Daniel F. Obrien Sells 2,000 Shares of Independent Bank Corp (NASDAQ:INDB) Stock

Independent Bank Corp (NASDAQ:INDB) Director Daniel F. Obrien sold 2,000 shares of the business’s stock in a transaction that occurred on Tuesday, November 5th. The stock was sold at an average price of $85.32, for a total value of $170,640.00.

Shares of INDB opened at $84.95 on Tuesday. The company has a debt-to-equity ratio of 0.17, a quick ratio of 0.97 and a current ratio of 0.98. Independent Bank Corp has a one year low of $62.33 and a one year high of $87.64. The stock has a market capitalization of $2.94 billion, a price-to-earnings ratio of 18.11 and a beta of 1.19. The stock has a 50 day moving average price of $77.85 and a 200 day moving average price of $74.80.

Independent Bank (NASDAQ:INDB) last issued its quarterly earnings results on Thursday, October 17th. The bank reported $1.49 EPS for the quarter, topping the Thomson Reuters’ 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, analysts predict that Independent Bank Corp will post 5.65 earnings per share for the current year.

INDB has been the subject of several research reports. DA Davidson reiterated a “neutral” rating on shares of Independent Bank in a research report on Monday, July 22nd. ValuEngine upgraded Independent Bank from a “sell” rating to a “hold” rating in a research report on Wednesday, October 2nd. BidaskClub upgraded Independent Bank from a “hold” rating to a “buy” rating in a research report on Wednesday, October 23rd. Zacks Investment Research upgraded Independent Bank from a “sell” rating to a “hold” rating in a research report on Friday, October 25th. Finally, Compass Point upgraded Independent Bank from a “neutral” rating to a “buy” rating and boosted their price target for the stock from $77.00 to $83.00 in a research report on Friday, July 19th. Three research analysts have rated the stock with a hold rating and three have given a buy rating to the stock. The stock presently has an average rating of “Buy” and a consensus target price of $84.33.

Several institutional investors and hedge funds have recently modified their holdings of INDB. Price T Rowe Associates Inc. MD grew its holdings in Independent Bank by 4,551.1% in the 2nd quarter. Price T Rowe Associates Inc. MD now owns 865,621 shares of the bank’s stock valued at $65,917,000 after buying an additional 847,010 shares in the last quarter. BlackRock Inc. grew its holdings in Independent Bank by 9.9% in the 2nd quarter. BlackRock Inc. now owns 4,988,765 shares of the bank’s stock valued at $379,894,000 after buying an additional 450,532 shares in the last quarter. Vanguard Group Inc. grew its holdings in Independent Bank by 13.3% in the 2nd quarter. Vanguard Group Inc. now owns 3,500,059 shares of the bank’s stock valued at $266,529,000 after buying an additional 409,987 shares in the last quarter. Nuveen Asset Management LLC purchased a new stake in Independent Bank in the 2nd quarter valued at $13,928,000. Finally, Morgan Stanley grew its holdings in Independent Bank by 644.9% in the 2nd quarter. Morgan Stanley now owns 164,964 shares of the bank’s stock valued at $12,562,000 after buying an additional 142,817 shares in the last quarter. Hedge funds and other institutional investors own 78.70% of the company’s stock.

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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