Independent Bank Corp (NASDAQ:INDB) Shares Purchased by Penobscot Investment Management Company Inc.

Penobscot Investment Management Company Inc. boosted its stake in Independent Bank Corp (NASDAQ:INDB) by 10.7% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 13,085 shares of the bank’s stock after purchasing an additional 1,260 shares during the period. Penobscot Investment Management Company Inc.’s holdings in Independent Bank were worth $996,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. Norges Bank purchased a new position in Independent Bank in the 4th quarter valued at about $8,050,000. Geode Capital Management LLC boosted its position in Independent Bank by 7.4% in the 4th quarter. Geode Capital Management LLC now owns 319,369 shares of the bank’s stock valued at $22,454,000 after buying an additional 21,991 shares during the last quarter. Huntington National Bank purchased a new position in Independent Bank in the 1st quarter valued at about $34,000. State of Alaska Department of Revenue boosted its position in Independent Bank by 23.3% in the 1st quarter. State of Alaska Department of Revenue now owns 11,571 shares of the bank’s stock valued at $937,000 after buying an additional 2,185 shares during the last quarter. Finally, Louisiana State Employees Retirement System boosted its position in Independent Bank by 22.7% in the 1st quarter. Louisiana State Employees Retirement System now owns 12,900 shares of the bank’s stock valued at $1,045,000 after buying an additional 2,387 shares during the last quarter. Hedge funds and other institutional investors own 70.55% of the company’s stock.

In related news, Director Daniel F. Obrien sold 1,712 shares of the company’s stock in a transaction that occurred on Wednesday, May 29th. The stock was sold at an average price of $72.75, for a total value of $124,548.00. Following the sale, the director now owns 21,492 shares of the company’s stock, valued at approximately $1,563,543. The transaction was disclosed in a filing with the SEC, which is available through this link. 1.60% of the stock is currently owned by corporate insiders.

NASDAQ INDB traded up $1.38 during trading hours on Friday, reaching $69.12. The company’s stock had a trading volume of 36,839 shares, compared to its average volume of 114,239. The company has a current ratio of 0.99, a quick ratio of 0.98 and a debt-to-equity ratio of 0.31. The business has a 50-day simple moving average of $74.02 and a 200 day simple moving average of $78.03. Independent Bank Corp has a 52 week low of $66.12 and a 52 week high of $92.75. The stock has a market cap of $2.33 billion, a PE ratio of 14.74 and a beta of 1.13.

Independent Bank (NASDAQ:INDB) last announced its earnings results on Thursday, July 18th. The bank reported $1.42 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $1.33 by $0.09. The business had revenue of $134.67 million during the quarter, compared to analysts’ expectations of $129.20 million. Independent Bank had a net margin of 26.75% and a return on equity of 12.99%. As a group, equities analysts predict that Independent Bank Corp will post 5.45 EPS for the current year.

Several equities analysts have recently commented on INDB shares. BidaskClub cut shares of Independent Bank from a “hold” rating to a “sell” rating in a research report on Saturday, August 10th. Compass Point raised shares of Independent Bank from a “neutral” rating to a “buy” rating and increased their price target for the stock from $77.00 to $83.00 in a research report on Friday, July 19th. ValuEngine cut shares of Independent Bank from a “hold” rating to a “sell” rating in a research report on Thursday, August 1st. Zacks Investment Research cut shares of Independent Bank from a “hold” rating to a “strong sell” rating in a research report on Friday, July 26th. Finally, DA Davidson reissued a “neutral” rating on shares of Independent Bank in a report on Monday, July 22nd. Three investment analysts have rated the stock with a sell rating, one has assigned a hold rating and two have assigned a buy rating to the stock. Independent Bank presently has a consensus rating of “Hold” and a consensus price target 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.

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Institutional Ownership by Quarter for Independent Bank (NASDAQ:INDB)

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