Independent Bank Corp. (INDB) Shares Sold by Bank of New York Mellon Corp

Bank of New York Mellon Corp lowered its holdings in shares of Independent Bank Corp. (NASDAQ:INDB) by 3.2% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 546,245 shares of the bank’s stock after selling 17,967 shares during the quarter. Bank of New York Mellon Corp owned approximately 1.99% of Independent Bank worth $40,778,000 at the end of the most recent reporting period.

Other large investors have also added to or reduced their stakes in the company. BlackRock Inc. grew its position in shares of Independent Bank by 0.8% during the second quarter. BlackRock Inc. now owns 3,308,074 shares of the bank’s stock worth $220,483,000 after purchasing an additional 26,356 shares in the last quarter. Rockland Trust Co. grew its position in shares of Independent Bank by 12.8% during the third quarter. Rockland Trust Co. now owns 565,848 shares of the bank’s stock worth $24,468,000 after purchasing an additional 64,150 shares in the last quarter. US Bancorp DE grew its position in shares of Independent Bank by 2.7% during the second quarter. US Bancorp DE now owns 1,893 shares of the bank’s stock worth $126,000 after purchasing an additional 49 shares in the last quarter. National Planning Corp grew its position in shares of Independent Bank by 24.8% during the second quarter. National Planning Corp now owns 4,317 shares of the bank’s stock worth $296,000 after purchasing an additional 857 shares in the last quarter. Finally, Macquarie Group Ltd. grew its position in shares of Independent Bank by 5.8% during the second quarter. Macquarie Group Ltd. now owns 732,463 shares of the bank’s stock worth $48,819,000 after purchasing an additional 40,066 shares in the last quarter. Hedge funds and other institutional investors own 79.75% of the company’s stock.

In related news, CFO Robert D. Cozzone sold 3,250 shares of the stock in a transaction that occurred on Thursday, November 2nd. The stock was sold at an average price of $72.50, for a total transaction of $235,625.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Eileen C. Miskell sold 1,200 shares of the stock in a transaction that occurred on Wednesday, October 25th. The shares were sold at an average price of $71.27, for a total value of $85,524.00. The disclosure for this sale can be found here. Over the last three months, insiders have sold 5,450 shares of company stock valued at $391,339. 2.67% of the stock is owned by corporate insiders.

Several analysts recently issued reports on INDB shares. Zacks Investment Research upgraded Independent Bank from a “hold” rating to a “buy” rating and set a $75.00 target price for the company in a research report on Tuesday, August 22nd. Keefe, Bruyette & Woods reiterated a “hold” rating and set a $73.00 target price on shares of Independent Bank in a research report on Tuesday, October 3rd. Finally, Compass Point cut Independent Bank from a “buy” rating to a “neutral” rating and set a $76.00 target price for the company. in a research report on Wednesday, October 11th. They noted that the move was a valuation call. One equities research analyst has rated the stock with a sell rating and five have issued a hold rating to the company. The stock has an average rating of “Hold” and an average target price of $73.00.

Independent Bank Corp. (NASDAQ:INDB) opened at $70.60 on Thursday. Independent Bank Corp. has a one year low of $57.20 and a one year high of $76.30. The company has a market capitalization of $1,950.00, a P/E ratio of 22.37 and a beta of 0.96. The company has a debt-to-equity ratio of 0.17, a quick ratio of 0.95 and a current ratio of 0.95.

Independent Bank (NASDAQ:INDB) last announced its quarterly earnings results on Thursday, October 19th. The bank reported $0.87 EPS for the quarter, missing analysts’ consensus estimates of $0.91 by ($0.04). Independent Bank had a net margin of 23.48% and a return on equity of 9.76%. The firm had revenue of $87.84 million for the quarter, compared to the consensus estimate of $88.57 million. During the same period in the previous year, the company posted $0.78 earnings per share. Independent Bank’s quarterly revenue was up 12.5% on a year-over-year basis. equities analysts anticipate that Independent Bank Corp. will post 3.41 EPS for the current year.

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About Independent Bank

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 (NASDAQ:INDB)

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