Independent Bank Corp (INDB) Stake Lowered by Plimoth Trust Co. LLC

Plimoth Trust Co. LLC cut its holdings in Independent Bank Corp (NASDAQ:INDB) by 8.1% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 11,374 shares of the bank’s stock after selling 1,000 shares during the quarter. Plimoth Trust Co. LLC’s holdings in Independent Bank were worth $922,000 as of its most recent SEC filing.

Several other institutional investors have also bought and sold shares of the company. Doyle Wealth Management acquired a new stake in shares of Independent Bank in the fourth quarter worth approximately $27,000. Huntington National Bank acquired a new stake in shares of Independent Bank in the first quarter worth approximately $34,000. Strs Ohio acquired a new stake in shares of Independent Bank in the fourth quarter worth approximately $35,000. Truehand Inc acquired a new stake in shares of Independent Bank in the fourth quarter worth approximately $70,000. Finally, PNC Financial Services Group Inc. boosted its stake in shares of Independent Bank by 16.1% in the fourth quarter. PNC Financial Services Group Inc. now owns 1,155 shares of the bank’s stock worth $81,000 after acquiring an additional 160 shares during the last quarter. Institutional investors and hedge funds own 81.72% of the company’s stock.

In other news, Director Kevin J. Jones sold 2,000 shares of the company’s stock in a transaction on Monday, February 4th. The stock was sold at an average price of $80.37, for a total value of $160,740.00. Following the transaction, the director now owns 80,536 shares of the company’s stock, valued at approximately $6,472,678.32. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO Christopher Oddleifson sold 1,500 shares of the company’s stock in a transaction on Friday, January 25th. The shares were sold at an average price of $77.99, for a total value of $116,985.00. Following the completion of the transaction, the chief executive officer now directly owns 88,617 shares in the company, valued at approximately $6,911,239.83. The disclosure for this sale can be found here. In the last ninety days, insiders sold 10,256 shares of company stock worth $824,839. Corporate insiders own 1.60% of the company’s stock.

A number of brokerages have recently issued reports on INDB. BidaskClub raised Independent Bank from a “sell” rating to a “hold” rating in a research note on Wednesday, February 20th. Compass Point lowered Independent Bank from a “buy” rating to a “neutral” rating in a research note on Tuesday, January 8th. Zacks Investment Research lowered Independent Bank from a “buy” rating to a “hold” rating in a research note on Tuesday, December 25th. Finally, Sandler O’Neill raised Independent Bank from a “hold” rating to a “buy” rating in a research note on Wednesday, April 3rd. Five equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. The stock presently has a consensus rating of “Hold” and a consensus target price of $85.67.

NASDAQ INDB traded down $0.81 on Friday, reaching $84.36. 160,738 shares of the company were exchanged, compared to its average volume of 141,773. The firm has a market capitalization of $2.37 billion, a P/E ratio of 17.99 and a beta of 1.07. The company has a debt-to-equity ratio of 0.24, a quick ratio of 0.96 and a current ratio of 0.96. Independent Bank Corp has a fifty-two week low of $66.12 and a fifty-two week high of $95.00.

Independent Bank (NASDAQ:INDB) last released its quarterly earnings data on Thursday, April 18th. The bank reported $1.30 earnings per share for the quarter, missing the Zacks’ consensus estimate of $1.33 by ($0.03). The company had revenue of $104.06 million for the quarter, compared to analyst estimates of $106.30 million. Independent Bank had a return on equity of 12.96% and a net margin of 29.50%. As a group, sell-side analysts forecast that Independent Bank Corp will post 5.58 EPS for the current year.

The firm also recently declared a quarterly dividend, which was paid on Friday, April 5th. Stockholders of record on Monday, March 25th were paid a $0.44 dividend. This represents a $1.76 annualized dividend and a dividend yield of 2.09%. The ex-dividend date of this dividend was Friday, March 22nd. This is a positive change from Independent Bank’s previous quarterly dividend of $0.38. Independent Bank’s dividend payout ratio is 37.53%.

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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 primarily in Massachusetts. Its products and services include demand deposits and time certificates of deposit, as well as checking, money market, and savings accounts.

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Institutional Ownership by Quarter for Independent Bank (NASDAQ:INDB)

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