Rockland Trust Co. Cuts Position in Independent Bank Corp. (NASDAQ:INDB)

Rockland Trust Co. lowered its stake in Independent Bank Corp. (NASDAQ:INDB) by 1.5% during the second quarter, according to its most recent 13F filing with the SEC. The firm owned 501,698 shares of the bank’s stock after selling 7,405 shares during the period. Independent Bank Corp. accounts for 3.1% of Rockland Trust Co.’s portfolio, making the stock its 3rd largest position. Rockland Trust Co. owned 1.83% of Independent Bank Corp. worth $19,859,000 at the end of the most recent reporting period.

Several other large investors have also bought and sold shares of the company. Texas Permanent School Fund boosted its stake in Independent Bank Corp. by 1.5% in the second quarter. Texas Permanent School Fund now owns 19,882 shares of the bank’s stock valued at $1,325,000 after buying an additional 303 shares during the period. Moody Aldrich Partners LLC boosted its stake in Independent Bank Corp. by 37.8% in the second quarter. Moody Aldrich Partners LLC now owns 20,180 shares of the bank’s stock valued at $1,345,000 after buying an additional 5,535 shares during the period. Great West Life Assurance Co. Can boosted its stake in Independent Bank Corp. by 2.8% in the second quarter. Great West Life Assurance Co. Can now owns 39,036 shares of the bank’s stock valued at $2,599,000 after buying an additional 1,049 shares during the period. Boston Financial Mangement LLC boosted its stake in Independent Bank Corp. by 74.1% in the second quarter. Boston Financial Mangement LLC now owns 10,287 shares of the bank’s stock valued at $686,000 after buying an additional 4,378 shares during the period. Finally, Municipal Employees Retirement System of Michigan boosted its stake in Independent Bank Corp. by 4.4% in the second quarter. Municipal Employees Retirement System of Michigan now owns 6,440 shares of the bank’s stock valued at $429,000 after buying an additional 270 shares during the period. Institutional investors and hedge funds own 76.22% of the company’s stock.

Independent Bank Corp. (INDB) traded up 0.98% on Friday, reaching $66.80. The company’s stock had a trading volume of 90,894 shares. The company has a market capitalization of $1.83 billion, a price-to-earnings ratio of 22.71 and a beta of 0.98. The stock has a 50 day moving average price of $68.86 and a 200-day moving average price of $64.91. Independent Bank Corp. has a 1-year low of $47.50 and a 1-year high of $73.15.

Independent Bank Corp. (NASDAQ:INDB) last issued its quarterly earnings data on Thursday, July 20th. The bank reported $0.82 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.81 by $0.01. The firm had revenue of $85.15 million during the quarter, compared to analysts’ expectations of $85.20 million. Independent Bank Corp. had a net margin of 23.17% and a return on equity of 9.70%. During the same period in the prior year, the company posted $0.78 earnings per share. Equities analysts predict that Independent Bank Corp. will post $3.33 earnings per share for the current fiscal year.

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A number of brokerages recently weighed in on INDB. Compass Point upgraded Independent Bank Corp. from a “neutral” rating to a “buy” rating and set a $72.00 target price on the stock in a report on Friday, July 21st. Piper Jaffray Companies began coverage on Independent Bank Corp. in a report on Monday, May 15th. They issued a “neutral” rating and a $63.00 target price on the stock. Sandler O’Neill upgraded Independent Bank Corp. from a “sell” rating to a “hold” rating in a report on Monday, May 15th. BidaskClub upgraded Independent Bank Corp. from a “hold” rating to a “buy” rating in a report on Tuesday, June 13th. Finally, Zacks Investment Research upgraded Independent Bank Corp. from a “hold” rating to a “buy” rating and set a $81.00 target price on the stock in a report on Wednesday, July 26th. Four research analysts have rated the stock with a hold rating and two have issued a buy rating to the company. The stock presently has a consensus rating of “Hold” and an average price target of $67.60.

In related news, insider Mark J. Ruggiero sold 400 shares of the company’s stock in a transaction on Tuesday, July 25th. The shares were sold at an average price of $73.05, for a total value of $29,220.00. Following the completion of the sale, the insider now directly owns 2,852 shares in the company, valued at $208,338.60. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Gerard F. Nadeau sold 5,193 shares of the company’s stock in a transaction on Monday, July 31st. The stock was sold at an average price of $71.75, for a total transaction of $372,597.75. The disclosure for this sale can be found here. Insiders sold 9,443 shares of company stock valued at $669,348 over the last quarter. 2.67% of the stock is currently owned by corporate insiders.

About Independent Bank Corp.

Independent Bank Corp. is a bank holding company. The Company operates through its subsidiary, Rockland Trust Company (the Bank). The Bank is a community-oriented commercial bank. Its community banking business provides a range of banking services, including lending activities, acceptance of demand, savings, and time deposits, and investment management.

Institutional Ownership by Quarter for Independent Bank Corp. (NASDAQ:INDB)

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