Ken Ansin Sells 144,000 Shares of Independent Bank (NASDAQ:INDB) Stock

Independent Bank Corp. (NASDAQ:INDB) Director Ken Ansin sold 144,000 shares of the stock in a transaction on Monday, November 10th. The stock was sold at an average price of $69.94, for a total value of $10,071,360.00. Following the completion of the sale, the director directly owned 288,481 shares in the company, valued at approximately $20,176,361.14. This represents a 33.30% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link.

Independent Bank Stock Down 0.6%

INDB stock traded down $0.41 during midday trading on Wednesday, hitting $69.73. The company’s stock had a trading volume of 218,016 shares, compared to its average volume of 331,164. The company has a market cap of $3.46 billion, a PE ratio of 16.97 and a beta of 0.89. The firm’s 50-day moving average is $69.31 and its 200-day moving average is $66.29. Independent Bank Corp. has a 12 month low of $52.15 and a 12 month high of $77.23. The company has a current ratio of 0.95, a quick ratio of 0.94 and a debt-to-equity ratio of 0.22.

Independent Bank (NASDAQ:INDB) last issued its earnings results on Wednesday, February 12th. The bank reported $1.01 earnings per share (EPS) for the quarter. Independent Bank had a net margin of 16.64% and a return on equity of 7.19%. The company had revenue of $175.25 million for the quarter. On average, equities research analysts forecast that Independent Bank Corp. will post 5.41 earnings per share for the current fiscal year.

Independent Bank Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, October 7th. Shareholders of record on Monday, September 29th were paid a $0.59 dividend. This represents a $2.36 dividend on an annualized basis and a yield of 3.4%. The ex-dividend date was Monday, September 29th. Independent Bank’s dividend payout ratio is presently 57.42%.

Institutional Trading of Independent Bank

Large investors have recently bought and sold shares of the business. Nisa Investment Advisors LLC lifted its stake in Independent Bank by 1.5% in the 2nd quarter. Nisa Investment Advisors LLC now owns 10,705 shares of the bank’s stock worth $680,000 after purchasing an additional 162 shares in the last quarter. Profund Advisors LLC boosted its stake in Independent Bank by 5.0% during the third quarter. Profund Advisors LLC now owns 3,732 shares of the bank’s stock worth $258,000 after buying an additional 177 shares during the last quarter. Osaic Holdings Inc. grew its holdings in Independent Bank by 23.3% in the 2nd quarter. Osaic Holdings Inc. now owns 1,116 shares of the bank’s stock valued at $70,000 after buying an additional 211 shares in the last quarter. Vanguard Personalized Indexing Management LLC grew its holdings in Independent Bank by 2.9% in the 2nd quarter. Vanguard Personalized Indexing Management LLC now owns 7,862 shares of the bank’s stock valued at $495,000 after buying an additional 218 shares in the last quarter. Finally, California State Teachers Retirement System increased its stake in shares of Independent Bank by 0.6% in the 2nd quarter. California State Teachers Retirement System now owns 39,289 shares of the bank’s stock worth $2,471,000 after acquiring an additional 224 shares during the last quarter. Hedge funds and other institutional investors own 83.40% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts have recently commented on the stock. Wall Street Zen raised shares of Independent Bank from a “sell” rating to a “hold” rating in a report on Sunday, August 10th. Keefe, Bruyette & Woods upgraded shares of Independent Bank from a “market perform” rating to an “outperform” rating and boosted their price target for the stock from $80.00 to $83.00 in a research note on Tuesday, October 21st. Weiss Ratings reissued a “hold (c+)” rating on shares of Independent Bank in a report on Wednesday, October 8th. Independent Research set a $83.00 target price on Independent Bank in a report on Tuesday, October 21st. Finally, Zacks Research downgraded Independent Bank from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, August 19th. One equities research analyst has rated the stock with a Strong Buy rating, one has given a Buy rating and three have given a Hold rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $76.75.

About Independent Bank

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 in the United States. The company provides interest checking, money market, and savings accounts, as well as demand deposits and time certificates of deposit.