Rhumbline Advisers lifted its stake in shares of Independent Bank Corp (NASDAQ:INDB) by 11.9% during the first quarter, HoldingsChannel.com reports. The firm owned 98,967 shares of the bank’s stock after purchasing an additional 10,491 shares during the quarter. Rhumbline Advisers’ holdings in Independent Bank were worth $8,017,000 at the end of the most recent quarter.
Several other institutional investors also recently made changes to their positions in INDB. Moors & Cabot Inc. boosted its stake in shares of Independent Bank by 103.4% during the 1st quarter. Moors & Cabot Inc. now owns 77,312 shares of the bank’s stock worth $6,262,000 after acquiring an additional 39,303 shares in the last quarter. Starr International Co. Inc. bought a new stake in shares of Independent Bank during the 1st quarter worth about $265,000. Janus Henderson Group PLC boosted its stake in shares of Independent Bank by 20.2% during the 1st quarter. Janus Henderson Group PLC now owns 281,285 shares of the bank’s stock worth $22,787,000 after acquiring an additional 47,251 shares in the last quarter. Welch & Forbes LLC bought a new stake in shares of Independent Bank during the 1st quarter worth about $223,000. Finally, Arizona State Retirement System boosted its stake in shares of Independent Bank by 23.4% during the 1st quarter. Arizona State Retirement System now owns 53,382 shares of the bank’s stock worth $4,324,000 after acquiring an additional 10,139 shares in the last quarter. 81.88% of the stock is currently owned by institutional investors.
In related news, President Gerard F. Nadeau sold 2,500 shares of the business’s stock in a transaction dated Monday, March 11th. The stock was sold at an average price of $81.69, for a total transaction of $204,225.00. Following the completion of the transaction, the president now owns 19,227 shares of the company’s stock, valued at approximately $1,570,653.63. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Donna L. Abelli sold 800 shares of the business’s stock in a transaction dated Friday, April 26th. The stock was sold at an average price of $80.00, for a total value of $64,000.00. The disclosure for this sale can be found here. Insiders have sold a total of 11,721 shares of company stock valued at $943,311 in the last three months. 1.60% of the stock is owned by insiders.
Independent Bank (NASDAQ:INDB) last posted its quarterly earnings data on Thursday, April 18th. The bank reported $1.30 earnings per share for the quarter, missing the consensus estimate of $1.33 by ($0.03). Independent Bank had a return on equity of 13.38% and a net margin of 29.95%. The business had revenue of $104.06 million for the quarter, compared to analyst estimates of $106.30 million. As a group, analysts expect that Independent Bank Corp will post 5.5 EPS for the current year.
Several research firms have recently issued reports on INDB. BidaskClub downgraded Independent Bank from a “hold” rating to a “sell” rating in a research note on Wednesday. Zacks Investment Research downgraded Independent Bank from a “hold” rating to a “sell” rating in a research note on Thursday, April 25th. Finally, Sandler O’Neill upgraded Independent Bank from a “hold” rating to a “buy” rating in a research note on Wednesday, April 3rd. Two investment analysts have rated the stock with a sell rating, three have issued a hold rating and two have assigned a buy rating to the stock. Independent Bank currently has a consensus rating of “Hold” and an average target price of $85.67.
Independent Bank Company 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. 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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