Independent Bank Corp. (NASDAQ:INDB) Stock Holdings Lowered by Teacher Retirement System of Texas

Teacher Retirement System of Texas cut its position in Independent Bank Corp. (NASDAQ:INDB) by 8.7% during the 4th quarter, HoldingsChannel reports. The firm owned 31,598 shares of the bank’s stock after selling 3,029 shares during the quarter. Teacher Retirement System of Texas’ holdings in Independent Bank were worth $2,028,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also recently bought and sold shares of the company. Geode Capital Management LLC increased its stake in shares of Independent Bank by 0.9% in the third quarter. Geode Capital Management LLC now owns 1,017,400 shares of the bank’s stock valued at $60,170,000 after purchasing an additional 8,987 shares during the period. Charles Schwab Investment Management Inc. increased its position in Independent Bank by 4.1% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 544,948 shares of the bank’s stock valued at $34,980,000 after acquiring an additional 21,289 shares during the period. JPMorgan Chase & Co. increased its position in Independent Bank by 59.8% in the 3rd quarter. JPMorgan Chase & Co. now owns 338,640 shares of the bank’s stock valued at $20,024,000 after acquiring an additional 126,791 shares during the period. Principal Financial Group Inc. grew its stake in shares of Independent Bank by 2.9% in the fourth quarter. Principal Financial Group Inc. now owns 206,079 shares of the bank’s stock worth $13,228,000 after purchasing an additional 5,792 shares in the last quarter. Finally, Fisher Asset Management LLC increased its holdings in shares of Independent Bank by 58.8% during the fourth quarter. Fisher Asset Management LLC now owns 188,385 shares of the bank’s stock valued at $12,092,000 after purchasing an additional 69,753 shares during the period. 83.40% of the stock is currently owned by institutional investors.

Independent Bank Price Performance

Shares of Independent Bank stock opened at $64.70 on Friday. Independent Bank Corp. has a 52 week low of $45.11 and a 52 week high of $77.23. The company has a current ratio of 0.95, a quick ratio of 0.95 and a debt-to-equity ratio of 0.23. The stock has a market cap of $2.76 billion, a PE ratio of 14.31 and a beta of 0.77. The company’s 50-day moving average price is $66.48 and its two-hundred day moving average price is $65.61.

Independent Bank (NASDAQ:INDB) last released its earnings results on Thursday, January 16th. The bank reported $1.21 EPS for the quarter, beating the consensus estimate of $1.16 by $0.05. Independent Bank had a net margin of 19.58% and a return on equity of 6.57%. As a group, sell-side analysts anticipate that Independent Bank Corp. will post 5.41 EPS for the current fiscal year.

Independent Bank Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, April 7th. Investors of record on Monday, March 31st will be issued a $0.59 dividend. This represents a $2.36 dividend on an annualized basis and a dividend yield of 3.65%. This is a boost from Independent Bank’s previous quarterly dividend of $0.57. The ex-dividend date is Monday, March 31st. Independent Bank’s payout ratio is presently 52.21%.

Wall Street Analyst Weigh In

Several equities research analysts recently weighed in on INDB shares. Keefe, Bruyette & Woods reduced their price objective on shares of Independent Bank from $82.00 to $80.00 and set a “market perform” rating for the company in a report on Tuesday, January 21st. StockNews.com upgraded shares of Independent Bank from a “sell” rating to a “hold” rating in a report on Tuesday. Finally, Raymond James reissued a “strong-buy” rating and set a $78.00 target price (up previously from $74.00) on shares of Independent Bank in a report on Tuesday, January 21st.

Insider Transactions at Independent Bank

In related news, Director Donna L. Abelli sold 640 shares of Independent Bank stock in a transaction dated Tuesday, February 11th. The stock was sold at an average price of $70.03, for a total value of $44,819.20. Following the transaction, the director now owns 12,516 shares of the company’s stock, valued at approximately $876,495.48. This trade represents a 4.86 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 0.87% of the stock is owned by insiders.

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.