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.
ILLEGAL ACTIVITY WARNING: This piece of content was originally posted by Community Financial News and is owned by of Community Financial News. If you are accessing this piece of content on another domain, it was illegally copied and republished in violation of U.S. and international trademark & copyright law. The legal version of this piece of content can be viewed at https://www.com-unik.info/2017/08/19/oppenheimerfunds-inc-invests-275000-in-independent-bank-corp-indb-updated-updated-updated.html.
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.
What are top analysts saying about Independent Bank Corp.? - Enter your email address in the form below to receive our free daily email newsletter that contains the latest headlines and analysts' recommendations for for Independent Bank Corp. and related companies.