Independent Bank Corp (NASDAQ:INDB) CFO Robert D. Cozzone sold 3,206 shares of the business’s stock in a transaction that occurred on Tuesday, March 12th. The shares were sold at an average price of $81.01, for a total value of $259,718.06. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink.
NASDAQ INDB traded down $0.94 during trading on Friday, hitting $80.46. The stock had a trading volume of 231,433 shares, compared to its average volume of 102,610. The stock has a market capitalization of $1.93 billion, a price-to-earnings ratio of 17.16 and a beta of 1.08. The company has a debt-to-equity ratio of 0.24, a quick ratio of 0.96 and a current ratio of 0.96. Independent Bank Corp has a 12 month low of $66.12 and a 12 month high of $95.00.
Independent Bank (NASDAQ:INDB) last released its earnings results on Thursday, January 17th. The bank reported $1.29 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $1.30 by ($0.01). The firm had revenue of $103.78 million during the quarter, compared to the consensus estimate of $103.00 million. Independent Bank had a net margin of 29.50% and a return on equity of 12.96%. On average, equities research analysts forecast that Independent Bank Corp will post 5.58 EPS for the current year.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. BlackRock Inc. lifted its stake in Independent Bank by 1.8% in the 4th quarter. BlackRock Inc. now owns 4,029,246 shares of the bank’s stock valued at $283,297,000 after acquiring an additional 71,463 shares in the last quarter. Vanguard Group Inc. lifted its stake in Independent Bank by 2.1% in the 3rd quarter. Vanguard Group Inc. now owns 2,746,446 shares of the bank’s stock valued at $226,856,000 after acquiring an additional 56,411 shares in the last quarter. Vanguard Group Inc lifted its stake in Independent Bank by 2.1% in the 3rd quarter. Vanguard Group Inc now owns 2,746,446 shares of the bank’s stock valued at $226,856,000 after acquiring an additional 56,411 shares in the last quarter. FMR LLC lifted its stake in Independent Bank by 34.0% in the 4th quarter. FMR LLC now owns 723,649 shares of the bank’s stock valued at $50,879,000 after acquiring an additional 183,447 shares in the last quarter. Finally, Macquarie Group Ltd. lifted its stake in Independent Bank by 17.1% in the 4th quarter. Macquarie Group Ltd. now owns 592,782 shares of the bank’s stock valued at $41,679,000 after acquiring an additional 86,684 shares in the last quarter. Hedge funds and other institutional investors own 81.39% of the company’s stock.
INDB has been the subject of several research analyst reports. Zacks Investment Research upgraded Independent Bank from a “hold” rating to a “buy” rating and set a $89.00 price objective for the company in a research report on Tuesday, November 27th. BidaskClub upgraded Independent Bank from a “sell” rating to a “hold” rating in a research note on Wednesday, February 20th. Finally, Compass Point cut Independent Bank from a “buy” rating to a “neutral” rating in a research note on Tuesday, January 8th. Six equities research analysts have rated the stock with a hold rating and one has assigned a buy rating to the stock. The company presently has a consensus rating of “Hold” and an average target price of $85.67.
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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. 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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