Independent Bank Corp. (INDB) Insider Mark J. Ruggiero Sells 268 Shares of Stock

Independent Bank Corp. (NASDAQ:INDB) insider Mark J. Ruggiero sold 268 shares of the firm’s stock in a transaction that occurred on Friday, May 18th. The shares were sold at an average price of $75.80, for a total value of $20,314.40. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink.

NASDAQ INDB opened at $76.30 on Tuesday. The company has a market cap of $2.06 billion, a price-to-earnings ratio of 22.78 and a beta of 0.89. The company has a debt-to-equity ratio of 0.17, a current ratio of 0.94 and a quick ratio of 0.94. Independent Bank Corp. has a 1-year low of $59.65 and a 1-year high of $76.45.

Independent Bank (NASDAQ:INDB) last released its quarterly earnings results on Thursday, April 19th. The bank reported $1.00 earnings per share for the quarter, missing the consensus estimate of $1.03 by ($0.03). The firm had revenue of $88.33 million for the quarter. Independent Bank had a net margin of 25.38% and a return on equity of 10.49%. research analysts forecast that Independent Bank Corp. will post 4.42 EPS for the current fiscal year.

Several equities analysts have weighed in on INDB shares. BidaskClub upgraded Independent Bank from a “sell” rating to a “hold” rating in a report on Monday, February 5th. ValuEngine upgraded Independent Bank from a “hold” rating to a “buy” rating in a report on Wednesday, May 2nd. Finally, Zacks Investment Research upgraded Independent Bank from a “hold” rating to a “buy” rating and set a $83.00 price target for the company in a report on Thursday, May 17th. Three research analysts have rated the stock with a hold rating and two have issued a buy rating to the company. The stock has an average rating of “Hold” and an average target price of $77.33.

Several institutional investors have recently made changes to their positions in INDB. BlackRock Inc. boosted its holdings in shares of Independent Bank by 3.7% in the 4th quarter. BlackRock Inc. now owns 3,532,683 shares of the bank’s stock worth $246,758,000 after purchasing an additional 125,757 shares during the period. The Manufacturers Life Insurance Company boosted its holdings in shares of Independent Bank by 5.6% in the 1st quarter. The Manufacturers Life Insurance Company now owns 816,964 shares of the bank’s stock worth $58,453,000 after purchasing an additional 43,198 shares during the period. Deutsche Bank AG boosted its holdings in shares of Independent Bank by 88.2% in the 4th quarter. Deutsche Bank AG now owns 78,032 shares of the bank’s stock worth $5,449,000 after purchasing an additional 36,579 shares during the period. Opus Capital Group LLC purchased a new position in shares of Independent Bank in the 4th quarter worth approximately $2,272,000. Finally, Arizona State Retirement System boosted its holdings in shares of Independent Bank by 223.2% in the 4th quarter. Arizona State Retirement System now owns 46,125 shares of the bank’s stock worth $3,222,000 after purchasing an additional 31,854 shares during the period. Hedge funds and other institutional investors own 79.57% of the company’s stock.

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.

Insider Buying and Selling by Quarter for Independent Bank (NASDAQ:INDB)

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