Independent Bank Corp. (NASDAQ:INDB) Shares purchased by Assenagon Asset Management SA

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Assenagon Asset Management SA has increased its stake in the shares of Independent Bank Corp. (NASDAQ:INDBGet a rating) by 5.5% in Q1, according to its most recently filed Form 13F with the SEC. The fund held 11,869 shares of the bank after buying an additional 617 shares during the period. Assenagon Asset Management SA’s holdings in Independent Bank were worth $970,000 at the end of the most recent period.

Other institutional investors and hedge funds have also been buying and selling shares of the company recently. Parallel Advisors LLC acquired a new position in Independent Bank during the fourth quarter worth approximately $28,000. Quadrant Capital Group LLC increased its position in Independent Bank shares by 851.0% in the fourth quarter. Quadrant Capital Group LLC now owns 485 shares of the bank worth $40,000 after acquiring 434 additional shares in the last quarter. Signaturefd LLC acquired a new stake in shares of Independent Bank in the fourth quarter worth $62,000. Point72 Hong Kong Ltd increased its position in Independent Bank shares by 104.6% in the fourth quarter. Point72 Hong Kong Ltd now owns 1,254 shares in the bank worth $102,000 after acquiring 641 additional shares in the last quarter. Finally, Pinebridge Investments LP acquired a new stake in shares of Independent Bank in the fourth quarter worth $139,000. Institutional investors and hedge funds hold 83.42% of the company’s shares.

Insider activity

In other news, CEO Christopher Oddleifson sold 3,000 shares of the company in a trade on Thursday, June 9. The shares were sold at an average price of $80.86, for a total value of $242,580.00. Following completion of the transaction, the CEO now directly owns 99,917 shares of the company, valued at $8,079,288.62. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available via the SEC website. In other Independent Bank news, Director Eileen C. Miskel sold 1,123 shares of the stock in a trade on Thursday, June 9. The shares were sold at an average price of $81.04, for a total transaction of $91,007.92. As a result of the transaction, the administrator now directly owns 13,435 shares of the company, valued at approximately $1,088,772.40. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, available at this hyperlink. Also, CEO Christopher Oddleifson sold 3,000 shares in a trade on Thursday, June 9. The shares were sold at an average price of $80.86, for a total transaction of $242,580.00. As a result of the transaction, the CEO now owns 99,917 shares of the company, valued at $8,079,288.62. Disclosure of this sale can be found here. Insiders own 1.02% of the shares of the company.

Price performance of independent banks

Independent Bank Actions opened at $79.24 on Friday. The company has a market capitalization of $3.71 billion, a P/E ratio of 22.58 and a beta of 0.84. The company has a fifty-day moving average of $80.08 and a 200-day moving average of $81.85. The company has a quick ratio of 0.91, a current ratio of 0.91 and a debt ratio of 0.05. Independent Bank Corp. has a 52-week low of $68.14 and a 52-week high of $93.52.

Independent bank (NASDAQ:INDBGet a rating) last announced its results on Thursday, April 21. The bank reported earnings per share of $1.23 for the quarter, matching the consensus estimate of $1.23. The company posted revenue of $163.70 million in the quarter, versus a consensus estimate of $164.30 million. Independent Bank had a net margin of 23.51% and a return on equity of 8.61%. In the same period a year earlier, the company earned earnings per share of $1.26. As a group, analysts predict Independent Bank Corp. will post an EPS of 5.08 for the current year.

Independent bank announces dividend

The company also recently announced a quarterly dividend, which was paid on Friday, July 8. Shareholders of record on Monday, June 27 received a dividend of $0.51. The ex-dividend date was Friday, June 24. This represents an annualized dividend of $2.04 and a dividend yield of 2.57%. Independent Bank’s dividend payout ratio (DPR) is currently 58.12%.

Analyst upgrades and downgrades

Separately, StockNews.com began covering Independent Bank shares in a research report on Thursday, March 31. They issued a “holding” rating for the company.

Profile of the independent bank

(Get a rating)

Independent Bank Corp. operates as a bank holding company for Rockland Trust Company which provides commercial banking products and services to individuals and small and medium businesses primarily in Massachusetts. The company accepts interest checking, money market and savings accounts, as well as demand deposits and term deposit certificates.

Further reading

Want to see which other hedge funds hold INDB? Visit HoldingsChannel.com to get the latest 13F deposits and insider trades for Independent Bank Corp. (NASDAQ:INDBGet a rating).

Institutional Ownership by Quarter for an Independent Bank (NASDAQ:INDB)



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