Shares of Independent Bank Corp (NASDAQ:INDB) have earned an average rating of “Hold” from the eight ratings firms that are covering the stock, MarketBeat Ratings reports. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and two have issued a buy rating on the company. The average 1 year price target among analysts that have issued ratings on the stock in the last year is $90.50.
A number of equities research analysts recently commented on INDB shares. Zacks Investment Research raised shares of Independent Bank from a “sell” rating to a “hold” rating in a research note on Saturday, January 4th. Gabelli started coverage on shares of Independent Bank in a research note on Monday, December 9th. They set a “hold” rating and a $98.00 price target on the stock. G.Research reaffirmed a “hold” rating on shares of Independent Bank in a research note on Monday, December 9th. BidaskClub cut shares of Independent Bank from a “sell” rating to a “strong sell” rating in a research note on Tuesday, January 14th. Finally, ValuEngine raised shares of Independent Bank from a “sell” rating to a “hold” rating in a research note on Saturday, January 18th.
NASDAQ INDB traded down $1.28 during trading hours on Friday, reaching $76.23. The company’s stock had a trading volume of 110,989 shares, compared to its average volume of 116,873. The stock has a market cap of $2.66 billion, a PE ratio of 15.16, a PEG ratio of 2.34 and a beta of 1.17. Independent Bank has a fifty-two week low of $62.33 and a fifty-two week high of $87.64. The company’s 50-day moving average is $77.53 and its two-hundred day moving average is $77.68. The company has a debt-to-equity ratio of 0.18, a quick ratio of 0.98 and a current ratio of 0.98.
In other Independent Bank news, Director William M. Parent sold 9,831 shares of the firm’s stock in a transaction dated Monday, December 2nd. The shares were sold at an average price of $83.54, for a total transaction of $821,281.74. Following the sale, the director now directly owns 20,058 shares of the company’s stock, valued at approximately $1,675,645.32. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Christopher Oddleifson sold 1,500 shares of the firm’s stock in a transaction dated Wednesday, February 5th. The stock was sold at an average price of $76.13, for a total transaction of $114,195.00. Following the sale, the chief executive officer now directly owns 92,936 shares in the company, valued at $7,075,217.68. The disclosure for this sale can be found here. Insiders have sold a total of 20,575 shares of company stock worth $1,714,017 over the last ninety days. 1.60% of the stock is owned by corporate insiders.
Hedge funds have recently made changes to their positions in the company. Tower Research Capital LLC TRC lifted its holdings in shares of Independent Bank by 704.3% during the 3rd quarter. Tower Research Capital LLC TRC now owns 1,303 shares of the bank’s stock worth $97,000 after acquiring an additional 1,141 shares during the period. California Public Employees Retirement System lifted its holdings in shares of Independent Bank by 72.8% during the 3rd quarter. California Public Employees Retirement System now owns 76,707 shares of the bank’s stock worth $5,726,000 after acquiring an additional 32,305 shares during the period. Mason Street Advisors LLC lifted its holdings in shares of Independent Bank by 1.9% during the 3rd quarter. Mason Street Advisors LLC now owns 11,669 shares of the bank’s stock worth $871,000 after acquiring an additional 216 shares during the period. Rockland Trust Co. lifted its holdings in shares of Independent Bank by 2.0% during the 4th quarter. Rockland Trust Co. now owns 712,466 shares of the bank’s stock worth $59,313,000 after acquiring an additional 14,025 shares during the period. Finally, BlackRock Inc. lifted its holdings in shares of Independent Bank by 9.9% during the 2nd quarter. BlackRock Inc. now owns 4,988,765 shares of the bank’s stock worth $379,894,000 after acquiring an additional 450,532 shares during the period. Institutional investors and hedge funds own 79.44% 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. 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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