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.
Receive News & Ratings for Independent Bank Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Independent Bank and related companies with MarketBeat.com's FREE daily email newsletter.