Dimensional Fund Advisors LP cut its holdings in Independent Bank Corp (NASDAQ:INDB) by 0.9% in the 3rd quarter, according to its most recent 13F filing with the SEC. The firm owned 1,288,508 shares of the bank’s stock after selling 11,498 shares during the quarter. Dimensional Fund Advisors LP owned about 4.70% of Independent Bank worth $96,187,000 as of its most recent SEC filing.
Several other institutional investors and hedge funds have also modified their holdings of INDB. Janus Henderson Group PLC acquired a new position in shares of Independent Bank in the 2nd quarter valued at approximately $45,593,000. Rockland Trust Co. grew its position in shares of Independent Bank by 12.8% in the 3rd quarter. Rockland Trust Co. now owns 565,848 shares of the bank’s stock valued at $24,468,000 after purchasing an additional 64,150 shares during the period. Macquarie Group Ltd. grew its position in shares of Independent Bank by 5.8% in the 2nd quarter. Macquarie Group Ltd. now owns 732,463 shares of the bank’s stock valued at $48,819,000 after purchasing an additional 40,066 shares during the period. Northern Trust Corp boosted its position in Independent Bank by 5.5% during the 2nd quarter. Northern Trust Corp now owns 767,745 shares of the bank’s stock worth $51,171,000 after acquiring an additional 40,043 shares during the last quarter. Finally, JPMorgan Chase & Co. boosted its position in Independent Bank by 39.3% during the 3rd quarter. JPMorgan Chase & Co. now owns 140,764 shares of the bank’s stock worth $10,488,000 after acquiring an additional 39,744 shares during the last quarter. Institutional investors and hedge funds own 79.74% of the company’s stock.
In other news, Director Carl Ribeiro sold 700 shares of the company’s stock in a transaction that occurred on Tuesday, December 12th. The stock was sold at an average price of $69.25, for a total transaction of $48,475.00. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Eileen C. Miskell sold 1,200 shares of the company’s stock in a transaction that occurred on Wednesday, October 25th. The stock was sold at an average price of $71.27, for a total value of $85,524.00. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 6,150 shares of company stock valued at $439,814. Insiders own 2.67% of the company’s stock.
Independent Bank Corp (NASDAQ:INDB) opened at $72.05 on Thursday. Independent Bank Corp has a 12-month low of $57.20 and a 12-month high of $76.30. The company has a debt-to-equity ratio of 0.17, a quick ratio of 0.95 and a current ratio of 0.95. The firm has a market capitalization of $2,007.47, a P/E ratio of 22.65 and a beta of 0.96.
Independent Bank (NASDAQ:INDB) last released its quarterly earnings results on Thursday, October 19th. The bank reported $0.87 earnings per share for the quarter, missing analysts’ consensus estimates of $0.91 by ($0.04). Independent Bank had a return on equity of 9.76% and a net margin of 23.48%. The firm had revenue of $87.84 million for the quarter, compared to analyst estimates of $88.57 million. During the same period last year, the company earned $0.78 EPS. The company’s revenue was up 12.5% compared to the same quarter last year. sell-side analysts expect that Independent Bank Corp will post 3.41 earnings per share for the current year.
The company also recently declared a quarterly dividend, which will be paid on Friday, January 5th. Shareholders of record on Tuesday, December 26th will be given a dividend of $0.32 per share. This represents a $1.28 dividend on an annualized basis and a yield of 1.78%. The ex-dividend date of this dividend is Friday, December 22nd. Independent Bank’s dividend payout ratio (DPR) is currently 42.38%.
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Independent Bank 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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