Independent Bank Corp. $INDB Holdings Lessened by VIRGINIA RETIREMENT SYSTEMS ET Al

VIRGINIA RETIREMENT SYSTEMS ET Al decreased its position in shares of Independent Bank Corp. (NASDAQ:INDB) by 77.8% in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 3,200 shares of the bank’s stock after selling 11,200 shares during the quarter. VIRGINIA RETIREMENT SYSTEMS ET Al’s holdings in Independent Bank were worth $248,000 as of its most recent SEC filing.

Other large investors have also recently bought and sold shares of the company. BlackRock Inc. acquired a new stake in Independent Bank during the 2nd quarter valued at approximately $584,333,000. Reinhart Partners LLC. boosted its holdings in Independent Bank by 1.3% in the second quarter. Reinhart Partners LLC. now owns 657,871 shares of the bank’s stock valued at $55,078,000 after purchasing an additional 8,575 shares during the last quarter. Bank of America Corp DE boosted its holdings in Independent Bank by 16.6% in the first quarter. Bank of America Corp DE now owns 592,665 shares of the bank’s stock valued at $44,574,000 after purchasing an additional 84,282 shares during the last quarter. Bank of New York Mellon Corp purchased a new stake in Independent Bank in the second quarter valued at $41,268,000. Finally, NFJ Investment Group LLC acquired a new stake in Independent Bank during the second quarter worth about $35,278,000. Hedge funds and other institutional investors own 83.40% of the company’s stock.

Independent Bank Price Performance

NASDAQ INDB opened at $84.10 on Monday. The business has a fifty day moving average price of $81.20 and a 200 day moving average price of $80.85. Independent Bank Corp. has a one year low of $66.17 and a one year high of $88.58. The company has a debt-to-equity ratio of 0.18, a quick ratio of 0.93 and a current ratio of 0.93. The company has a market cap of $3.91 billion, a P/E ratio of 12.46 and a beta of 0.74.

Independent Bank (NASDAQ:INDB) last announced its earnings results on Thursday, October 15th. The bank reported $1.90 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.85 by $0.05. Independent Bank had a net margin of 24.27% and a return on equity of 9.61%. The company had revenue of $261.95 million for the quarter, compared to analysts’ expectations of $261.27 million. Research analysts anticipate that Independent Bank Corp. will post 7.25 EPS for the current fiscal year.

Independent Bank Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, October 9th. Investors of record on Monday, September 28th were paid a dividend of $0.64 per share. This represents a $2.56 annualized dividend and a yield of 3.0%. The ex-dividend date of this dividend was Monday, September 28th. Independent Bank’s dividend payout ratio is currently 37.93%.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on INDB shares. Keefe, Bruyette & Woods reduced their target price on Independent Bank from $99.00 to $96.00 and set an “outperform” rating for the company in a research note on Monday, July 20th. Barclays upped their price objective on shares of Independent Bank from $82.00 to $86.00 and gave the stock an “underweight” rating in a research report on Tuesday, November 3rd. Piper Sandler upgraded shares of Independent Bank from a “hold” rating to a “strong-buy” rating in a research report on Friday, October 2nd. Finally, Weiss Ratings reissued a “buy (b)” rating on shares of Independent Bank in a research note on Tuesday, November 3rd. Two research analysts have rated the stock with a Strong Buy rating, four have given a Buy rating and one has given a Sell rating to the company. According to data from MarketBeat, Independent Bank has a consensus rating of “Buy” and a consensus price target of $92.43.

Insider Buying and Selling

In other Independent Bank news, Director Thomas R. Venables sold 3,750 shares of the 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 owned 17,649 shares in the company, valued at approximately $1,464,867. This represents a 17.52% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 1.60% of the company’s stock.

Independent Bank Company 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, businesses and organizations.

Rockland Trust offers checking and savings accounts, loans, mortgages, and other deposit and lending services. Its business banking services include cash management and financing, while wealth management services include investment and trust services.

Founded in 1907, Rockland Trust serves communities across Massachusetts through its branch network and digital banking channels.