Northwestern Mutual Wealth Management Co. Has $49,000 Stock Holdings in Independent Bank Corp. (NASDAQ:INDB)

Northwestern Mutual Wealth Management Co. lessened its position in Independent Bank Corp. (NASDAQ:INDBGet Rating) by 56.9% during the 1st quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 599 shares of the bank’s stock after selling 790 shares during the period. Northwestern Mutual Wealth Management Co.’s holdings in Independent Bank were worth $49,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. State Street Corp boosted its stake in shares of Independent Bank by 25.6% in the 4th quarter. State Street Corp now owns 2,271,077 shares of the bank’s stock valued at $186,258,000 after purchasing an additional 462,932 shares in the last quarter. Dimensional Fund Advisors LP raised its holdings in shares of Independent Bank by 69.9% in the fourth quarter. Dimensional Fund Advisors LP now owns 1,725,085 shares of the bank’s stock valued at $140,646,000 after buying an additional 709,679 shares during the last quarter. Geode Capital Management LLC raised its holdings in shares of Independent Bank by 39.4% in the fourth quarter. Geode Capital Management LLC now owns 815,167 shares of the bank’s stock valued at $66,460,000 after buying an additional 230,313 shares during the last quarter. Goldman Sachs Group Inc. raised its holdings in shares of Independent Bank by 16.3% in the fourth quarter. Goldman Sachs Group Inc. now owns 812,611 shares of the bank’s stock valued at $66,252,000 after buying an additional 114,108 shares during the last quarter. Finally, Northern Trust Corp raised its holdings in shares of Independent Bank by 28.1% in the fourth quarter. Northern Trust Corp now owns 707,037 shares of the bank’s stock valued at $57,646,000 after buying an additional 154,902 shares during the last quarter. Institutional investors and hedge funds own 83.42% of the company’s stock.

Independent Bank Stock Performance

Shares of NASDAQ:INDB opened at $79.89 on Friday. The stock has a market capitalization of $3.74 billion, a P/E ratio of 21.65 and a beta of 0.82. Independent Bank Corp. has a 1-year low of $68.93 and a 1-year high of $93.52. The company has a current ratio of 0.90, a quick ratio of 0.90 and a debt-to-equity ratio of 0.05. The business has a 50-day moving average price of $82.21 and a two-hundred day moving average price of $81.71.

Independent Bank (NASDAQ:INDBGet Rating) last announced its quarterly earnings data on Thursday, July 21st. The bank reported $1.32 earnings per share for the quarter, topping the consensus estimate of $1.26 by $0.06. The firm had revenue of $172.76 million during the quarter, compared to analysts’ expectations of $168.60 million. Independent Bank had a return on equity of 8.56% and a net margin of 25.36%. During the same period in the previous year, the business posted $1.17 EPS. Equities analysts predict that Independent Bank Corp. will post 5.27 earnings per share for the current year.

Independent Bank Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, July 8th. Stockholders of record on Monday, June 27th were paid a $0.51 dividend. The ex-dividend date of this dividend was Friday, June 24th. This represents a $2.04 dividend on an annualized basis and a dividend yield of 2.55%. Independent Bank’s dividend payout ratio (DPR) is presently 55.28%.

Insider Activity

In other news, CEO Christopher Oddleifson sold 3,000 shares of the company’s stock in a transaction dated Thursday, June 9th. The stock was sold at an average price of $80.86, for a total value of $242,580.00. Following the completion of the sale, the chief executive officer now directly owns 99,917 shares of the company’s stock, valued at approximately $8,079,288.62. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In related news, General Counsel Edward H. Seksay sold 700 shares of the business’s stock in a transaction that occurred on Tuesday, August 16th. The stock was sold at an average price of $88.26, for a total value of $61,782.00. Following the completion of the transaction, the general counsel now directly owns 7,336 shares in the company, valued at approximately $647,475.36. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Christopher Oddleifson sold 3,000 shares of the business’s stock in a transaction that occurred on Thursday, June 9th. The shares were sold at an average price of $80.86, for a total value of $242,580.00. Following the completion of the transaction, the chief executive officer now owns 99,917 shares of the company’s stock, valued at $8,079,288.62. The disclosure for this sale can be found here. Insiders sold a total of 8,181 shares of company stock valued at $683,824 in the last ninety days. 1.02% of the stock is owned by insiders.

Analyst Ratings Changes

Separately, Compass Point lifted their price target on Independent Bank to $107.00 in a report on Monday, July 25th.

Independent Bank Company Profile

(Get Rating)

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 primarily in Massachusetts. The company accepts interest checking, money market, and savings accounts, as well as demand deposits and time certificates of deposit.

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