BlackRock Inc. raised its holdings in Independent Bank Corp (NASDAQ:INDB) by 12.6% in the first quarter, Holdings Channel reports. The fund owned 4,538,233 shares of the bank’s stock after acquiring an additional 508,987 shares during the quarter. BlackRock Inc. owned approximately 0.16% of Independent Bank worth $367,642,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors have also bought and sold shares of the business. Doyle Wealth Management acquired a new position in Independent Bank during the 4th quarter valued at $27,000. Huntington National Bank acquired a new position in Independent Bank during the 1st quarter valued at $34,000. Strs Ohio acquired a new position in Independent Bank during the 4th quarter valued at $35,000. Truehand Inc acquired a new position in Independent Bank during the 4th quarter valued at $70,000. Finally, PNC Financial Services Group Inc. raised its stake in Independent Bank by 16.1% during the 4th quarter. PNC Financial Services Group Inc. now owns 1,155 shares of the bank’s stock valued at $81,000 after purchasing an additional 160 shares during the last quarter. Hedge funds and other institutional investors own 70.77% of the company’s stock.
Shares of Independent Bank stock opened at $70.98 on Wednesday. The firm has a market capitalization of $2.44 billion, a price-to-earnings ratio of 15.13 and a beta of 1.13. The company has a debt-to-equity ratio of 0.28, a quick ratio of 0.97 and a current ratio of 0.97. Independent Bank Corp has a 52-week low of $66.12 and a 52-week high of $95.00.
Independent Bank (NASDAQ:INDB) last announced its quarterly earnings results on Thursday, April 18th. The bank reported $1.30 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $1.33 by ($0.03). The business had revenue of $104.06 million during the quarter, compared to the consensus estimate of $106.30 million. Independent Bank had a net margin of 29.95% and a return on equity of 13.38%. Analysts expect that Independent Bank Corp will post 5.5 EPS for the current fiscal year.
In other news, Director Donna L. Abelli sold 800 shares of the company’s stock in a transaction dated Friday, April 26th. The shares were sold at an average price of $80.00, for a total value of $64,000.00. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Daniel F. Obrien sold 1,712 shares of the company’s stock in a transaction dated Wednesday, May 29th. The stock was sold at an average price of $72.75, for a total transaction of $124,548.00. Following the completion of the sale, the director now directly owns 21,492 shares in the company, valued at approximately $1,563,543. The disclosure for this sale can be found here. Insiders sold a total of 7,727 shares of company stock worth $603,916 in the last three months. Insiders own 1.60% of the company’s stock.
Several equities analysts recently commented on INDB shares. BidaskClub upgraded shares of Independent Bank from a “sell” rating to a “hold” rating in a research note on Wednesday, February 20th. Sandler O’Neill upgraded shares of Independent Bank from a “hold” rating to a “buy” rating in a research note on Wednesday, April 3rd. Zacks Investment Research cut shares of Independent Bank from a “hold” rating to a “sell” rating in a research note on Thursday, April 25th. Finally, ValuEngine cut shares of Independent Bank from a “hold” rating to a “sell” rating in a research note on Friday, June 7th. Three investment analysts have rated the stock with a sell rating, one has assigned a hold rating and two have assigned a buy rating to the company’s stock. The company has an average rating of “Hold” and a consensus price target of $88.50.
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Independent Bank 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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