Great West Life Assurance Co. Can reduced its position in shares of Independent Bank Corp (NASDAQ:INDB) by 2.8% during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 35,063 shares of the bank’s stock after selling 1,015 shares during the period. Great West Life Assurance Co. Can owned about 0.13% of Independent Bank worth $2,745,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors have also recently bought and sold shares of the company. Commonwealth of Pennsylvania Public School Empls Retrmt SYS bought a new stake in Independent Bank during the second quarter valued at $457,000. Principal Financial Group Inc. lifted its holdings in Independent Bank by 4.3% in the 1st quarter. Principal Financial Group Inc. now owns 223,398 shares of the bank’s stock valued at $15,984,000 after acquiring an additional 9,254 shares during the last quarter. Schwab Charles Investment Management Inc. raised its holdings in Independent Bank by 4.1% during the 1st quarter. Schwab Charles Investment Management Inc. now owns 135,871 shares of the bank’s stock worth $9,722,000 after buying an additional 5,336 shares during the period. Legal & General Group Plc increased its holdings in shares of Independent Bank by 2.6% in the 1st quarter. Legal & General Group Plc now owns 56,321 shares of the bank’s stock valued at $4,030,000 after purchasing an additional 1,431 shares during the period. Finally, Silvercrest Asset Management Group LLC increased its holdings in shares of Independent Bank by 1.0% in the 1st quarter. Silvercrest Asset Management Group LLC now owns 1,592,375 shares of the bank’s stock valued at $113,935,000 after purchasing an additional 15,434 shares during the period. 82.26% of the stock is currently owned by institutional investors and hedge funds.
Shares of INDB stock opened at $91.30 on Friday. The stock has a market capitalization of $2.48 billion, a PE ratio of 27.25 and a beta of 0.93. The company has a quick ratio of 0.94, a current ratio of 0.94 and a debt-to-equity ratio of 0.16. Independent Bank Corp has a 1-year low of $66.85 and a 1-year high of $95.00.
Independent Bank (NASDAQ:INDB) last announced its quarterly earnings results on Thursday, July 19th. The bank reported $1.14 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.11 by $0.03. The business had revenue of $95.06 million for the quarter, compared to analyst estimates of $92.60 million. Independent Bank had a return on equity of 11.27% and a net margin of 27.38%. research analysts predict that Independent Bank Corp will post 4.68 earnings per share for the current year.
In other Independent Bank news, Director Carl Ribeiro sold 1,000 shares of the firm’s stock in a transaction on Tuesday, July 24th. The stock was sold at an average price of $90.10, for a total value of $90,100.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 2.67% of the company’s stock.
INDB has been the subject of a number of recent analyst reports. BidaskClub cut Independent Bank from a “buy” rating to a “hold” rating in a research report on Wednesday, August 8th. ValuEngine upgraded Independent Bank from a “hold” rating to a “buy” rating in a research note on Tuesday, May 22nd. Piper Jaffray Companies raised their price target on Independent Bank from $79.00 to $80.00 and gave the company a “neutral” rating in a report on Thursday, May 31st. Finally, Sandler O’Neill restated a “hold” rating and set a $88.00 target price on shares of Independent Bank in a report on Friday, July 20th. Three research analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. Independent Bank presently has a consensus rating of “Buy” and a consensus target price of $80.00.
Independent Bank 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. The company's products and services include demand deposits and time certificates of deposit, as well as checking, money market, and savings accounts.
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