Victory Capital Management Inc. lowered its position in shares of Independent Bank Corp (NASDAQ:INDB) by 0.3% during the first quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 724,590 shares of the bank’s stock after selling 2,422 shares during the period. Victory Capital Management Inc.’s holdings in Independent Bank were worth $58,699,000 at the end of the most recent reporting period.
Other hedge funds have also recently modified their holdings of the company. Doyle Wealth Management acquired a new position in Independent Bank during the 4th quarter worth about $27,000. Huntington National Bank acquired a new position in Independent Bank during the 1st quarter worth about $34,000. Strs Ohio acquired a new position in Independent Bank during the 4th quarter worth about $35,000. Truehand Inc acquired a new position in Independent Bank during the 4th quarter worth about $70,000. Finally, PNC Financial Services Group Inc. lifted its holdings in Independent Bank by 16.1% during the 4th quarter. PNC Financial Services Group Inc. now owns 1,155 shares of the bank’s stock worth $81,000 after buying an additional 160 shares during the period. Institutional investors and hedge funds own 81.96% of the company’s stock.
Several brokerages have commented on INDB. Zacks Investment Research downgraded Independent Bank from a “hold” rating to a “sell” rating in a report on Thursday, April 25th. Sandler O’Neill raised Independent Bank from a “hold” rating to a “buy” rating in a research note on Wednesday, April 3rd. Finally, BidaskClub raised Independent Bank from a “sell” rating to a “hold” rating in a research note on Wednesday, March 27th. One analyst has 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 has a consensus rating of “Hold” and an average target price of $85.67.
Independent Bank (NASDAQ:INDB) last announced its quarterly earnings data on Thursday, April 18th. The bank reported $1.30 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.33 by ($0.03). The business had revenue of $104.06 million during the quarter, compared to analyst estimates of $106.30 million. Independent Bank had a net margin of 29.95% and a return on equity of 13.38%. Analysts anticipate that Independent Bank Corp will post 5.5 EPS for the current year.
In other news, CFO Robert D. Cozzone sold 3,206 shares of the business’s stock in a transaction dated Tuesday, March 12th. The stock was sold at an average price of $81.01, for a total value of $259,718.06. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Kevin J. Jones sold 4,000 shares of the business’s stock in a transaction dated Tuesday, May 7th. The shares were sold at an average price of $79.46, for a total value of $317,840.00. The disclosure for this sale can be found here. Insiders sold a total of 11,721 shares of company stock worth $943,311 over the last three months. 1.60% of the stock is owned by company insiders.
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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. 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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