Independent Bank Corp. (NASDAQ:INDB) Shares Sold by Carl P. Sherr & Co. LLC

Carl P. Sherr & Co. LLC cut its position in shares of Independent Bank Corp. (NASDAQ:INDB) by 3.0% in the 4th quarter, according to the company in its most recent disclosure with the SEC. The fund owned 7,947 shares of the bank’s stock after selling 246 shares during the quarter. Carl P. Sherr & Co. LLC’s holdings in Independent Bank were worth $523,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also recently bought and sold shares of INDB. Citigroup Inc. raised its holdings in shares of Independent Bank by 12.0% in the first quarter. Citigroup Inc. now owns 41,709 shares of the bank’s stock worth $3,407,000 after acquiring an additional 4,461 shares during the last quarter. PNC Financial Services Group Inc. raised its holdings in shares of Independent Bank by 65.6% in the first quarter. PNC Financial Services Group Inc. now owns 6,399 shares of the bank’s stock worth $522,000 after acquiring an additional 2,534 shares during the last quarter. Bank of Montreal Can raised its holdings in shares of Independent Bank by 1.3% in the first quarter. Bank of Montreal Can now owns 13,404 shares of the bank’s stock worth $1,141,000 after acquiring an additional 172 shares during the last quarter. MetLife Investment Management LLC raised its holdings in shares of Independent Bank by 54.9% in the first quarter. MetLife Investment Management LLC now owns 24,416 shares of the bank’s stock worth $1,995,000 after acquiring an additional 8,651 shares during the last quarter. Finally, Rhumbline Advisers raised its holdings in shares of Independent Bank by 13.4% in the first quarter. Rhumbline Advisers now owns 159,365 shares of the bank’s stock worth $13,019,000 after acquiring an additional 18,854 shares during the last quarter. 83.40% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at Independent Bank

In other Independent Bank news, Director Donna L. Abelli sold 800 shares of the business’s stock in a transaction dated Thursday, February 29th. The stock was sold at an average price of $52.83, for a total transaction of $42,264.00. Following the completion of the sale, the director now owns 11,640 shares of the company’s stock, valued at $614,941.20. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 0.97% of the stock is owned by company insiders.

Independent Bank Trading Up 1.0 %

Shares of NASDAQ:INDB traded up $0.49 during midday trading on Wednesday, reaching $48.96. The company’s stock had a trading volume of 24,043 shares, compared to its average volume of 288,112. The firm has a market cap of $2.08 billion, a price-to-earnings ratio of 8.94 and a beta of 0.83. The company has a quick ratio of 0.97, a current ratio of 0.97 and a debt-to-equity ratio of 0.42. Independent Bank Corp. has a 1 year low of $43.28 and a 1 year high of $68.75. The business has a 50 day moving average price of $51.23 and a 200 day moving average price of $54.90.

Independent Bank (NASDAQ:INDB) last announced its quarterly earnings data on Thursday, January 18th. The bank reported $1.26 EPS for the quarter, beating analysts’ consensus estimates of $1.25 by $0.01. The business had revenue of $177.16 million during the quarter, compared to the consensus estimate of $176.75 million. Independent Bank had a return on equity of 8.35% and a net margin of 26.02%. Research analysts forecast that Independent Bank Corp. will post 4.58 EPS for the current year.

Independent Bank Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, April 5th. Shareholders of record on Monday, April 1st were given a dividend of $0.57 per share. This represents a $2.28 dividend on an annualized basis and a yield of 4.66%. The ex-dividend date of this dividend was Thursday, March 28th. This is an increase from Independent Bank’s previous quarterly dividend of $0.55. Independent Bank’s payout ratio is 42.07%.

Wall Street Analyst Weigh In

A number of equities analysts have recently weighed in on the company. TheStreet cut Independent Bank from a “b-” rating to a “c+” rating in a report on Wednesday, March 13th. Keefe, Bruyette & Woods lowered their price objective on Independent Bank from $66.00 to $64.00 and set a “market perform” rating for the company in a research report on Monday, January 22nd.

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.