Independent Bank Corp. (NASDAQ:INDB) Position Lessened by Maryland State Retirement & Pension System

Maryland State Retirement & Pension System cut its position in shares of Independent Bank Corp. (NASDAQ:INDB) by 2.0% in the fourth quarter, Holdings Channel reports. The firm owned 15,938 shares of the bank’s stock after selling 318 shares during the period. Maryland State Retirement & Pension System’s holdings in Independent Bank were worth $1,049,000 as of its most recent SEC filing.

Several other large investors have also made changes to their positions in the company. Covestor Ltd raised its holdings in Independent Bank by 13.5% in the 3rd quarter. Covestor Ltd now owns 2,598 shares of the bank’s stock worth $128,000 after acquiring an additional 310 shares during the period. Janney Montgomery Scott LLC acquired a new stake in Independent Bank in the 3rd quarter worth $217,000. AlphaMark Advisors LLC bought a new position in shares of Independent Bank during the 3rd quarter worth about $218,000. M&T Bank Corp bought a new stake in shares of Independent Bank in the third quarter valued at about $237,000. Finally, Sequoia Financial Advisors LLC bought a new position in Independent Bank during the third quarter valued at about $242,000. Institutional investors own 83.40% of the company’s stock.

Insider Activity

In other Independent Bank news, Director Donna L. Abelli sold 800 shares of the company’s stock in a transaction dated Thursday, February 29th. The shares were sold at an average price of $52.83, for a total transaction of $42,264.00. Following the transaction, the director now directly owns 11,640 shares in the company, valued at approximately $614,941.20. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. 0.87% of the stock is owned by insiders.

Independent Bank Trading Up 1.3 %

Shares of INDB stock opened at $51.91 on Friday. The company has a quick ratio of 0.96, a current ratio of 0.96 and a debt-to-equity ratio of 0.36. The company has a market capitalization of $2.20 billion, a P/E ratio of 10.02 and a beta of 0.84. Independent Bank Corp. has a 12-month low of $43.28 and a 12-month high of $68.75. The firm has a 50-day moving average price of $50.61 and a 200 day moving average price of $55.15.

Independent Bank Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, April 5th. Investors of record on Monday, April 1st were issued a $0.57 dividend. This represents a $2.28 dividend on an annualized basis and a dividend yield of 4.39%. This is a boost from Independent Bank’s previous quarterly dividend of $0.55. The ex-dividend date of this dividend was Thursday, March 28th. Independent Bank’s payout ratio is currently 44.02%.

Wall Street Analyst Weigh In

A number of brokerages recently commented on INDB. Keefe, Bruyette & Woods cut their target price on Independent Bank from $64.00 to $60.00 and set a “market perform” rating for the company in a research note on Monday, April 22nd. TheStreet cut shares of Independent Bank from a “b-” rating to a “c+” rating in a research note on Wednesday, March 13th.

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.