Isthmus Partners LLC trimmed its holdings in shares of Independent Bank Corp. (NASDAQ:INDB) by 3.0% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 13,400 shares of the bank’s stock after selling 421 shares during the period. Isthmus Partners LLC’s holdings in Independent Bank Corp. were worth $893,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also modified their holdings of INDB. Oppenheimer Asset Management Inc. boosted its stake in shares of Independent Bank Corp. by 8.3% in the 2nd quarter. Oppenheimer Asset Management Inc. now owns 1,566 shares of the bank’s stock worth $104,000 after buying an additional 120 shares during the last quarter. US Bancorp DE boosted its stake in shares of Independent Bank Corp. by 4.7% in the 1st quarter. US Bancorp DE now owns 1,844 shares of the bank’s stock worth $120,000 after buying an additional 82 shares during the last quarter. Ameritas Investment Partners Inc. purchased a new position in shares of Independent Bank Corp. in the 1st quarter worth $145,000. Bank of Montreal Can boosted its stake in shares of Independent Bank Corp. by 42.1% in the 1st quarter. Bank of Montreal Can now owns 3,036 shares of the bank’s stock worth $197,000 after buying an additional 899 shares during the last quarter. Finally, SG Americas Securities LLC boosted its stake in shares of Independent Bank Corp. by 47.3% in the 1st quarter. SG Americas Securities LLC now owns 3,032 shares of the bank’s stock worth $197,000 after buying an additional 973 shares during the last quarter. Institutional investors and hedge funds own 76.45% of the company’s stock.

A number of equities analysts have recently issued reports on INDB shares. Zacks Investment Research downgraded Independent Bank Corp. from a “buy” rating to a “hold” rating in a research note on Thursday, August 24th. Keefe, Bruyette & Woods restated a “hold” rating and issued a $71.00 price target on shares of Independent Bank Corp. in a research note on Wednesday, June 28th. BidaskClub downgraded Independent Bank Corp. from a “buy” rating to a “hold” rating in a research note on Wednesday, June 21st. Finally, Compass Point upgraded Independent Bank Corp. from a “neutral” rating to a “buy” rating and set a $72.00 price target on the stock in a research note on Friday, July 21st. Five equities research analysts have rated the stock with a hold rating and one has issued a buy rating to the company. Independent Bank Corp. has a consensus rating of “Hold” and an average target price of $70.25.

In other Independent Bank Corp. news, insider Gerard F. Nadeau sold 5,193 shares of the company’s stock in a transaction on Monday, July 31st. The shares were sold at an average price of $71.75, for a total value of $372,597.75. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Mark J. Ruggiero sold 400 shares of the company’s stock in a transaction on Tuesday, July 25th. The shares were sold at an average price of $73.05, for a total transaction of $29,220.00. Following the completion of the sale, the insider now directly owns 2,852 shares in the company, valued at $208,338.60. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 8,443 shares of company stock worth $607,108. 2.67% of the stock is owned by corporate insiders.

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Independent Bank Corp. (INDB) traded up 0.77% during trading on Tuesday, reaching $71.75. The company had a trading volume of 22,939 shares. The stock has a 50 day moving average price of $69.35 and a 200 day moving average price of $65.81. The firm has a market capitalization of $1.97 billion, a P/E ratio of 24.40 and a beta of 1.00. Independent Bank Corp. has a 52 week low of $47.50 and a 52 week high of $73.15.

Independent Bank Corp. (NASDAQ:INDB) last released its earnings results on Thursday, July 20th. The bank reported $0.82 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.81 by $0.01. Independent Bank Corp. had a return on equity of 9.70% and a net margin of 23.17%. The firm had revenue of $85.15 million for the quarter, compared to the consensus estimate of $85.20 million. During the same period in the prior year, the firm earned $0.78 EPS. Analysts predict that Independent Bank Corp. will post $3.33 earnings per share for the current year.

About Independent Bank Corp.

Independent Bank Corp. is a bank holding company. The Company operates through its subsidiary, Rockland Trust Company (the Bank). The Bank is a community-oriented commercial bank. Its community banking business provides a range of banking services, including lending activities, acceptance of demand, savings, and time deposits, and investment management.

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

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