Independent Bank Corp. (NASDAQ:INDB) Shares Sold by Centiva Capital LP

Centiva Capital LP lessened its holdings in shares of Independent Bank Corp. (NASDAQ:INDB) by 29.2% during the fourth quarter, HoldingsChannel reports. The fund owned 6,398 shares of the bank’s stock after selling 2,642 shares during the period. Centiva Capital LP’s holdings in Independent Bank were worth $411,000 at the end of the most recent reporting period.

Other large investors have also recently bought and sold shares of the company. Barclays PLC increased its holdings in shares of Independent Bank by 75.0% in the 3rd quarter. Barclays PLC now owns 94,976 shares of the bank’s stock valued at $5,616,000 after purchasing an additional 40,697 shares in the last quarter. Franklin Resources Inc. purchased a new position in Independent Bank in the third quarter valued at about $2,060,000. ST Germain D J Co. Inc. lifted its position in shares of Independent Bank by 364.9% during the 4th quarter. ST Germain D J Co. Inc. now owns 2,213 shares of the bank’s stock valued at $142,000 after acquiring an additional 1,737 shares during the period. Assenagon Asset Management S.A. purchased a new stake in shares of Independent Bank during the 4th quarter worth approximately $5,586,000. Finally, Relyea Zuckerberg Hanson LLC acquired a new stake in shares of Independent Bank in the 4th quarter worth approximately $250,000. Hedge funds and other institutional investors own 83.40% of the company’s stock.

Analyst Ratings Changes

Several equities analysts recently issued reports on INDB shares. StockNews.com cut Independent Bank from a “hold” rating to a “sell” rating in a report on Saturday, April 26th. Raymond James reiterated a “strong-buy” rating and issued a $78.00 price objective (up from $74.00) on shares of Independent Bank in a research report on Tuesday, January 21st. Piper Sandler dropped their target price on shares of Independent Bank from $74.00 to $63.00 and set a “neutral” rating for the company in a report on Monday, April 21st. Finally, Keefe, Bruyette & Woods reduced their price target on shares of Independent Bank from $80.00 to $72.00 and set a “market perform” rating on the stock in a report on Monday, April 21st. One research analyst has rated the stock with a sell rating, two have issued a hold rating and two have given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Independent Bank currently has a consensus rating of “Moderate Buy” and an average price target of $71.00.

Insider Transactions at Independent Bank

In related news, Director Donna L. Abelli sold 640 shares of the stock in a transaction dated Tuesday, February 11th. The stock was sold at an average price of $70.03, for a total transaction of $44,819.20. Following the transaction, the director now directly owns 12,516 shares in the company, valued at approximately $876,495.48. This represents a 4.86 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Insiders own 0.81% of the company’s stock.

Independent Bank Trading Down 0.2 %

Independent Bank stock opened at $61.83 on Friday. The stock has a 50-day moving average price of $60.00 and a 200 day moving average price of $65.18. Independent Bank Corp. has a 52 week low of $45.11 and a 52 week high of $77.23. The stock has a market cap of $2.63 billion, a PE ratio of 13.68 and a beta of 0.82. The company has a current ratio of 0.95, a quick ratio of 0.95 and a debt-to-equity ratio of 0.23.

Independent Bank (NASDAQ:INDB) last issued its quarterly earnings results on Thursday, April 17th. The bank reported $1.06 EPS for the quarter, missing analysts’ consensus estimates of $1.18 by ($0.12). The firm had revenue of $178.04 million for the quarter, compared to analysts’ expectations of $175.03 million. Independent Bank had a return on equity of 6.57% and a net margin of 19.58%. Equities research analysts predict that Independent Bank Corp. will post 5.41 earnings per share for the current fiscal year.

Independent Bank Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, April 7th. Shareholders of record on Monday, March 31st were paid a dividend of $0.59 per share. This represents a $2.36 dividend on an annualized basis and a dividend yield of 3.82%. The ex-dividend date of this dividend was Monday, March 31st. This is a positive change from Independent Bank’s previous quarterly dividend of $0.57. Independent Bank’s dividend payout ratio is currently 53.15%.

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.