Hsbc Holdings PLC reduced its position in Independent Bank Corp. (NASDAQ:INDB – Free Report) by 80.0% in the second quarter, HoldingsChannel.com reports. The institutional investor owned 17,436 shares of the bank’s stock after selling 69,583 shares during the period. Hsbc Holdings PLC’s holdings in Independent Bank were worth $869,000 as of its most recent SEC filing.
Other large investors also recently modified their holdings of the company. Louisiana State Employees Retirement System grew its stake in Independent Bank by 0.9% during the 2nd quarter. Louisiana State Employees Retirement System now owns 21,400 shares of the bank’s stock valued at $1,085,000 after purchasing an additional 200 shares in the last quarter. CWM LLC increased its stake in shares of Independent Bank by 2.7% in the second quarter. CWM LLC now owns 8,704 shares of the bank’s stock worth $441,000 after buying an additional 232 shares during the last quarter. Aries Wealth Management boosted its stake in Independent Bank by 1.5% during the 2nd quarter. Aries Wealth Management now owns 16,122 shares of the bank’s stock valued at $818,000 after acquiring an additional 232 shares during the last quarter. Illinois Municipal Retirement Fund grew its holdings in Independent Bank by 1.8% during the 1st quarter. Illinois Municipal Retirement Fund now owns 25,325 shares of the bank’s stock worth $1,317,000 after acquiring an additional 443 shares in the last quarter. Finally, Plimoth Trust Co. LLC increased its position in shares of Independent Bank by 6.0% in the 1st quarter. Plimoth Trust Co. LLC now owns 8,900 shares of the bank’s stock worth $463,000 after purchasing an additional 500 shares during the last quarter. 83.40% of the stock is currently owned by institutional investors and hedge funds.
Independent Bank Trading Down 1.1 %
Independent Bank stock opened at $58.44 on Monday. Independent Bank Corp. has a 1 year low of $44.63 and a 1 year high of $68.75. The firm’s 50-day moving average is $60.72 and its 200-day moving average is $54.02. The company has a debt-to-equity ratio of 0.24, a quick ratio of 0.95 and a current ratio of 0.95. The company has a market cap of $2.48 billion, a P/E ratio of 11.28 and a beta of 0.75.
Independent Bank Dividend Announcement
The business also recently disclosed a quarterly dividend, which will be paid on Friday, October 4th. Investors of record on Monday, September 30th will be paid a dividend of $0.57 per share. The ex-dividend date of this dividend is Monday, September 30th. This represents a $2.28 dividend on an annualized basis and a yield of 3.90%. Independent Bank’s payout ratio is currently 44.02%.
Wall Street Analysts Forecast Growth
INDB has been the subject of a number of research reports. StockNews.com downgraded Independent Bank from a “hold” rating to a “sell” rating in a research note on Tuesday, September 17th. Seaport Res Ptn upgraded Independent Bank from a “hold” rating to a “strong-buy” rating in a research report on Monday, July 22nd.
Get Our Latest Analysis on INDB
Independent Bank Company 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.
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