State of Tennessee Treasury Department decreased its holdings in Independent Bank Corp (NASDAQ:INDB) by 9.8% in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 21,578 shares of the bank’s stock after selling 2,349 shares during the period. State of Tennessee Treasury Department’s holdings in Independent Bank were worth $1,507,000 at the end of the most recent reporting period.
Other institutional investors and hedge funds have also bought and sold shares of the company. Sei Investments Co. increased its stake in shares of Independent Bank by 134,750.0% in the third quarter. Sei Investments Co. now owns 2,697 shares of the bank’s stock worth $202,000 after purchasing an additional 2,695 shares in the last quarter. Fiduciary Trust Co. increased its stake in shares of Independent Bank by 32.0% in the third quarter. Fiduciary Trust Co. now owns 4,867 shares of the bank’s stock worth $363,000 after purchasing an additional 1,180 shares in the last quarter. Russell Investments Group Ltd. purchased a new position in shares of Independent Bank in the third quarter worth about $403,000. Crossmark Global Holdings Inc. purchased a new position in shares of Independent Bank in the third quarter worth about $416,000. Finally, Teacher Retirement System of Texas purchased a new position in shares of Independent Bank in the fourth quarter worth about $654,000. Hedge funds and other institutional investors own 79.40% of the company’s stock.
Independent Bank Corp (NASDAQ INDB) opened at $74.55 on Friday. The company has a debt-to-equity ratio of 0.17, a current ratio of 0.95 and a quick ratio of 0.94. Independent Bank Corp has a 1 year low of $58.30 and a 1 year high of $76.30. The company has a market cap of $2,001.05, a P/E ratio of 21.65 and a beta of 0.91.
In other news, insider Christopher Oddleifson sold 1,200 shares of the firm’s stock in a transaction that occurred on Friday, February 2nd. The shares were sold at an average price of $72.60, for a total value of $87,120.00. Following the completion of the transaction, the insider now directly owns 86,643 shares in the company, valued at $6,290,281.80. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Robert D. Cozzone acquired 788 shares of the business’s stock in a transaction dated Friday, February 23rd. The stock was purchased at an average price of $71.25 per share, with a total value of $56,145.00. The disclosure for this purchase can be found here. Insiders sold 2,501 shares of company stock valued at $178,897 over the last 90 days. 2.67% of the stock is owned by company insiders.
Several equities analysts have recently weighed in on INDB shares. Compass Point upgraded shares of Independent Bank from a “neutral” rating to a “buy” rating in a research note on Monday, December 18th. Zacks Investment Research upgraded shares of Independent Bank from a “sell” rating to a “hold” rating in a research note on Friday, December 22nd. Keefe, Bruyette & Woods reiterated a “hold” rating on shares of Independent Bank in a research note on Sunday, January 21st. Finally, BidaskClub upgraded shares of Independent Bank from a “sell” rating to a “hold” rating in a research note on Thursday, January 18th. Five investment analysts have rated the stock with a hold rating and one has given a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and a consensus price target of $73.00.
Independent Bank Company Profile
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.
Want to see what other hedge funds are holding INDB? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Independent Bank Corp (NASDAQ:INDB).
Receive News & Ratings for Independent Bank Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Independent Bank and related companies with MarketBeat.com's FREE daily email newsletter.