Bank of America Corp DE Boosts Holdings in Independent Bank Corp (INDB)

Bank of America Corp DE raised its stake in Independent Bank Corp (NASDAQ:INDB) by 64.8% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 126,671 shares of the bank’s stock after acquiring an additional 49,811 shares during the quarter. Bank of America Corp DE owned about 0.45% of Independent Bank worth $8,906,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds also recently bought and sold shares of INDB. Doyle Wealth Management acquired a new stake in shares of Independent Bank during the 4th quarter worth approximately $27,000. Strs Ohio acquired a new position in Independent Bank during the fourth quarter valued at approximately $35,000. Truehand Inc acquired a new position in Independent Bank during the fourth quarter valued at approximately $70,000. PNC Financial Services Group Inc. grew its holdings in Independent Bank by 16.1% during the fourth quarter. PNC Financial Services Group Inc. now owns 1,155 shares of the bank’s stock valued at $81,000 after purchasing an additional 160 shares during the period. Finally, LS Investment Advisors LLC grew its holdings in Independent Bank by 135.4% during the fourth quarter. LS Investment Advisors LLC now owns 1,900 shares of the bank’s stock valued at $134,000 after purchasing an additional 1,093 shares during the period. Hedge funds and other institutional investors own 81.62% of the company’s stock.

Shares of NASDAQ INDB opened at $85.55 on Tuesday. The company has a market cap of $2.44 billion, a P/E ratio of 18.24 and a beta of 1.07. The company has a quick ratio of 0.96, a current ratio of 0.96 and a debt-to-equity ratio of 0.24. Independent Bank Corp has a 52-week low of $66.12 and a 52-week high of $95.00.



Independent Bank (NASDAQ:INDB) last issued its quarterly earnings data on Thursday, January 17th. The bank reported $1.29 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $1.30 by ($0.01). Independent Bank had a net margin of 29.50% and a return on equity of 12.96%. The firm had revenue of $103.78 million for the quarter, compared to analyst estimates of $103.00 million. As a group, equities research analysts predict that Independent Bank Corp will post 5.58 earnings per share for the current year.

The business also recently declared a quarterly dividend, which was paid on Friday, April 5th. Shareholders of record on Monday, March 25th were paid a $0.44 dividend. The ex-dividend date was Friday, March 22nd. This represents a $1.76 dividend on an annualized basis and a yield of 2.06%. This is a positive change from Independent Bank’s previous quarterly dividend of $0.38. Independent Bank’s payout ratio is presently 37.53%.

In other Independent Bank news, CEO Christopher Oddleifson sold 1,500 shares of Independent Bank stock in a transaction that occurred 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 transaction, the chief executive officer now owns 88,617 shares of the company’s stock, valued at $6,911,239.83. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, President Gerard F. Nadeau sold 2,500 shares of Independent Bank stock in a transaction that occurred on Monday, March 11th. The shares were sold at an average price of $81.69, for a total transaction of $204,225.00. Following the completion of the transaction, the president now directly owns 19,227 shares in the company, valued at approximately $1,570,653.63. 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. Insiders own 1.60% of the company’s stock.

A number of research analysts recently issued reports on INDB shares. Sandler O’Neill upgraded shares of Independent Bank from a “hold” rating to a “buy” rating in a report on Wednesday, April 3rd. Zacks Investment Research cut shares of Independent Bank from a “buy” rating to a “hold” rating in a report on Tuesday, December 25th. BidaskClub upgraded shares of Independent Bank from a “sell” rating to a “hold” rating in a report on Wednesday, March 27th. Finally, Compass Point cut shares of Independent Bank from a “buy” rating to a “neutral” rating in a report on Tuesday, January 8th. Five investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. The company has a consensus rating of “Hold” and a consensus target price of $85.67.

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

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