JPMorgan Chase & Co. Increases Stake in Independent Bank Corp (INDB)
JPMorgan Chase & Co. lifted its holdings in shares of Independent Bank Corp (NASDAQ:INDB) by 39.3% during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 140,764 shares of the bank’s stock after acquiring an additional 39,744 shares during the period. JPMorgan Chase & Co. owned 0.51% of Independent Bank worth $10,488,000 at the end of the most recent reporting period.
Several other institutional investors and hedge funds have also made changes to their positions in the company. Legal & General Group Plc grew its position in shares of Independent Bank by 1.7% during the third quarter. Legal & General Group Plc now owns 53,459 shares of the bank’s stock worth $3,992,000 after acquiring an additional 882 shares during the last quarter. American International Group Inc. grew its position in Independent Bank by 5.8% in the 3rd quarter. American International Group Inc. now owns 21,217 shares of the bank’s stock valued at $1,584,000 after buying an additional 1,170 shares during the last quarter. Russell Investments Group Ltd. purchased a new position in Independent Bank in the 3rd quarter valued at $403,000. Municipal Employees Retirement System of Michigan grew its position in Independent Bank by 60.4% in the 3rd quarter. Municipal Employees Retirement System of Michigan now owns 10,330 shares of the bank’s stock valued at $771,000 after buying an additional 3,890 shares during the last quarter. Finally, Sei Investments Co. grew its position in Independent Bank by 134,750.0% in the 3rd quarter. Sei Investments Co. now owns 2,697 shares of the bank’s stock valued at $202,000 after buying an additional 2,695 shares during the last quarter. Institutional investors and hedge funds own 79.74% of the company’s stock.
A number of research firms recently weighed in on INDB. Zacks Investment Research upgraded shares of Independent Bank from a “sell” rating to a “hold” rating in a research report on Friday. Compass Point upgraded shares of Independent Bank from a “neutral” rating to a “buy” rating in a research report on Monday, December 18th. Finally, Keefe, Bruyette & Woods reiterated a “hold” rating and issued a $73.00 price objective on shares of Independent Bank in a research report on Tuesday, October 3rd. Five analysts have rated the stock with a hold rating and one has issued a buy rating to the company’s stock. Independent Bank currently has an average rating of “Hold” and an average price target of $73.00.
In other Independent Bank news, CFO Robert D. Cozzone sold 3,250 shares of the business’s stock in a transaction on Thursday, November 2nd. The shares were sold at an average price of $72.50, for a total transaction of $235,625.00. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Eileen C. Miskell sold 1,200 shares of the business’s stock in a transaction on Wednesday, October 25th. The stock was sold at an average price of $71.27, for a total transaction of $85,524.00. The disclosure for this sale can be found here. Insiders have sold a total of 6,150 shares of company stock worth $439,814 over the last 90 days. Insiders own 2.67% of the company’s stock.
Independent Bank Corp (NASDAQ INDB) opened at $71.55 on Friday. Independent Bank Corp has a 1 year low of $57.20 and a 1 year high of $76.30. The company has a debt-to-equity ratio of 0.17, a current ratio of 0.95 and a quick ratio of 0.95. The firm has a market cap of $1,995.12, a price-to-earnings ratio of 23.69 and a beta of 0.96.
Independent Bank (NASDAQ:INDB) last posted its quarterly earnings data on Thursday, October 19th. The bank reported $0.87 earnings per share for the quarter, missing analysts’ consensus estimates of $0.91 by ($0.04). Independent Bank had a net margin of 23.48% and a return on equity of 9.76%. The firm had revenue of $87.84 million during the quarter, compared to analysts’ expectations of $88.57 million. During the same quarter last year, the business earned $0.78 earnings per share. The business’s quarterly revenue was up 12.5% on a year-over-year basis. equities analysts anticipate that Independent Bank Corp will post 3.41 earnings per share for the current year.
The business also recently announced a quarterly dividend, which will be paid on Friday, January 5th. Shareholders of record on Tuesday, December 26th will be given a dividend of $0.32 per share. The ex-dividend date of this dividend is Friday, December 22nd. This represents a $1.28 annualized dividend and a dividend yield of 1.79%. Independent Bank’s payout ratio is currently 42.38%.
About Independent Bank
Independent Bank Corp. is a bank holding company. The Company operates through its subsidiary, Rockland Trust Company (the Bank). The Bank is a community-oriented commercial bank. Its community banking business provides a range of banking services, including lending activities, acceptance of demand, savings, and time deposits, and investment management.
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