Independent Bank Corp (NASDAQ:INDB) Director Sells $562,500.00 in Stock

Independent Bank Corp (NASDAQ:INDB) Director William M. Parent sold 7,500 shares of Independent Bank stock in a transaction dated Wednesday, September 11th. The stock was sold at an average price of $75.00, for a total value of $562,500.00. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link.

INDB traded up $1.00 during trading on Friday, reaching $76.08. The company had a trading volume of 80,413 shares, compared to its average volume of 124,956. The firm’s 50-day simple moving average is $70.90 and its 200 day simple moving average is $76.32. The company has a market cap of $2.53 billion, a price-to-earnings ratio of 16.22 and a beta of 1.19. Independent Bank Corp has a 12-month low of $64.68 and a 12-month high of $91.40. The company has a debt-to-equity ratio of 0.31, a quick ratio of 0.98 and a current ratio of 0.99.

Independent Bank (NASDAQ:INDB) last issued its quarterly earnings results on Thursday, July 18th. The bank reported $1.42 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.33 by $0.09. The firm had revenue of $134.67 million for the quarter, compared to analysts’ expectations of $129.20 million. Independent Bank had a return on equity of 12.99% and a net margin of 26.75%. On average, sell-side analysts expect that Independent Bank Corp will post 5.47 EPS for the current year.

A number of institutional investors and hedge funds have recently modified their holdings of INDB. Toronto Dominion Bank purchased a new position in Independent Bank in the 2nd quarter worth about $27,000. Doyle Wealth Management acquired a new stake in Independent Bank during the 2nd quarter worth about $29,000. Meeder Asset Management Inc. acquired a new stake in Independent Bank during the 2nd quarter worth about $38,000. Point72 Asset Management L.P. acquired a new stake in Independent Bank during the 2nd quarter worth about $38,000. Finally, Strs Ohio boosted its position in Independent Bank by 40.0% during the 1st quarter. Strs Ohio now owns 700 shares of the bank’s stock worth $56,000 after acquiring an additional 200 shares during the period. 78.27% of the stock is currently owned by hedge funds and other institutional investors.

INDB has been the topic of a number of analyst reports. ValuEngine cut Independent Bank from a “hold” rating to a “sell” rating in a research note on Thursday, August 1st. BidaskClub cut Independent Bank from a “sell” rating to a “strong sell” rating in a research note on Thursday, September 5th. Compass Point raised Independent Bank from a “neutral” rating to a “buy” rating and lifted their price target for the stock from $77.00 to $83.00 in a research note on Friday, July 19th. Zacks Investment Research raised Independent Bank from a “sell” rating to a “hold” rating in a research note on Friday, September 6th. Finally, DA Davidson reissued a “neutral” rating on shares of Independent Bank in a research note on Monday, July 22nd. Two investment analysts have rated the stock with a sell rating, two have issued a hold rating and two have given a buy rating to the company. The stock presently has an average rating of “Hold” and a consensus target price of $84.33.

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.

See Also: Diversification

Insider Buying and Selling by Quarter for Independent Bank (NASDAQ:INDB)

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