Russell Investments Group Ltd. Has $12.26 Million Stock Holdings in Independent Bank Corp. $INDB

Russell Investments Group Ltd. trimmed its stake in Independent Bank Corp. (NASDAQ:INDB) by 2.6% in the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 194,885 shares of the bank’s stock after selling 5,223 shares during the quarter. Russell Investments Group Ltd.’s holdings in Independent Bank were worth $12,255,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently made changes to their positions in the stock. Nisa Investment Advisors LLC boosted its holdings in shares of Independent Bank by 1.5% in the 2nd quarter. Nisa Investment Advisors LLC now owns 10,705 shares of the bank’s stock valued at $680,000 after buying an additional 162 shares during the last quarter. Vanguard Personalized Indexing Management LLC increased its holdings in Independent Bank by 2.9% during the second quarter. Vanguard Personalized Indexing Management LLC now owns 7,862 shares of the bank’s stock worth $495,000 after buying an additional 218 shares during the last quarter. HighTower Advisors LLC raised its position in Independent Bank by 3.3% during the first quarter. HighTower Advisors LLC now owns 7,049 shares of the bank’s stock worth $442,000 after acquiring an additional 226 shares in the last quarter. PNC Financial Services Group Inc. raised its position in Independent Bank by 3.6% during the first quarter. PNC Financial Services Group Inc. now owns 6,616 shares of the bank’s stock worth $414,000 after acquiring an additional 232 shares in the last quarter. Finally, Bessemer Group Inc. lifted its stake in Independent Bank by 95.1% in the second quarter. Bessemer Group Inc. now owns 638 shares of the bank’s stock valued at $40,000 after acquiring an additional 311 shares during the last quarter. Institutional investors own 83.40% of the company’s stock.

Analyst Upgrades and Downgrades

INDB has been the topic of several recent analyst reports. Weiss Ratings restated a “hold (c+)” rating on shares of Independent Bank in a research note on Wednesday, October 8th. Independent Research set a $83.00 price target on Independent Bank in a report on Tuesday, October 21st. Keefe, Bruyette & Woods raised Independent Bank from a “market perform” rating to an “outperform” rating and boosted their price target for the stock from $80.00 to $83.00 in a research report on Tuesday, October 21st. Zacks Research lowered Independent Bank from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, August 19th. Finally, Wall Street Zen upgraded Independent Bank from a “sell” rating to a “hold” rating in a research note on Sunday, August 10th. One analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating and three have issued a Hold rating to the company. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $76.75.

Insider Activity

In other Independent Bank news, Director Gerard F. Nadeau sold 3,000 shares of the business’s stock in a transaction dated Friday, November 21st. The shares were sold at an average price of $70.00, for a total value of $210,000.00. Following the completion of the sale, the director owned 22,395 shares of the company’s stock, valued at $1,567,650. The trade was a 11.81% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Ken S. Ansin sold 53,000 shares of the stock in a transaction that occurred on Friday, November 14th. The stock was sold at an average price of $69.06, for a total transaction of $3,660,180.00. Following the transaction, the director owned 53,738 shares in the company, valued at approximately $3,711,146.28. The trade was a 49.65% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 200,000 shares of company stock valued at $13,941,540 in the last quarter. Corporate insiders own 0.81% of the company’s stock.

Independent Bank Stock Performance

NASDAQ:INDB opened at $73.27 on Tuesday. The stock has a 50 day simple moving average of $69.11 and a 200 day simple moving average of $67.09. The stock has a market cap of $3.63 billion, a P/E ratio of 17.83 and a beta of 0.89. Independent Bank Corp. has a 1-year low of $52.15 and a 1-year high of $74.33. The company has a current ratio of 0.95, a quick ratio of 0.94 and a debt-to-equity ratio of 0.22.

Independent Bank (NASDAQ:INDB) last posted its quarterly earnings data on Wednesday, February 12th. The bank reported $1.01 earnings per share for the quarter. Independent Bank had a return on equity of 7.19% and a net margin of 16.64%.The firm had revenue of $175.25 million for the quarter. Research analysts anticipate that Independent Bank Corp. will post 5.41 earnings per share for the current year.

Independent Bank Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, October 7th. Investors of record on Monday, September 29th were given a dividend of $0.59 per share. This represents a $2.36 dividend on an annualized basis and a yield of 3.2%. The ex-dividend date of this dividend was Monday, September 29th. Independent Bank’s dividend payout ratio (DPR) is currently 57.42%.

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.