Starr International Co. Inc. bought a new position in Independent Bank Corp (NASDAQ:INDB) in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The firm bought 3,271 shares of the bank’s stock, valued at approximately $265,000.
A number of other institutional investors and hedge funds also recently made changes to their positions in INDB. Bank of New York Mellon Corp grew its position in shares of Independent Bank by 2.5% in the 3rd quarter. Bank of New York Mellon Corp now owns 435,985 shares of the bank’s stock worth $36,013,000 after buying an additional 10,677 shares during the last quarter. MetLife Investment Advisors LLC grew its position in shares of Independent Bank by 44.0% in the 3rd quarter. MetLife Investment Advisors LLC now owns 18,374 shares of the bank’s stock worth $1,518,000 after buying an additional 5,614 shares during the last quarter. Teachers Advisors LLC grew its position in shares of Independent Bank by 3.2% in the 3rd quarter. Teachers Advisors LLC now owns 53,438 shares of the bank’s stock worth $4,414,000 after buying an additional 1,658 shares during the last quarter. Legal & General Group Plc grew its position in shares of Independent Bank by 7.1% in the 3rd quarter. Legal & General Group Plc now owns 63,898 shares of the bank’s stock worth $5,281,000 after buying an additional 4,261 shares during the last quarter. Finally, Morgan Stanley grew its position in shares of Independent Bank by 3.2% in the 3rd quarter. Morgan Stanley now owns 66,191 shares of the bank’s stock worth $5,466,000 after buying an additional 2,051 shares during the last quarter. Institutional investors own 69.96% of the company’s stock.
NASDAQ:INDB traded up $1.54 during trading hours on Friday, hitting $75.07. 48,207 shares of the company were exchanged, compared to its average volume of 139,565. Independent Bank Corp has a 52-week low of $66.12 and a 52-week high of $95.00. The company has a market cap of $2.54 billion, a PE ratio of 16.01 and a beta of 1.04. The company has a current ratio of 0.97, a quick ratio of 0.97 and a debt-to-equity ratio of 0.28.
Independent Bank (NASDAQ:INDB) last released its earnings results on Thursday, April 18th. The bank reported $1.30 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $1.33 by ($0.03). Independent Bank had a return on equity of 13.38% and a net margin of 29.95%. The business had revenue of $104.06 million for the quarter, compared to analysts’ expectations of $106.30 million. As a group, analysts expect that Independent Bank Corp will post 5.5 EPS for the current fiscal year.
In related news, CFO Robert D. Cozzone sold 3,206 shares of the company’s stock in a transaction dated Tuesday, March 12th. The shares were sold at an average price of $81.01, for a total value of $259,718.06. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Kevin J. Jones sold 4,000 shares of the company’s stock in a transaction dated Tuesday, May 7th. The shares were sold at an average price of $79.46, for a total transaction of $317,840.00. The disclosure for this sale can be found here. Insiders have sold 11,721 shares of company stock valued at $943,311 in the last ninety days. Insiders own 1.60% of the company’s stock.
A number of research analysts have recently issued reports on the stock. BidaskClub downgraded shares of Independent Bank from a “hold” rating to a “sell” rating in a research report on Wednesday. Zacks Investment Research downgraded shares of Independent Bank from a “hold” rating to a “sell” rating in a research report on Thursday, April 25th. Finally, Sandler O’Neill raised shares of Independent Bank from a “hold” rating to a “buy” rating in a research report on Wednesday, April 3rd. Two investment analysts have rated the stock with a sell rating, three have given a hold rating and two have assigned a buy rating to the stock. The company has an average rating of “Hold” and a consensus price target of $85.67.
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Independent Bank 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.
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