Insider Selling: Independent Bank Corp (INDB) Director Sells 700 Shares of Stock
Independent Bank Corp (NASDAQ:INDB) Director Carl Ribeiro sold 700 shares of the business’s stock in a transaction that occurred on Tuesday, December 12th. The shares were sold at an average price of $69.25, for a total transaction of $48,475.00. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website.
Independent Bank Corp (NASDAQ INDB) traded down $1.00 on Thursday, hitting $68.80. 67,080 shares of the stock traded hands, compared to its average volume of 90,429. Independent Bank Corp has a 1 year low of $57.20 and a 1 year high of $76.30. The stock has a market capitalization of $1,914.16, a PE ratio of 21.59 and a beta of 0.96. The company has a debt-to-equity ratio of 0.17, a current ratio of 0.95 and a quick ratio of 0.95.
Independent Bank (NASDAQ:INDB) last announced its earnings results on Thursday, October 19th. The bank reported $0.87 EPS for the quarter, missing the Zacks’ consensus estimate of $0.91 by ($0.04). Independent Bank had a net margin of 23.48% and a return on equity of 9.76%. The business had revenue of $87.84 million for the quarter, compared to analysts’ expectations of $88.57 million. During the same period in the prior year, the company posted $0.78 earnings per share. The firm’s quarterly revenue was up 12.5% on a year-over-year basis. equities analysts predict that Independent Bank Corp will post 3.41 earnings per share for the current year.
A number of hedge funds have recently made changes to their positions in the business. BlackRock Inc. increased its holdings in Independent Bank by 0.8% during the second quarter. BlackRock Inc. now owns 3,308,074 shares of the bank’s stock valued at $220,483,000 after buying an additional 26,356 shares during the last quarter. Vanguard Group Inc. increased its holdings in Independent Bank by 1.0% during the second quarter. Vanguard Group Inc. now owns 2,387,040 shares of the bank’s stock valued at $159,097,000 after buying an additional 24,774 shares during the last quarter. Dimensional Fund Advisors LP increased its holdings in Independent Bank by 1.9% during the second quarter. Dimensional Fund Advisors LP now owns 1,300,006 shares of the bank’s stock valued at $86,646,000 after buying an additional 24,072 shares during the last quarter. The Manufacturers Life Insurance Company increased its holdings in Independent Bank by 2.9% during the second quarter. The Manufacturers Life Insurance Company now owns 770,690 shares of the bank’s stock valued at $51,367,000 after buying an additional 21,629 shares during the last quarter. Finally, Northern Trust Corp increased its holdings in Independent Bank by 5.5% during the second quarter. Northern Trust Corp now owns 767,745 shares of the bank’s stock valued at $51,171,000 after buying an additional 40,043 shares during the last quarter. 79.75% of the stock is owned by institutional investors and hedge funds.
Several research firms have recently weighed in on INDB. Zacks Investment Research cut shares of Independent Bank from a “buy” rating to a “hold” rating in a report on Monday, September 18th. Keefe, Bruyette & Woods reissued a “hold” rating and set a $73.00 price objective on shares of Independent Bank in a report on Tuesday, October 3rd. Finally, Compass Point cut shares of Independent Bank from a “buy” rating to a “neutral” rating and set a $76.00 price objective for the company. in a report on Wednesday, October 11th. They noted that the move was a valuation call. One investment analyst has rated the stock with a sell rating and five have given a hold rating to the company. The stock currently has an average rating of “Hold” and a consensus target price of $73.00.
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Independent Bank Company Profile
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.
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