Independent Bank Corp. $INDB Shares Sold by American Century Companies Inc.

American Century Companies Inc. cut its holdings in Independent Bank Corp. (NASDAQ:INDB) by 25.4% in the second quarter, HoldingsChannel reports. The institutional investor owned 346,296 shares of the bank’s stock after selling 118,103 shares during the quarter. American Century Companies Inc.’s holdings in Independent Bank were worth $21,777,000 as of its most recent SEC filing.

Several other institutional investors have also added to or reduced their stakes in INDB. Alliancebernstein L.P. raised its position in shares of Independent Bank by 910.4% in the 1st quarter. Alliancebernstein L.P. now owns 1,078,311 shares of the bank’s stock valued at $67,556,000 after purchasing an additional 971,587 shares during the last quarter. FJ Capital Management LLC acquired a new position in Independent Bank during the 1st quarter valued at approximately $32,175,000. Reinhart Partners LLC. acquired a new position in Independent Bank during the 2nd quarter valued at approximately $31,927,000. Nuveen LLC purchased a new position in shares of Independent Bank in the first quarter worth $13,414,000. Finally, Rockland Trust Co. lifted its stake in shares of Independent Bank by 21.1% during the second quarter. Rockland Trust Co. now owns 731,272 shares of the bank’s stock worth $43,268,000 after buying an additional 127,332 shares during the period. Institutional investors and hedge funds own 83.40% of the company’s stock.

Analysts Set New Price Targets

INDB has been the subject of a number of research analyst reports. Wall Street Zen upgraded Independent Bank from a “sell” rating to a “hold” rating in a research note on Sunday, August 10th. 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 target price on Independent Bank in a report on Tuesday, October 21st. Zacks Research lowered Independent Bank from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, August 19th. Finally, Keefe, Bruyette & Woods raised shares of Independent Bank from a “market perform” rating to an “outperform” rating and raised their price target for the stock from $80.00 to $83.00 in a research report on Tuesday, October 21st. One equities research analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating and three have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $76.75.

Insider Activity

In other news, Director Ken S. Ansin sold 53,000 shares of the firm’s stock in a transaction dated 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 sale, the director directly owned 53,738 shares in the company, valued at $3,711,146.28. This trade represents a 49.65% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Gerard F. Nadeau sold 3,000 shares of Independent Bank 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 transaction, the director owned 22,395 shares of the company’s stock, valued at approximately $1,567,650. This represents a 11.81% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders have sold 200,000 shares of company stock worth $13,941,540. Corporate insiders own 0.81% of the company’s stock.

Independent Bank Trading Up 1.7%

Independent Bank stock opened at $73.27 on Tuesday. The firm has a market cap of $3.63 billion, a PE ratio of 17.83 and a beta of 0.89. Independent Bank Corp. has a 12 month low of $52.15 and a 12 month high of $74.33. The stock’s 50 day simple moving average is $69.11 and its two-hundred day simple moving average is $67.09. 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 earnings results on Wednesday, February 12th. The bank reported $1.01 earnings per share (EPS) for the quarter. Independent Bank had a net margin of 16.64% and a return on equity of 7.19%. The firm had revenue of $175.25 million during the quarter. Analysts anticipate that Independent Bank Corp. will post 5.41 earnings per share for the current year.

Independent Bank Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, October 7th. Shareholders of record on Monday, September 29th were given a $0.59 dividend. The ex-dividend date was Monday, September 29th. This represents a $2.36 dividend on an annualized basis and a dividend yield of 3.2%. Independent Bank’s dividend payout ratio is 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.