Excalibur Management Corp Has $1.59 Million Stake in Independent Bank Corp. (NASDAQ:INDB)

Excalibur Management Corp reduced its position in shares of Independent Bank Corp. (NASDAQ:INDB) by 7.1% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 23,917 shares of the bank’s stock after selling 1,840 shares during the period. Independent Bank Corp. accounts for approximately 1.4% of Excalibur Management Corp’s portfolio, making the stock its 19th largest position. Excalibur Management Corp owned approximately 0.09% of Independent Bank Corp. worth $1,594,000 as of its most recent SEC filing.

Other large investors have also recently made changes to their positions in the company. Bank of New York Mellon Corp raised its stake in shares of Independent Bank Corp. by 26.8% in the first quarter. Bank of New York Mellon Corp now owns 555,720 shares of the bank’s stock worth $36,122,000 after buying an additional 117,428 shares in the last quarter. US Bancorp DE raised its stake in shares of Independent Bank Corp. by 4.7% in the first quarter. US Bancorp DE now owns 1,844 shares of the bank’s stock worth $120,000 after buying an additional 82 shares in the last quarter. First Trust Advisors LP raised its stake in shares of Independent Bank Corp. by 23.8% in the first quarter. First Trust Advisors LP now owns 77,772 shares of the bank’s stock worth $5,055,000 after buying an additional 14,956 shares in the last quarter. Great West Life Assurance Co. Can raised its stake in shares of Independent Bank Corp. by 6.9% in the first quarter. Great West Life Assurance Co. Can now owns 37,987 shares of the bank’s stock worth $2,469,000 after buying an additional 2,462 shares in the last quarter. Finally, Jennison Associates LLC purchased a new stake in shares of Independent Bank Corp. during the first quarter worth about $264,000. 76.63% of the stock is currently owned by institutional investors and hedge funds.

Independent Bank Corp. (NASDAQ:INDB) opened at 67.55 on Friday. The company has a market capitalization of $1.85 billion, a P/E ratio of 22.97 and a beta of 0.98. Independent Bank Corp. has a 52 week low of $47.50 and a 52 week high of $73.15. The stock’s 50 day moving average price is $68.62 and its 200 day moving average price is $64.75.

Independent Bank Corp. (NASDAQ:INDB) last announced its quarterly earnings data on Thursday, July 20th. The bank reported $0.82 earnings per share for the quarter, beating the consensus estimate of $0.81 by $0.01. Independent Bank Corp. had a return on equity of 9.70% and a net margin of 23.17%. The business had revenue of $85.15 million during the quarter, compared to analyst estimates of $85.20 million. During the same period in the prior year, the company earned $0.78 earnings per share. Analysts anticipate that Independent Bank Corp. will post $3.33 earnings per share for the current year.

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A number of equities research analysts recently issued reports on the company. Zacks Investment Research raised Independent Bank Corp. from a “hold” rating to a “buy” rating and set a $81.00 target price on the stock in a research report on Wednesday, July 26th. BidaskClub upgraded Independent Bank Corp. from a “hold” rating to a “buy” rating in a research note on Tuesday, June 13th. Compass Point upgraded Independent Bank Corp. from a “neutral” rating to a “buy” rating and set a $72.00 price target for the company in a research note on Friday, July 21st. Keefe, Bruyette & Woods restated a “hold” rating and issued a $71.00 price target on shares of Independent Bank Corp. in a research note on Wednesday, June 28th. Finally, Sandler O’Neill upgraded Independent Bank Corp. from a “sell” rating to a “hold” rating in a research note on Monday, May 15th. Four analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and a consensus price target of $67.60.

In other Independent Bank Corp. news, Director Carl Ribeiro sold 1,000 shares of the stock in a transaction on Thursday, May 25th. The stock was sold at an average price of $62.24, for a total transaction of $62,240.00. Following the completion of the transaction, the director now directly owns 14,647 shares of the company’s stock, valued at $911,629.28. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Eileen C. Miskell sold 1,100 shares of the firm’s stock in a transaction on Tuesday, July 25th. The stock was sold at an average price of $72.05, for a total value of $79,255.00. The disclosure for this sale can be found here. Over the last three months, insiders have sold 9,443 shares of company stock valued at $669,348. 2.67% of the stock is 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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