Aigen Investment Management LP Sells 2,417 Shares of Independent Bank Corp. (NASDAQ:INDB)

Aigen Investment Management LP lessened its holdings in shares of Independent Bank Corp. (NASDAQ:INDB) by 26.8% in the fourth quarter, Holdings Channel.com reports. The firm owned 6,591 shares of the bank’s stock after selling 2,417 shares during the period. Aigen Investment Management LP’s holdings in Independent Bank were worth $423,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. JPMorgan Chase & Co. boosted its position in shares of Independent Bank by 59.8% in the third 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. Verition Fund Management LLC boosted its position in shares of Independent Bank by 1,697.7% in the third quarter. Verition Fund Management LLC now owns 132,435 shares of the bank’s stock valued at $7,831,000 after acquiring an additional 125,068 shares during the period. Hotchkis & Wiley Capital Management LLC bought a new position in shares of Independent Bank in the third quarter valued at approximately $5,802,000. New York State Common Retirement Fund boosted its position in shares of Independent Bank by 681.3% in the fourth quarter. New York State Common Retirement Fund now owns 101,431 shares of the bank’s stock valued at $6,511,000 after acquiring an additional 88,448 shares during the period. Finally, Algert Global LLC boosted its position in shares of Independent Bank by 172.4% in the third quarter. Algert Global LLC now owns 138,146 shares of the bank’s stock valued at $8,169,000 after acquiring an additional 87,440 shares during the period. Institutional investors own 83.40% of the company’s stock.

Analyst Ratings Changes

A number of research firms have recently commented on INDB. Keefe, Bruyette & Woods cut 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 research report on Tuesday, January 21st. StockNews.com lowered shares of Independent Bank from a “hold” rating to a “sell” rating in a research report on Friday. Finally, Raymond James reiterated a “strong-buy” rating and set a $78.00 target price (up from $74.00) on shares of Independent Bank in a research report on Tuesday, January 21st. One analyst has rated the stock with a sell rating, one has issued a hold rating and two have given a strong buy rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $79.00.

Insiders Place Their Bets

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

Independent Bank Trading Down 0.7 %

Shares of Independent Bank stock opened at $63.08 on Friday. Independent Bank Corp. has a 1 year low of $45.11 and a 1 year high of $77.23. The firm has a market cap of $2.69 billion, a PE ratio of 13.96 and a beta of 0.77. The company has a debt-to-equity ratio of 0.23, a current ratio of 0.95 and a quick ratio of 0.95. The company has a 50 day simple moving average of $66.43 and a two-hundred day simple moving average of $65.45.

Independent Bank (NASDAQ:INDB) last announced its earnings results on Thursday, January 16th. The bank reported $1.21 earnings per share (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%. Analysts expect that Independent Bank Corp. will post 5.41 earnings per share for the current fiscal year.

Independent Bank Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, January 6th. Shareholders of record on Monday, December 30th were paid a dividend of $0.57 per share. This represents a $2.28 annualized dividend and a dividend yield of 3.61%. The ex-dividend date was Monday, December 30th. Independent Bank’s dividend payout ratio (DPR) is presently 50.44%.

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.