Keybank National Association OH lessened its holdings in shares of Independent Bank Corp. (NASDAQ:INDB) by 10.8% in the third quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 24,051 shares of the bank’s stock after selling 2,900 shares during the quarter. Keybank National Association OH owned 0.09% of Independent Bank Corp. worth $1,795,000 as of its most recent filing with the SEC.
A number of other institutional investors and hedge funds have also bought and sold shares of INDB. BlackRock Inc. increased its position in Independent Bank Corp. by 49,979.6% during the 1st quarter. BlackRock Inc. now owns 3,281,718 shares of the bank’s stock worth $213,310,000 after purchasing an additional 3,275,165 shares in the last quarter. Janus Henderson Group PLC acquired a new stake in Independent Bank Corp. during the 2nd quarter worth approximately $45,593,000. State Street Corp increased its position in Independent Bank Corp. by 15.2% during the 1st quarter. State Street Corp now owns 841,085 shares of the bank’s stock worth $54,681,000 after purchasing an additional 111,161 shares in the last quarter. Vanguard Group Inc. increased its position in Independent Bank Corp. by 4.3% during the 1st quarter. Vanguard Group Inc. now owns 2,362,266 shares of the bank’s stock worth $153,548,000 after purchasing an additional 96,358 shares in the last quarter. Finally, Denver Investment Advisors LLC increased its position in Independent Bank Corp. by 48.2% during the 2nd quarter. Denver Investment Advisors LLC now owns 279,749 shares of the bank’s stock worth $18,645,000 after purchasing an additional 90,999 shares in the last quarter. 76.32% of the stock is owned by hedge funds and other institutional investors.
In other Independent Bank Corp. news, CFO Robert D. Cozzone sold 3,250 shares of the stock in a transaction that occurred on Thursday, November 2nd. The shares were sold at an average price of $72.50, for a total value of $235,625.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Eileen C. Miskell sold 1,200 shares of the stock in a transaction that occurred on Wednesday, October 25th. The shares were sold at an average price of $71.27, for a total transaction of $85,524.00. The disclosure for this sale can be found here. 2.67% of the stock is owned by company insiders.
A number of analysts recently issued reports on INDB shares. Zacks Investment Research raised shares of Independent Bank Corp. from a “hold” rating to a “buy” rating and set a $75.00 target price for the company in a research report on Tuesday, August 22nd. Compass Point raised shares of Independent Bank Corp. from a “neutral” rating to a “buy” rating and set a $72.00 target price for the company in a research report on Friday, July 21st. Finally, Keefe, Bruyette & Woods reissued a “hold” rating and set a $73.00 target price on shares of Independent Bank Corp. in a research report on Tuesday, October 3rd. One equities research analyst has rated the stock with a sell rating and five have given a hold rating to the company. The stock presently has an average rating of “Hold” and an average price target of $73.00.
Shares of Independent Bank Corp. (NASDAQ:INDB) opened at $68.05 on Friday. 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 Corp. has a 1 year low of $57.20 and a 1 year high of $76.30. The stock has a market cap of $1,867.50, a P/E ratio of 21.07 and a beta of 0.98.
Independent Bank Corp. (NASDAQ:INDB) last issued its quarterly earnings data on Thursday, October 19th. The bank reported $0.87 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.91 by ($0.04). Independent Bank Corp. had a net margin of 23.48% and a return on equity of 9.76%. The firm had revenue of $87.84 million during the quarter, compared to analyst estimates of $88.57 million. During the same period last year, the business earned $0.78 EPS. The firm’s revenue was up 12.5% compared to the same quarter last year. equities research analysts forecast that Independent Bank Corp. will post 3.41 EPS for the current fiscal year.
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About Independent Bank Corp.
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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