Independent Bank Corp (NASDAQ:INDB) released its quarterly earnings data on Thursday. The bank reported $0.78 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.78. Independent Bank Corp had a net margin of 23.29% and a return on equity of 9.83%. The firm had revenue of $79.11 million for the quarter, compared to analyst estimates of $80.19 million. During the same period last year, the firm earned $0.72 earnings per share.
Shares of Independent Bank Corp (NASDAQ:INDB) opened at 61.20 on Friday. The company has a market cap of $1.66 billion, a price-to-earnings ratio of 20.75 and a beta of 0.96. Independent Bank Corp has a 12 month low of $42.44 and a 12 month high of $71.95. The firm has a 50-day moving average of $63.50 and a 200 day moving average of $64.44.
A number of research firms have weighed in on INDB. Piper Jaffray Companies began coverage on shares of Independent Bank Corp in a research note on Monday, May 15th. They issued a “neutral” rating and a $63.00 price objective on the stock. Sandler O’Neill raised shares of Independent Bank Corp from a “sell” rating to a “hold” rating in a research report on Monday, May 15th. Zacks Investment Research lowered shares of Independent Bank Corp from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, March 22nd. Finally, Compass Point raised shares of Independent Bank Corp from a “sell” rating to a “neutral” rating in a research report on Tuesday, March 28th.
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In related news, insider Gerard F. Nadeau sold 6,103 shares of Independent Bank Corp stock in a transaction dated Monday, May 1st. The stock was sold at an average price of $63.71, for a total transaction of $388,822.13. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Kevin J. Jones sold 9,630 shares of Independent Bank Corp stock in a transaction dated Friday, April 28th. The stock was sold at an average price of $64.11, for a total value of $617,379.30. Following the sale, the director now directly owns 77,534 shares of the company’s stock, valued at approximately $4,970,704.74. The disclosure for this sale can be found here. Insiders have sold 20,008 shares of company stock valued at $1,282,580 in the last ninety days. Corporate insiders own 3.02% of the company’s stock.
A hedge fund recently raised its stake in Independent Bank Corp stock. Teachers Advisors LLC increased its position in shares of Independent Bank Corp (NASDAQ:INDB) by 3.5% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 43,941 shares of the bank’s stock after buying an additional 1,490 shares during the period. Teachers Advisors LLC owned about 0.16% of Independent Bank Corp worth $2,856,000 at the end of the most recent reporting period. 77.67% of the stock is currently owned by hedge funds and other institutional investors.
About Independent Bank Corp
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.
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