William M. Parent Sells 22,500 Shares of Independent Bank Corp (NASDAQ:INDB) Stock

Independent Bank Corp (NASDAQ:INDB) Director William M. Parent sold 22,500 shares of the stock in a transaction that occurred on Friday, October 18th. The stock was sold at an average price of $80.00, for a total value of $1,800,000.00. Following the completion of the transaction, the director now directly owns 25,557 shares of the company’s stock, valued at $2,044,560. The sale was disclosed in a filing with the SEC, which is available at this link.

William M. Parent also recently made the following trade(s):

  • On Wednesday, September 11th, William M. Parent sold 7,500 shares of Independent Bank stock. The shares were sold at an average price of $75.00, for a total value of $562,500.00.

INDB stock opened at $83.02 on Wednesday. The business has a fifty day moving average price of $73.48 and a 200 day moving average price of $74.98. Independent Bank Corp has a fifty-two week low of $62.33 and a fifty-two week high of $87.64. The stock has a market capitalization of $2.75 billion, a price-to-earnings ratio of 17.70 and a beta of 1.20. The company has a debt-to-equity ratio of 0.17, a current ratio of 0.98 and a quick ratio of 0.97.

Independent Bank (NASDAQ:INDB) last released its quarterly earnings results on Thursday, October 17th. The bank reported $1.49 earnings per share for the quarter, beating the Zacks’ consensus estimate of $1.40 by $0.09. Independent Bank had a return on equity of 12.60% and a net margin of 28.03%. The firm had revenue of $136.41 million during the quarter. On average, equities analysts expect that Independent Bank Corp will post 5.45 earnings per share for the current fiscal year.

The firm also recently declared a quarterly dividend, which was paid on Friday, October 11th. Investors of record on Monday, September 30th were issued a dividend of $0.44 per share. The ex-dividend date of this dividend was Friday, September 27th. This represents a $1.76 dividend on an annualized basis and a yield of 2.12%. Independent Bank’s dividend payout ratio is 37.53%.

A number of research firms recently weighed in on INDB. Zacks Investment Research raised Independent Bank from a “sell” rating to a “hold” rating in a report on Tuesday, October 15th. ValuEngine raised Independent Bank from a “sell” rating to a “hold” rating in a report on Wednesday, October 2nd. BidaskClub raised Independent Bank from a “strong sell” rating to a “sell” rating in a report on Saturday, September 14th. DA Davidson reaffirmed a “neutral” rating on shares of Independent Bank in a report on Monday, July 22nd. Finally, Compass Point raised Independent Bank from a “neutral” rating to a “buy” rating and raised their price target for the company from $77.00 to $83.00 in a report on Friday, July 19th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and two have given a buy rating to the stock. The company has a consensus rating of “Hold” and a consensus target price of $84.33.

A number of institutional investors and hedge funds have recently made changes to their positions in INDB. MetLife Investment Advisors LLC boosted its position in Independent Bank by 5.4% in the 1st quarter. MetLife Investment Advisors LLC now owns 12,147 shares of the bank’s stock valued at $984,000 after buying an additional 624 shares during the last quarter. FMR LLC boosted its position in Independent Bank by 19.0% in the 1st quarter. FMR LLC now owns 861,271 shares of the bank’s stock valued at $69,772,000 after buying an additional 137,622 shares during the last quarter. First Trust Advisors LP boosted its position in Independent Bank by 3.8% in the 1st quarter. First Trust Advisors LP now owns 54,466 shares of the bank’s stock valued at $4,412,000 after buying an additional 1,998 shares during the last quarter. Diversified Trust Co boosted its position in Independent Bank by 28.3% in the 2nd quarter. Diversified Trust Co now owns 4,650 shares of the bank’s stock valued at $354,000 after buying an additional 1,025 shares during the last quarter. Finally, Oregon Public Employees Retirement Fund boosted its position in Independent Bank by 25.7% in the 2nd quarter. Oregon Public Employees Retirement Fund now owns 13,675 shares of the bank’s stock valued at $1,041,000 after buying an additional 2,800 shares during the last quarter. Hedge funds and other institutional investors own 78.70% 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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Insider Buying and Selling by Quarter for Independent Bank (NASDAQ:INDB)

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