New England Research & Management Inc. decreased its stake in shares of Independent Bank Corp. (NASDAQ:INDB) by 8.8% in the third quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 26,265 shares of the bank’s stock after selling 2,525 shares during the quarter. Independent Bank Corp. comprises about 1.4% of New England Research & Management Inc.’s portfolio, making the stock its 11th largest holding. New England Research & Management Inc. owned approximately 0.10% of Independent Bank Corp. worth $1,961,000 as of its most recent filing with the SEC.
Several other large investors also recently modified their holdings of the stock. BlackRock Inc. raised its stake in shares of Independent Bank Corp. by 0.8% in the second quarter. BlackRock Inc. now owns 3,308,074 shares of the bank’s stock valued at $220,483,000 after acquiring an additional 26,356 shares during the period. Vanguard Group Inc. grew its holdings 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 acquiring an additional 96,358 shares in the last quarter. Jane Street Group LLC bought a new position in Independent Bank Corp. during the 1st quarter worth about $270,000. Schwab Charles Investment Management Inc. grew its holdings in Independent Bank Corp. by 9.7% during the 1st quarter. Schwab Charles Investment Management Inc. now owns 116,970 shares of the bank’s stock worth $7,604,000 after acquiring an additional 10,303 shares in the last quarter. Finally, US Bancorp DE boosted its holdings in shares of Independent Bank Corp. by 2.7% in the 2nd quarter. US Bancorp DE now owns 1,893 shares of the bank’s stock valued at $126,000 after buying an additional 49 shares in the last quarter. Hedge funds and other institutional investors own 76.32% of the company’s stock.
INDB has been the subject of a number of recent analyst reports. Zacks Investment Research upgraded 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 note 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 report on Friday, July 21st. Finally, Keefe, Bruyette & Woods reissued a “hold” rating and issued a $73.00 price target on shares of Independent Bank Corp. in a report on Tuesday, October 3rd. One investment analyst has rated the stock with a sell rating and five have issued a hold rating to the company. Independent Bank Corp. has a consensus rating of “Hold” and a consensus target price of $73.00.
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In other news, CFO Robert D. Cozzone sold 3,250 shares of Independent Bank Corp. stock in a transaction dated Thursday, November 2nd. The stock was sold at an average price of $72.50, for a total value of $235,625.00. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, Director Eileen C. Miskell sold 1,200 shares of the firm’s stock in a transaction dated Wednesday, October 25th. The shares were sold at an average price of $71.27, for a total value of $85,524.00. The disclosure for this sale can be found here. 2.67% of the stock is owned by company insiders.
Independent Bank Corp. (INDB) traded up $0.15 during mid-day trading on Friday, hitting $68.05. 51,300 shares of the company were exchanged, compared to its average volume of 91,719. The stock has a market capitalization of $1,863.39, a price-to-earnings ratio of 21.02 and a beta of 0.98. Independent Bank Corp. has a 12-month low of $57.20 and a 12-month high of $76.30. 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. (NASDAQ:INDB) last issued its quarterly earnings results on Thursday, October 19th. The bank reported $0.87 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.91 by ($0.04). Independent Bank Corp. had a return on equity of 9.76% and a net margin of 23.48%. The company had revenue of $87.84 million for the quarter, compared to analyst estimates of $88.57 million. During the same period in the prior year, the business earned $0.78 earnings per share. Independent Bank Corp.’s revenue for the quarter was up 12.5% compared to the same quarter last year. sell-side analysts forecast that Independent Bank Corp. will post 3.41 earnings per share for the current fiscal year.
Independent Bank Corp. Profile
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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