell sold 2,645 shares of Independent Bank stock in a transaction that occurred on Friday, August 6th. The stock was sold at an average price of $72.79, for a total value of $192,529.55. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 1.20% of the company’s stock.
Independent Bank Profile
Independent Bank Corp. operates as a bank holding company. The company provides commercial banking, retail banking, and wealth management services and is engaged in sale of retail investments and insurance products in Massachusetts. It offers deposit products, including demand deposits, interest checking, money market accounts, savings accounts and time certificates of deposit.
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