VIRGINIA RETIREMENT SYSTEMS ET Al Acquires New Stake in Independent Bank Corp. $INDB

VIRGINIA RETIREMENT SYSTEMS ET Al purchased a new stake in shares of Independent Bank Corp. (NASDAQ:INDB) during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor purchased 14,400 shares of the bank’s stock, valued at approximately $1,206,000.

Several other large investors also recently added to or reduced their stakes in INDB. Ballast Advisors LLC bought a new stake in Independent Bank in the 1st quarter valued at about $30,000. Advisory Services Network LLC purchased a new stake in Independent Bank during the third quarter valued at about $32,000. EverSource Wealth Advisors LLC boosted its position in Independent Bank by 233.3% during the second quarter. EverSource Wealth Advisors LLC now owns 550 shares of the bank’s stock worth $35,000 after purchasing an additional 385 shares during the period. Public Employees Retirement System of Ohio bought a new position in Independent Bank during the second quarter worth about $48,000. Finally, Danske Bank A S purchased a new position in shares of Independent Bank in the third quarter worth about $42,000. Hedge funds and other institutional investors own 83.40% of the company’s stock.

Insider Activity

In other Independent Bank news, Director Gerard Nadeau sold 5,307 shares of the company’s stock in a transaction dated Monday, August 3rd. The stock was sold at an average price of $84.69, for a total value of $449,449.83. Following the transaction, the director directly owned 16,907 shares in the company, valued at $1,431,853.83. This represents a 23.89% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Thomas R. Venables sold 3,750 shares of the firm’s stock in a transaction dated Tuesday, August 25th. The shares were sold at an average price of $83.00, for a total value of $311,250.00. Following the completion of the sale, the director directly owned 17,649 shares in the company, valued at approximately $1,464,867. The trade was a 17.52% decrease in their position. The disclosure for this sale is available in the SEC filing. 1.60% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

INDB has been the topic of several research reports. Weiss Ratings reissued a “buy (b)” rating on shares of Independent Bank in a research report on Wednesday, August 5th. Piper Sandler increased their target price on Independent Bank from $84.00 to $90.00 and gave the stock a “neutral” rating in a research report on Friday, June 26th. Finally, Keefe, Bruyette & Woods reduced their price target on Independent Bank from $99.00 to $96.00 and set an “outperform” rating for the company in a research report on Monday, July 20th. One analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, one has issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, Independent Bank has a consensus rating of “Moderate Buy” and an average price target of $91.86.

Independent Bank Stock Performance

Independent Bank stock opened at $82.74 on Friday. The firm’s 50 day simple moving average is $84.02 and its 200 day simple moving average is $80.59. The company has a current ratio of 0.94, a quick ratio of 0.94 and a debt-to-equity ratio of 0.20. The firm has a market capitalization of $3.92 billion, a PE ratio of 14.94 and a beta of 0.76. Independent Bank Corp. has a 1-year low of $63.33 and a 1-year high of $87.50.

Independent Bank (NASDAQ:INDB) last announced its quarterly earnings results on Thursday, July 16th. The bank reported $1.70 EPS for the quarter, missing the consensus estimate of $1.79 by ($0.09). The firm had revenue of $253.32 million during the quarter, compared to the consensus estimate of $257.50 million. Independent Bank had a net margin of 20.31% and a return on equity of 9.19%. As a group, analysts expect that Independent Bank Corp. will post 7.11 earnings per share for the current fiscal year.

Independent Bank Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, July 9th. Investors of record on Monday, June 29th were paid a dividend of $0.64 per share. The ex-dividend date of this dividend was Monday, June 29th. This represents a $2.56 annualized dividend and a yield of 3.1%. Independent Bank’s dividend payout ratio (DPR) is currently 46.21%.

Independent Bank Profile

Independent Bank Corp. is a bank holding company headquartered in Rockland, Massachusetts. Its principal subsidiary, Rockland Trust Company, provides banking and financial services to individuals, families, businesses and institutions.

Rockland Trust offers a range of consumer and commercial banking products, including checking and savings accounts, residential and commercial lending, mortgages, home equity financing, business loans, cash-management services and online and mobile banking.