Independent Bank Corp. (NASDAQ:INDB) COO Robert D. Cozzone sold 1,000 shares of Independent Bank stock in a transaction on Thursday, April 29th. The shares were sold at an average price of $83.24, for a total transaction of $83,240.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link.
NASDAQ:INDB traded up $1.37 on Monday, reaching $83.27. 15,378 shares of the company’s stock were exchanged, compared to its average volume of 164,291. The firm has a market cap of $2.75 billion, a price-to-earnings ratio of 20.58 and a beta of 1.01. The company has a debt-to-equity ratio of 0.18, a current ratio of 0.98 and a quick ratio of 0.97. The stock has a fifty day simple moving average of $85.89 and a 200-day simple moving average of $76.39. Independent Bank Corp. has a 52 week low of $49.25 and a 52 week high of $99.85.
Independent Bank (NASDAQ:INDB) last issued its earnings results on Wednesday, April 21st. The bank reported $1.26 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.09 by $0.17. Independent Bank had a net margin of 24.99% and a return on equity of 7.97%. As a group, sell-side analysts predict that Independent Bank Corp. will post 3.57 EPS for the current year.
Institutional investors have recently bought and sold shares of the stock. US Bancorp DE grew its holdings in shares of Independent Bank by 11.5% in the first quarter. US Bancorp DE now owns 32,715 shares of the bank’s stock worth $2,755,000 after purchasing an additional 3,364 shares during the last quarter. Janney Montgomery Scott LLC bought a new stake in Independent Bank in the 1st quarter worth $215,000. Fisher Asset Management LLC boosted its holdings in shares of Independent Bank by 2.8% during the first quarter. Fisher Asset Management LLC now owns 95,910 shares of the bank’s stock worth $8,075,000 after purchasing an additional 2,598 shares during the period. Piscataqua Savings Bank bought a new stake in shares of Independent Bank in the first quarter worth about $29,000. Finally, Oregon Public Employees Retirement Fund increased its holdings in Independent Bank by 2.3% during the 1st quarter. Oregon Public Employees Retirement Fund now owns 13,568 shares of the bank’s stock valued at $1,142,000 after purchasing an additional 300 shares during the period. 80.44% of the stock is currently owned by institutional investors and hedge funds.
Several equities research analysts recently issued reports on the company. Seaport Global Securities upgraded Independent Bank from a “neutral” rating to a “buy” rating and set a $94.00 price target for the company in a report on Monday. Zacks Investment Research cut shares of Independent Bank from a “buy” rating to a “hold” rating in a research note on Monday, April 26th. Finally, Piper Sandler raised Independent Bank from a “neutral” rating to an “overweight” rating and increased their price objective for the company from $86.00 to $90.00 in a report on Friday, April 23rd. Two analysts have rated the stock with a hold rating and three have given a buy rating to the stock. The company presently has an average rating of “Buy” and an average target price of $85.00.
Independent Bank Company Profile
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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