Eileen C. Miskell Sells 858 Shares of Independent Bank Corp. (NASDAQ:INDB) Stock

Independent Bank Corp. (NASDAQ:INDBGet Rating) Director Eileen C. Miskell sold 858 shares of the company’s stock in a transaction on Tuesday, August 16th. The stock was sold at an average price of $87.86, for a total transaction of $75,383.88. Following the sale, the director now directly owns 12,647 shares of the company’s stock, valued at approximately $1,111,165.42. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link.

Independent Bank Stock Down 1.8 %

Shares of NASDAQ INDB opened at $86.51 on Thursday. The company has a 50 day simple moving average of $81.72 and a 200-day simple moving average of $81.82. The company has a debt-to-equity ratio of 0.05, a current ratio of 0.90 and a quick ratio of 0.90. The company has a market capitalization of $4.05 billion, a P/E ratio of 23.44 and a beta of 0.82. Independent Bank Corp. has a 1 year low of $68.93 and a 1 year high of $93.52.

Independent Bank (NASDAQ:INDBGet Rating) last announced its quarterly earnings results on Thursday, July 21st. The bank reported $1.32 earnings per share for the quarter, beating analysts’ consensus estimates of $1.26 by $0.06. Independent Bank had a net margin of 25.36% and a return on equity of 8.56%. The business had revenue of $172.76 million during the quarter, compared to analysts’ expectations of $168.60 million. During the same period last year, the business earned $1.17 earnings per share. On average, equities research analysts predict that Independent Bank Corp. will post 5.27 earnings per share for the current year.

Independent Bank Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, July 8th. Stockholders of record on Monday, June 27th were given a dividend of $0.51 per share. The ex-dividend date was Friday, June 24th. This represents a $2.04 annualized dividend and a dividend yield of 2.36%. Independent Bank’s dividend payout ratio is presently 55.28%.

Wall Street Analysts Forecast Growth

Separately, Compass Point upped their price objective on shares of Independent Bank to $107.00 in a research note on Monday, July 25th.

Hedge Funds Weigh In On Independent Bank

Several hedge funds and other institutional investors have recently added to or reduced their stakes in INDB. Venture Visionary Partners LLC acquired a new position in Independent Bank during the 2nd quarter worth $57,000. Pinebridge Investments L.P. increased its holdings in Independent Bank by 257.5% in the second quarter. Pinebridge Investments L.P. now owns 715 shares of the bank’s stock valued at $57,000 after buying an additional 515 shares during the last quarter. Van ECK Associates Corp acquired a new position in shares of Independent Bank during the 2nd quarter worth about $94,000. Point72 Hong Kong Ltd increased its holdings in shares of Independent Bank by 104.6% in the 4th quarter. Point72 Hong Kong Ltd now owns 1,254 shares of the bank’s stock valued at $102,000 after acquiring an additional 641 shares during the last quarter. Finally, FMR LLC raised its position in shares of Independent Bank by 7.9% during the 2nd quarter. FMR LLC now owns 1,854 shares of the bank’s stock worth $147,000 after acquiring an additional 135 shares in the last quarter. Hedge funds and other institutional investors own 83.42% of the company’s stock.

Independent Bank Company Profile

(Get Rating)

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 accepts interest checking, money market, and savings accounts, as well as demand deposits and time certificates of deposit.

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