Independent Bank Corp (INDB) Position Lowered by Commonwealth Equity Services LLC
Commonwealth Equity Services LLC cut its position in shares of Independent Bank Corp (NASDAQ:INDB) by 12.9% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 9,681 shares of the bank’s stock after selling 1,435 shares during the period. Commonwealth Equity Services LLC’s holdings in Independent Bank were worth $759,000 at the end of the most recent quarter.
Other hedge funds have also recently added to or reduced their stakes in the company. SG Americas Securities LLC purchased a new position in shares of Independent Bank during the 1st quarter worth about $125,000. Millennium Management LLC purchased a new position in shares of Independent Bank during the 4th quarter worth about $205,000. Penobscot Investment Management Company Inc. boosted its stake in shares of Independent Bank by 22.2% during the 1st quarter. Penobscot Investment Management Company Inc. now owns 4,135 shares of the bank’s stock worth $296,000 after purchasing an additional 750 shares during the period. Profund Advisors LLC boosted its stake in shares of Independent Bank by 22.9% during the 1st quarter. Profund Advisors LLC now owns 5,248 shares of the bank’s stock worth $375,000 after purchasing an additional 978 shares during the period. Finally, Xact Kapitalforvaltning AB boosted its stake in shares of Independent Bank by 55.1% during the 1st quarter. Xact Kapitalforvaltning AB now owns 5,351 shares of the bank’s stock worth $383,000 after purchasing an additional 1,900 shares during the period. 80.91% of the stock is owned by hedge funds and other institutional investors.
INDB has been the subject of a number of recent analyst reports. Zacks Investment Research raised shares of Independent Bank from a “hold” rating to a “buy” rating and set a $83.00 price target for the company in a research note on Thursday, May 17th. BidaskClub cut shares of Independent Bank from a “buy” rating to a “hold” rating in a research note on Wednesday, August 8th. Sandler O’Neill reaffirmed a “hold” rating and set a $88.00 price target on shares of Independent Bank in a research note on Friday, July 20th. ValuEngine cut shares of Independent Bank from a “buy” rating to a “hold” rating in a research note on Monday, May 14th. Finally, Keefe, Bruyette & Woods raised shares of Independent Bank from a “market perform” rating to an “outperform” rating in a research note on Sunday, July 22nd. Four analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and an average price target of $80.00.
Independent Bank (NASDAQ:INDB) last released its quarterly earnings data on Thursday, July 19th. The bank reported $1.14 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.11 by $0.03. The company had revenue of $95.06 million during the quarter, compared to analysts’ expectations of $92.60 million. Independent Bank had a net margin of 27.38% and a return on equity of 11.27%. research analysts expect that Independent Bank Corp will post 4.68 earnings per share for the current fiscal year.
In other Independent Bank news, Director Gerard F. Nadeau sold 3,250 shares of the business’s stock in a transaction dated Friday, June 8th. The shares were sold at an average price of $82.75, for a total value of $268,937.50. Following the completion of the sale, the director now directly owns 18,635 shares of the company’s stock, valued at approximately $1,542,046.25. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, Director Eileen C. Miskell sold 1,550 shares of the business’s stock in a transaction dated Wednesday, May 30th. The shares were sold at an average price of $78.30, for a total transaction of $121,365.00. Following the completion of the sale, the director now directly owns 15,099 shares of the company’s stock, valued at $1,182,251.70. The disclosure for this sale can be found here. Over the last three months, insiders sold 11,850 shares of company stock valued at $967,223. 2.67% of the stock is owned by corporate insiders.
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 primarily in Massachusetts. The company's products and services include demand deposits and time certificates of deposit, as well as checking, money market, and savings accounts.
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