Donna L. Abelli Sells 640 Shares of Independent Bank Corp. (NASDAQ:INDB) Stock

Independent Bank Corp. (NASDAQ:INDB) Director Donna L. Abelli sold 640 shares of Independent Bank stock in a transaction on Tuesday, February 11th. The stock was sold at an average price of $70.03, for a total transaction of $44,819.20. Following the completion of the transaction, the director now directly owns 12,516 shares of the company’s stock, valued at $876,495.48. The trade was a 4.86 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink.

Independent Bank Price Performance

INDB stock opened at $69.01 on Friday. Independent Bank Corp. has a 12 month low of $45.11 and a 12 month high of $77.23. The company has a current ratio of 0.95, a quick ratio of 0.95 and a debt-to-equity ratio of 0.23. The company has a 50-day moving average price of $66.79 and a 200 day moving average price of $64.56. The stock has a market cap of $2.93 billion, a PE ratio of 15.27 and a beta of 0.77.

Independent Bank (NASDAQ:INDB) last released its quarterly earnings results on Thursday, January 16th. The bank reported $1.21 EPS for the quarter, topping analysts’ consensus estimates of $1.16 by $0.05. Independent Bank had a net margin of 19.58% and a return on equity of 6.57%. Equities research analysts anticipate that Independent Bank Corp. will post 5.41 earnings per share for the current year.

Independent Bank Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, January 6th. Investors of record on Monday, December 30th were paid a dividend of $0.57 per share. The ex-dividend date of this dividend was Monday, December 30th. This represents a $2.28 dividend on an annualized basis and a dividend yield of 3.30%. Independent Bank’s dividend payout ratio is presently 50.44%.

Hedge Funds Weigh In On Independent Bank

A number of large investors have recently made changes to their positions in INDB. Venturi Wealth Management LLC purchased a new position in shares of Independent Bank during the 4th quarter worth about $62,000. Smartleaf Asset Management LLC lifted its holdings in Independent Bank by 105.4% during the 4th quarter. Smartleaf Asset Management LLC now owns 1,056 shares of the bank’s stock valued at $68,000 after buying an additional 542 shares in the last quarter. Sterling Capital Management LLC lifted its holdings in Independent Bank by 810.2% during the 4th quarter. Sterling Capital Management LLC now owns 1,338 shares of the bank’s stock valued at $86,000 after buying an additional 1,191 shares in the last quarter. KBC Group NV lifted its holdings in Independent Bank by 34.5% during the 4th quarter. KBC Group NV now owns 1,911 shares of the bank’s stock valued at $123,000 after buying an additional 490 shares in the last quarter. Finally, ST Germain D J Co. Inc. lifted its holdings in Independent Bank by 364.9% during the 4th quarter. ST Germain D J Co. Inc. now owns 2,213 shares of the bank’s stock valued at $142,000 after buying an additional 1,737 shares in the last quarter. 83.40% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

INDB has been the subject of a number of recent research reports. StockNews.com raised shares of Independent Bank from a “sell” rating to a “hold” rating in a research note on Friday, January 17th. Raymond James reissued a “strong-buy” rating and issued a $78.00 price objective (up from $74.00) on shares of Independent Bank in a research note on Tuesday, January 21st. Finally, Keefe, Bruyette & Woods dropped their price objective on shares of Independent Bank from $82.00 to $80.00 and set a “market perform” rating for the company in a research note on Tuesday, January 21st. Two investment analysts have rated the stock with a hold rating and two have given a strong buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Buy” and an average price target of $79.00.

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.