OppenheimerFunds Inc. Takes Position in Independent Bank Corp. (INDB)

OppenheimerFunds Inc. bought a new stake in Independent Bank Corp. (NASDAQ:INDB) during the first quarter, according to its most recent disclosure with the SEC. The institutional investor bought 4,244 shares of the bank’s stock, valued at approximately $275,000.

Several other large investors have also recently modified their holdings of the company. Denver Investment Advisors LLC purchased a new stake in shares of Independent Bank Corp. during the first quarter valued at about $12,268,000. Norges Bank purchased a new stake in shares of Independent Bank Corp. during the fourth quarter valued at about $11,157,000. Bank of New York Mellon Corp boosted 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 valued at $36,122,000 after buying an additional 117,428 shares during the period. First Trust Advisors LP boosted 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 valued at $5,055,000 after buying an additional 14,956 shares during the period. Finally, Ameriprise Financial Inc. boosted its stake in shares of Independent Bank Corp. by 2.3% in the first quarter. Ameriprise Financial Inc. now owns 606,698 shares of the bank’s stock valued at $39,436,000 after buying an additional 13,622 shares during the period. 76.22% of the stock is currently owned by hedge funds and other institutional investors.

Shares of Independent Bank Corp. (NASDAQ:INDB) traded up 0.98% during midday trading on Friday, reaching $66.80. The company’s stock had a trading volume of 90,894 shares. The stock has a market capitalization of $1.83 billion, a PE ratio of 22.71 and a beta of 0.98. The company 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 52 week low of $47.50 and a 52 week high of $73.15.

Independent Bank Corp. (NASDAQ:INDB) last released its quarterly earnings data on Thursday, July 20th. The bank reported $0.82 EPS for the quarter, beating the Zacks’ consensus estimate of $0.81 by $0.01. The company had revenue of $85.15 million during the quarter, compared to the consensus estimate 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 quarter in the prior year, the firm earned $0.78 EPS. On average, equities research analysts expect that Independent Bank Corp. will post $3.33 EPS for the current year.

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Several equities research analysts have recently issued reports on INDB shares. BidaskClub raised Independent Bank Corp. from a “hold” rating to a “buy” rating in a report on Tuesday, June 13th. Keefe, Bruyette & Woods reaffirmed a “hold” rating and issued a $71.00 target price on shares of Independent Bank Corp. in a report on Wednesday, June 28th. 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 report on Wednesday, July 26th. Piper Jaffray Companies began coverage on Independent Bank Corp. in a research note on Monday, May 15th. They set a “neutral” rating and a $63.00 price objective on the stock. Finally, Sandler O’Neill raised Independent Bank Corp. from a “sell” rating to a “hold” rating in a research note on Monday, May 15th. Four equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the company. The stock currently has a consensus rating of “Hold” and a consensus price target of $67.60.

In other news, insider Mark J. Ruggiero sold 400 shares of the firm’s stock in a transaction that occurred on Tuesday, July 25th. The shares were sold at an average price of $73.05, for a total transaction of $29,220.00. Following the completion of the sale, the insider now owns 2,852 shares in the company, valued at approximately $208,338.60. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Gerard F. Nadeau sold 5,193 shares of the firm’s stock in a transaction that occurred 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. In the last quarter, insiders sold 9,443 shares of company stock valued at $669,348. 2.67% of the stock is owned by insiders.

Independent Bank Corp. Company Profile

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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