Rockland Trust Co. Has $92.20 Million Holdings in Independent Bank Corp. $INDB

Rockland Trust Co. increased its stake in shares of Independent Bank Corp. (NASDAQ:INDB) by 84.1% in the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 1,261,622 shares of the bank’s stock after acquiring an additional 576,183 shares during the quarter. Independent Bank comprises 3.6% of Rockland Trust Co.’s investment portfolio, making the stock its 4th biggest position. Rockland Trust Co.’s holdings in Independent Bank were worth $92,199,000 at the end of the most recent quarter.

Several other institutional investors have also added to or reduced their stakes in the company. First Horizon Corp bought a new stake in shares of Independent Bank in the third quarter valued at about $31,000. Advisory Services Network LLC acquired a new stake in shares of Independent Bank during the 3rd quarter worth approximately $32,000. EverSource Wealth Advisors LLC boosted its holdings in shares of Independent Bank by 233.3% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 550 shares of the bank’s stock valued at $35,000 after purchasing an additional 385 shares in the last quarter. Cullen Frost Bankers Inc. acquired a new stake in Independent Bank in the third quarter valued at about $37,000. Finally, Danske Bank A S acquired a new stake in shares of Independent Bank in the 3rd quarter valued at approximately $42,000. 83.40% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several equities research analysts recently weighed in on the company. Independent Research set a $80.00 price objective on Independent Bank in a report on Wednesday, December 17th. Barclays lowered shares of Independent Bank from an “equal weight” rating to an “underweight” rating and set a $80.00 price objective on the stock. in a research note on Monday, February 2nd. Weiss Ratings upgraded Independent Bank from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Friday. Finally, Piper Sandler assumed coverage on shares of Independent Bank in a report on Monday, March 16th. They issued a “neutral” rating and a $84.00 price target for the company. Two equities research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the stock has an average rating of “Hold” and an average target price of $81.75.

Insider Activity

In related news, Director Donna L. Abelli sold 524 shares of the firm’s stock in a transaction dated Wednesday, February 4th. The shares were sold at an average price of $85.00, for a total transaction of $44,540.00. Following the completion of the sale, the director owned 13,247 shares in the company, valued at approximately $1,125,995. This trade represents a 3.81% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, Director John J. Morrissey sold 1,988 shares of the stock in a transaction that occurred on Friday, February 6th. The shares were sold at an average price of $85.70, for a total transaction of $170,371.60. Following the transaction, the director directly owned 12,747 shares of the company’s stock, valued at $1,092,417.90. This represents a 13.49% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 0.81% of the stock is currently owned by corporate insiders.

Independent Bank Stock Up 2.2%

Shares of NASDAQ:INDB opened at $75.21 on Wednesday. Independent Bank Corp. has a 12-month low of $52.15 and a 12-month high of $87.00. The company has a quick ratio of 0.95, a current ratio of 0.95 and a debt-to-equity ratio of 0.23. The stock has a market cap of $3.65 billion, a price-to-earnings ratio of 16.90 and a beta of 0.79. The business’s 50 day moving average is $79.29 and its 200 day moving average is $74.34.

Independent Bank (NASDAQ:INDB) last announced its earnings results on Thursday, January 22nd. The bank reported $1.70 EPS for the quarter, beating the consensus estimate of $1.65 by $0.05. Independent Bank had a net margin of 17.51% and a return on equity of 7.88%. The company had revenue of $253.93 million during the quarter, compared to the consensus estimate of $249.64 million. On average, sell-side analysts forecast that Independent Bank Corp. will post 5.41 earnings per share for the current fiscal year.

Independent Bank Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, April 9th. Shareholders of record on Monday, March 30th will be paid a $0.64 dividend. This is a boost from Independent Bank’s previous quarterly dividend of $0.59. The ex-dividend date is Monday, March 30th. This represents a $2.56 dividend on an annualized basis and a yield of 3.4%. Independent Bank’s dividend payout ratio is currently 57.53%.

Independent Bank Company Profile

Independent Bank Group, Inc (NASDAQ:INDB) is a bank holding company headquartered in McKinney, Texas, that provides a range of financial services through its wholly owned subsidiary, Independent Bank. Tracing its roots to the late 19th century, the company has grown from a single community bank into a regional financial institution serving individuals, small businesses and commercial clients. Independent Bank Group became a bank holding company in 1983 and expanded its footprint through organic growth and strategic acquisitions.

The company’s primary business activities encompass retail and commercial banking, including deposit products, consumer and business lending and credit services.