Independent Bank Corp. (NASDAQ:INDB) Stock Position Decreased by Arizona State Retirement System

Arizona State Retirement System cut its position in shares of Independent Bank Corp. (NASDAQ:INDB) by 1.8% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 12,338 shares of the bank’s stock after selling 225 shares during the period. Arizona State Retirement System’s holdings in Independent Bank were worth $812,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Citigroup Inc. raised its stake in shares of Independent Bank by 12.0% in the 1st quarter. Citigroup Inc. now owns 41,709 shares of the bank’s stock valued at $3,407,000 after acquiring an additional 4,461 shares in the last quarter. PNC Financial Services Group Inc. raised its stake in shares of Independent Bank by 65.6% in the 1st quarter. PNC Financial Services Group Inc. now owns 6,399 shares of the bank’s stock valued at $522,000 after acquiring an additional 2,534 shares in the last quarter. Bank of Montreal Can raised its stake in shares of Independent Bank by 1.3% in the 1st quarter. Bank of Montreal Can now owns 13,404 shares of the bank’s stock valued at $1,141,000 after acquiring an additional 172 shares in the last quarter. MetLife Investment Management LLC raised its stake in shares of Independent Bank by 54.9% in the 1st quarter. MetLife Investment Management LLC now owns 24,416 shares of the bank’s stock valued at $1,995,000 after acquiring an additional 8,651 shares in the last quarter. Finally, Rhumbline Advisers raised its stake in shares of Independent Bank by 13.4% in the 1st quarter. Rhumbline Advisers now owns 159,365 shares of the bank’s stock valued at $13,019,000 after acquiring an additional 18,854 shares in the last quarter. 83.40% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Independent Bank

In other news, Director Donna L. Abelli sold 800 shares of Independent Bank stock in a transaction that occurred on Thursday, February 29th. The stock was sold at an average price of $52.83, for a total transaction of $42,264.00. Following the sale, the director now owns 11,640 shares of the company’s stock, valued at approximately $614,941.20. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 0.97% of the stock is owned by insiders.

Analyst Ratings Changes

A number of research analysts recently weighed in on INDB shares. TheStreet downgraded Independent Bank from a “b-” rating to a “c+” rating in a research note on Wednesday, March 13th. Keefe, Bruyette & Woods cut their price objective on Independent Bank from $66.00 to $64.00 and set a “market perform” rating on the stock in a research note on Monday, January 22nd.

Independent Bank Stock Performance

Shares of NASDAQ INDB opened at $48.53 on Thursday. The company has a quick ratio of 0.97, a current ratio of 0.97 and a debt-to-equity ratio of 0.42. The business’s 50 day moving average is $51.13 and its two-hundred day moving average is $54.89. The company has a market cap of $2.06 billion, a P/E ratio of 8.95 and a beta of 0.83. Independent Bank Corp. has a 12 month low of $43.28 and a 12 month high of $68.75.

Independent Bank (NASDAQ:INDB) last issued its quarterly earnings results on Thursday, January 18th. The bank reported $1.26 EPS for the quarter, topping the consensus estimate of $1.25 by $0.01. The company had revenue of $177.16 million for the quarter, compared to the consensus estimate of $176.75 million. Independent Bank had a return on equity of 8.35% and a net margin of 26.02%. On average, equities analysts expect that Independent Bank Corp. will post 4.58 EPS for the current year.

Independent Bank Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, April 5th. Shareholders of record on Monday, April 1st were given a $0.57 dividend. This is an increase from Independent Bank’s previous quarterly dividend of $0.55. This represents a $2.28 annualized dividend and a yield of 4.70%. The ex-dividend date of this dividend was Thursday, March 28th. Independent Bank’s payout ratio is currently 42.07%.

About Independent Bank

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.