Sei Investments Co. Sells 8,306 Shares of Independent Bank Corp. (NASDAQ:INDB)

Sei Investments Co. lessened its position in Independent Bank Corp. (NASDAQ:INDB) by 11.7% in the 4th quarter, Holdings Channel.com reports. The fund owned 62,903 shares of the bank’s stock after selling 8,306 shares during the period. Sei Investments Co.’s holdings in Independent Bank were worth $4,038,000 at the end of the most recent quarter.

Other large investors have also recently made changes to their positions in the company. Charles Schwab Investment Management Inc. lifted its stake in Independent Bank by 4.6% in the third quarter. Charles Schwab Investment Management Inc. now owns 523,659 shares of the bank’s stock worth $30,964,000 after purchasing an additional 22,919 shares during the last quarter. Cerity Partners LLC grew its holdings in shares of Independent Bank by 46.0% in the third quarter. Cerity Partners LLC now owns 15,248 shares of the bank’s stock worth $902,000 after purchasing an additional 4,805 shares during the last quarter. FMR LLC grew its stake in Independent Bank by 312.3% in the 3rd quarter. FMR LLC now owns 26,728 shares of the bank’s stock worth $1,580,000 after acquiring an additional 20,246 shares in the last quarter. BNP Paribas Financial Markets increased its holdings in Independent Bank by 106.0% during the 3rd quarter. BNP Paribas Financial Markets now owns 25,077 shares of the bank’s stock worth $1,483,000 after purchasing an additional 12,904 shares during the period. Finally, Zurcher Kantonalbank Zurich Cantonalbank raised its holdings in shares of Independent Bank by 9.9% in the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 9,418 shares of the bank’s stock valued at $557,000 after acquiring an additional 850 shares in the last quarter. 83.40% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

INDB has been the subject of several recent research reports. StockNews.com upgraded shares of Independent Bank from a “sell” rating to a “hold” rating in a report on Tuesday, March 25th. Keefe, Bruyette & Woods decreased their price target on shares of Independent Bank from $82.00 to $80.00 and set a “market perform” rating for the company in a research report on Tuesday, January 21st. Finally, Raymond James reaffirmed a “strong-buy” rating and issued a $78.00 price objective (up previously from $74.00) on shares of Independent Bank in a research report on Tuesday, January 21st.

Independent Bank Stock Performance

Shares of NASDAQ:INDB opened at $62.88 on Thursday. Independent Bank Corp. has a 1 year low of $45.11 and a 1 year high of $77.23. The firm has a market capitalization of $2.68 billion, a PE ratio of 13.91 and a beta of 0.77. The business’s 50 day moving average price is $66.11 and its 200-day moving average price is $65.74. The company has a debt-to-equity ratio of 0.23, a current ratio of 0.95 and a quick ratio of 0.95.

Independent Bank (NASDAQ:INDB) last released its quarterly earnings data on Thursday, January 16th. The bank reported $1.21 earnings per share for the quarter, topping analysts’ consensus estimates of $1.16 by $0.05. Independent Bank had a return on equity of 6.57% and a net margin of 19.58%. As a group, equities research analysts expect that Independent Bank Corp. will post 5.41 earnings per share for the current fiscal year.

Independent Bank Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, April 7th. Stockholders of record on Monday, March 31st will be paid a $0.59 dividend. This is a boost from Independent Bank’s previous quarterly dividend of $0.57. The ex-dividend date is Monday, March 31st. This represents a $2.36 annualized dividend and a dividend yield of 3.75%. Independent Bank’s dividend payout ratio is 52.21%.

Insiders Place Their Bets

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

Independent Bank Profile

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.