Independent Bank Corp. (INDB) Shares Bought by Macquarie Group Ltd.
Macquarie Group Ltd. increased its stake in Independent Bank Corp. (NASDAQ:INDB) by 5.8% during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 732,463 shares of the bank’s stock after purchasing an additional 40,066 shares during the period. Macquarie Group Ltd. owned approximately 2.67% of Independent Bank Corp. worth $48,819,000 as of its most recent SEC filing.
Several other hedge funds also recently bought and sold shares of INDB. Oppenheimer Asset Management Inc. increased its position in shares of Independent Bank Corp. by 8.3% in the second quarter. Oppenheimer Asset Management Inc. now owns 1,566 shares of the bank’s stock worth $104,000 after purchasing an additional 120 shares during the last quarter. US Bancorp DE grew its position in Independent Bank Corp. by 4.7% during the first quarter. US Bancorp DE now owns 1,844 shares of the bank’s stock valued at $120,000 after acquiring an additional 82 shares during the last quarter. D.A. Davidson & CO. grew its position in Independent Bank Corp. by 12.9% during the second quarter. D.A. Davidson & CO. now owns 1,995 shares of the bank’s stock valued at $132,000 after acquiring an additional 228 shares during the last quarter. Ameritas Investment Partners Inc. bought a new position in Independent Bank Corp. during the first quarter valued at approximately $145,000. Finally, SG Americas Securities LLC grew its position in Independent Bank Corp. by 47.3% during the first quarter. SG Americas Securities LLC now owns 3,032 shares of the bank’s stock valued at $197,000 after acquiring an additional 973 shares during the last quarter. Institutional investors own 76.45% of the company’s stock.
In other news, Director Eileen C. Miskell sold 1,100 shares of the business’s stock in a transaction that occurred on Tuesday, July 25th. The stock was sold at an average price of $72.05, for a total transaction of $79,255.00. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, insider Mark J. Ruggiero sold 400 shares of the business’s stock in a transaction that occurred on Tuesday, July 25th. The shares were sold at an average price of $73.05, for a total value of $29,220.00. Following the transaction, the insider now directly owns 2,852 shares in the company, valued at approximately $208,338.60. The disclosure for this sale can be found here. In the last three months, insiders have sold 8,443 shares of company stock worth $607,108. Corporate insiders own 2.67% of the company’s stock.
Shares of Independent Bank Corp. (INDB) opened at 74.85 on Friday. The stock’s 50 day moving average price is $70.95 and its 200-day moving average price is $66.68. The stock has a market cap of $2.05 billion, a price-to-earnings ratio of 25.45 and a beta of 1.01. Independent Bank Corp. has a 1-year low of $47.50 and a 1-year high of $76.30.
Independent Bank Corp. (NASDAQ:INDB) last released its earnings results on Thursday, July 20th. The bank reported $0.82 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.81 by $0.01. The firm had revenue of $85.15 million for the quarter, compared to the consensus estimate of $85.20 million. Independent Bank Corp. had a return on equity of 9.70% and a net margin of 23.17%. During the same quarter in the previous year, the company posted $0.78 EPS. On average, equities research analysts forecast that Independent Bank Corp. will post $3.35 earnings per share for the current year.
The business also recently announced a quarterly dividend, which was paid on Friday, October 6th. Stockholders of record on Monday, September 25th were given a dividend of $0.32 per share. This represents a $1.28 annualized dividend and a dividend yield of 1.71%. The ex-dividend date of this dividend was Friday, September 22nd. Independent Bank Corp.’s dividend payout ratio is currently 43.69%.
A number of research analysts have commented on INDB shares. BidaskClub upgraded shares of Independent Bank Corp. from a “hold” rating to a “buy” rating in a research report on Tuesday, June 13th. Keefe, Bruyette & Woods reiterated a “hold” rating and set a $71.00 price target on shares of Independent Bank Corp. in a research report on Wednesday, June 28th. Compass Point upgraded shares of Independent Bank Corp. from a “neutral” rating to a “buy” rating and set a $72.00 price target on the stock in a research report on Friday, July 21st. Finally, Zacks Investment Research upgraded shares of Independent Bank Corp. from a “hold” rating to a “buy” rating and set a $81.00 price target on the stock in a research report on Wednesday, July 26th. Four investment analysts have rated the stock with a hold rating and two have given a buy rating to the stock. The company presently has a consensus rating of “Hold” and an average price target of $72.00.
Independent Bank Corp. Profile
Independent Bank Corp. is a bank holding company. The Company operates through its subsidiary, Rockland Trust Company (the Bank). The Bank is a community-oriented commercial bank. Its community banking business provides a range of banking services, including lending activities, acceptance of demand, savings, and time deposits, and investment management.
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