INDB has been the subject of several other research reports. ValuEngine downgraded shares of Independent Bank from a “hold” rating to a “sell” rating in a research report on Friday, January 10th. Zacks Investment Research raised Independent Bank from a “sell” rating to a “hold” rating in a research report on Saturday, January 4th. G.Research reaffirmed a “hold” rating on shares of Independent Bank in a research report on Monday, December 9th. Finally, Gabelli initiated coverage on Independent Bank in a report on Monday, December 9th. They issued a “hold” rating and a $98.00 target price on the stock. Two research analysts have rated the stock with a sell rating, four have assigned a hold rating and two have assigned a buy rating to the stock. The company currently has a consensus rating of “Hold” and a consensus target price of $87.33.
Shares of INDB stock traded up $0.91 during trading hours on Tuesday, hitting $81.17. 1,794 shares of the company were exchanged, compared to its average volume of 143,218. The firm has a market cap of $2.80 billion, a P/E ratio of 17.28, a P/E/G ratio of 2.38 and a beta of 1.20. Independent Bank has a fifty-two week low of $62.33 and a fifty-two week high of $87.64. The company has a debt-to-equity ratio of 0.17, a quick ratio of 0.97 and a current ratio of 0.98. The company has a 50 day simple moving average of $83.72 and a two-hundred day simple moving average of $77.49.
In other Independent Bank news, CFO Mark J. Ruggiero sold 318 shares of Independent Bank stock in a transaction on Friday, November 1st. The shares were sold at an average price of $82.42, for a total transaction of $26,209.56. Following the transaction, the chief financial officer now directly owns 3,180 shares of the company’s stock, valued at approximately $262,095.60. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director William M. Parent sold 22,500 shares of the company’s stock in a transaction on Friday, October 18th. The stock was sold at an average price of $80.00, for a total transaction of $1,800,000.00. Following the completion of the sale, the director now owns 25,557 shares of the company’s stock, valued at approximately $2,044,560. The disclosure for this sale can be found here. In the last ninety days, insiders sold 47,873 shares of company stock worth $3,930,442. 1.60% of the stock is owned by insiders.
Several hedge funds have recently made changes to their positions in INDB. First Trust Advisors LP boosted its holdings in Independent Bank by 3.8% during the first quarter. First Trust Advisors LP now owns 54,466 shares of the bank’s stock worth $4,412,000 after purchasing an additional 1,998 shares during the last quarter. Bank of Montreal Can lifted its position in shares of Independent Bank by 109.2% during the 2nd quarter. Bank of Montreal Can now owns 5,838 shares of the bank’s stock worth $445,000 after buying an additional 3,047 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its position in shares of Independent Bank by 13.0% during the 2nd quarter. Charles Schwab Investment Management Inc. now owns 212,617 shares of the bank’s stock worth $16,191,000 after buying an additional 24,536 shares in the last quarter. LPL Financial LLC purchased a new position in shares of Independent Bank in the 2nd quarter worth approximately $294,000. Finally, Renaissance Technologies LLC boosted its stake in shares of Independent Bank by 1,047.6% in the 2nd quarter. Renaissance Technologies LLC now owns 79,182 shares of the bank’s stock worth $6,030,000 after buying an additional 72,282 shares during the last quarter. Institutional investors own 78.63% of the company’s stock.
About Independent Bank
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. Its products and services include demand deposits and time certificates of deposit, as well as checking, money market, and savings accounts.
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