Prudential PLC Sells 31,200 Shares of Independent Bank Corp. (INDB)
Prudential PLC cut its holdings in Independent Bank Corp. (NASDAQ:INDB) by 9.3% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 305,900 shares of the bank’s stock after selling 31,200 shares during the period. Prudential PLC owned approximately 1.11% of Independent Bank Corp. worth $20,388,000 at the end of the most recent reporting period.
Other large investors have also modified their holdings of the company. US Bancorp DE raised its position in shares of Independent Bank Corp. by 4.7% during the first quarter. US Bancorp DE now owns 1,844 shares of the bank’s stock valued at $120,000 after buying an additional 82 shares during the last quarter. BNP Paribas Arbitrage SA raised its position in shares of Independent Bank Corp. by 12.6% during the first quarter. BNP Paribas Arbitrage SA now owns 5,596 shares of the bank’s stock valued at $364,000 after buying an additional 628 shares during the last quarter. Comerica Bank raised its position in shares of Independent Bank Corp. by 4.3% during the first quarter. Comerica Bank now owns 29,927 shares of the bank’s stock valued at $1,950,000 after buying an additional 1,241 shares during the last quarter. Karp Capital Management Corp acquired a new position in shares of Independent Bank Corp. during the first quarter valued at about $613,000. Finally, Parametric Portfolio Associates LLC raised its position in shares of Independent Bank Corp. by 11.4% during the first quarter. Parametric Portfolio Associates LLC now owns 56,288 shares of the bank’s stock valued at $3,659,000 after buying an additional 5,745 shares during the last quarter. Hedge funds and other institutional investors own 76.45% of the company’s stock.
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A number of research analysts have recently commented on INDB shares. Zacks Investment Research lowered shares of Independent Bank Corp. from a “buy” rating to a “hold” rating in a research report on Thursday, August 24th. Keefe, Bruyette & Woods reissued a “hold” rating and issued a $73.00 price target on shares of Independent Bank Corp. in a research report on Tuesday. BidaskClub lowered shares of Independent Bank Corp. from a “buy” rating to a “hold” rating in a research report on Wednesday, June 21st. Finally, Compass Point raised shares of Independent Bank Corp. from a “neutral” rating to a “buy” rating and set a $72.00 price target for the company in a research report on Friday, July 21st. Four investment analysts have rated the stock with a hold rating and two have given a buy rating to the company. The company currently has a consensus rating of “Hold” and an average price target of $72.00.
Independent Bank Corp. (NASDAQ:INDB) traded up 0.53% during mid-day trading on Friday, hitting $75.25. 27,314 shares of the stock traded hands. The firm has a market cap of $2.06 billion, a P/E ratio of 25.59 and a beta of 1.01. Independent Bank Corp. has a 52 week low of $47.50 and a 52 week high of $76.30. The firm’s 50-day moving average price is $70.70 and its 200-day moving average price is $66.61.
Independent Bank Corp. (NASDAQ:INDB) last issued its earnings results on Thursday, July 20th. The bank reported $0.82 EPS for the quarter, beating the consensus estimate of $0.81 by $0.01. The company had revenue of $85.15 million during the quarter, compared to analysts’ expectations of $85.20 million. Independent Bank Corp. had a net margin of 23.17% and a return on equity of 9.70%. During the same period in the previous year, the company earned $0.78 EPS. On average, equities analysts forecast that Independent Bank Corp. will post $3.35 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, October 6th. Investors of record on Monday, September 25th will be given a dividend of $0.32 per share. This represents a $1.28 dividend on an annualized basis and a yield of 1.71%. The ex-dividend date is Friday, September 22nd. Independent Bank Corp.’s dividend payout ratio is 43.69%.
In other Independent Bank Corp. news, insider Christopher Oddleifson sold 1,750 shares of the company’s stock in a transaction that occurred on Wednesday, July 26th. The shares were sold at an average price of $72.02, for a total value of $126,035.00. Following the completion of the transaction, the insider now directly owns 92,143 shares in the company, valued at approximately $6,636,138.86. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, insider Gerard F. Nadeau sold 5,193 shares of the company’s stock in a transaction that occurred on Monday, July 31st. The shares were sold at an average price of $71.75, for a total transaction of $372,597.75. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 8,443 shares of company stock valued at $607,108. 2.67% of the stock is owned by corporate insiders.
Independent Bank Corp. Company Profile
Independent Bank Corp. is a bank holding company. The Company operates through its subsidiary, Rockland Trust Company (the Bank). The Bank is a community-oriented commercial bank. Its community banking business provides a range of banking services, including lending activities, acceptance of demand, savings, and time deposits, and investment management.
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