Independent Bank Corp. (NASDAQ:INDB) Shares Sold by Handelsbanken Fonder AB

Handelsbanken Fonder AB reduced its position in Independent Bank Corp. (NASDAQ:INDB) by 10.3% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 9,529 shares of the bank’s stock after selling 1,100 shares during the period. Handelsbanken Fonder AB’s holdings in Independent Bank were worth $627,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds also recently added to or reduced their stakes in INDB. Nuance Investments LLC increased its holdings in Independent Bank by 80.6% in the 3rd quarter. Nuance Investments LLC now owns 1,661,215 shares of the bank’s stock worth $81,549,000 after acquiring an additional 741,609 shares in the last quarter. Clearbridge Investments LLC purchased a new stake in Independent Bank in the 3rd quarter worth $14,825,000. Panagora Asset Management Inc. purchased a new stake in Independent Bank in the 3rd quarter worth $8,154,000. Crestwood Advisors Group LLC purchased a new stake in Independent Bank in the 3rd quarter worth $4,663,000. Finally, Boston Trust Walden Corp increased its holdings in Independent Bank by 22.1% in the 4th quarter. Boston Trust Walden Corp now owns 518,119 shares of the bank’s stock worth $34,097,000 after acquiring an additional 93,901 shares in the last quarter. Hedge funds and other institutional investors own 83.40% of the company’s stock.

Independent Bank Price Performance

Independent Bank stock opened at $50.24 on Wednesday. Independent Bank Corp. has a 52-week low of $43.28 and a 52-week high of $68.75. The firm has a market capitalization of $2.13 billion, a price-to-earnings ratio of 9.70 and a beta of 0.83. The company has a fifty day simple moving average of $50.73 and a 200-day simple moving average of $55.09. The company has a quick ratio of 0.96, a current ratio of 0.96 and a debt-to-equity ratio of 0.36.

Independent Bank Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, April 5th. Stockholders of record on Monday, April 1st were issued a dividend of $0.57 per share. This is a positive change from Independent Bank’s previous quarterly dividend of $0.55. The ex-dividend date was Thursday, March 28th. This represents a $2.28 dividend on an annualized basis and a dividend yield of 4.54%. Independent Bank’s dividend payout ratio is presently 44.02%.

Insider Transactions at Independent Bank

In related news, Director Donna L. Abelli sold 800 shares of the company’s stock in a transaction dated Thursday, February 29th. The shares were sold at an average price of $52.83, for a total value of $42,264.00. Following the completion of the sale, the director now owns 11,640 shares of the company’s stock, valued at $614,941.20. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 0.97% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages recently commented on INDB. TheStreet lowered shares of Independent Bank from a “b-” rating to a “c+” rating in a report on Wednesday, March 13th. Keefe, Bruyette & Woods dropped their target price on shares of Independent Bank from $64.00 to $60.00 and set a “market perform” rating for the company in a report on Monday, April 22nd.

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.