Hennessy Advisors Inc. cut its position in Independent Bank Corp. (NASDAQ:INDB) by 25.0% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 90,000 shares of the bank’s stock after selling 30,000 shares during the quarter. Hennessy Advisors Inc. owned 0.33% of Independent Bank Corp. worth $6,719,000 as of its most recent filing with the Securities and Exchange Commission.
Several other hedge funds have also recently made changes to their positions in the company. BlackRock Inc. boosted its stake in shares of Independent Bank Corp. by 0.8% in the second quarter. BlackRock Inc. now owns 3,308,074 shares of the bank’s stock valued at $220,483,000 after purchasing an additional 26,356 shares during the period. Vanguard Group Inc. boosted its stake in shares of Independent Bank Corp. by 1.0% in the second quarter. Vanguard Group Inc. now owns 2,387,040 shares of the bank’s stock valued at $159,097,000 after purchasing an additional 24,774 shares during the period. Dimensional Fund Advisors LP raised its holdings in Independent Bank Corp. by 1.9% in the second quarter. Dimensional Fund Advisors LP now owns 1,300,006 shares of the bank’s stock valued at $86,646,000 after acquiring an additional 24,072 shares in the last quarter. State Street Corp raised its holdings in Independent Bank Corp. by 15.2% in the first quarter. State Street Corp now owns 841,085 shares of the bank’s stock valued at $54,681,000 after acquiring an additional 111,161 shares in the last quarter. Finally, The Manufacturers Life Insurance Company raised its holdings in shares of Independent Bank Corp. by 2.9% during the second quarter. The Manufacturers Life Insurance Company now owns 770,690 shares of the bank’s stock worth $51,367,000 after purchasing an additional 21,629 shares during the period. Institutional investors and hedge funds own 78.63% of the company’s stock.
Independent Bank Corp. (NASDAQ INDB) traded down $0.55 during mid-day trading on Monday, reaching $68.45. 122,800 shares of the company’s stock were exchanged, compared to its average volume of 91,509. The company has a quick ratio of 0.95, a current ratio of 0.95 and a debt-to-equity ratio of 0.17. Independent Bank Corp. has a 52 week low of $57.20 and a 52 week high of $76.30. The stock has a market capitalization of $1,878.48, a price-to-earnings ratio of 21.19 and a beta of 0.98.
Independent Bank Corp. (NASDAQ:INDB) last posted its quarterly earnings data on Thursday, October 19th. The bank reported $0.87 EPS for the quarter, missing analysts’ consensus estimates of $0.91 by ($0.04). The firm had revenue of $87.84 million for the quarter, compared to analysts’ expectations of $88.57 million. Independent Bank Corp. had a net margin of 23.48% and a return on equity of 9.76%. Independent Bank Corp.’s quarterly revenue was up 12.5% compared to the same quarter last year. During the same period in the prior year, the company posted $0.78 earnings per share. analysts forecast that Independent Bank Corp. will post 3.41 EPS for the current year.
In related news, Director Eileen C. Miskell sold 1,200 shares of the firm’s stock in a transaction on Wednesday, October 25th. The stock was sold at an average price of $71.27, for a total value of $85,524.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Robert D. Cozzone sold 3,250 shares of Independent Bank Corp. stock in a transaction on Thursday, November 2nd. The shares were sold at an average price of $72.50, for a total value of $235,625.00. The disclosure for this sale can be found here. 2.67% of the stock is owned by corporate insiders.
A number of analysts have weighed in on the stock. Zacks Investment Research cut shares of Independent Bank Corp. from a “hold” rating to a “sell” rating in a report on Wednesday, October 25th. Compass Point lowered shares of Independent Bank Corp. from a “buy” rating to a “neutral” rating and set a $76.00 price target for the company. in a research report on Wednesday, October 11th. They noted that the move was a valuation call. Finally, Keefe, Bruyette & Woods reiterated a “hold” rating and issued a $73.00 target price on shares of Independent Bank Corp. in a research report on Tuesday, October 3rd. One analyst has rated the stock with a sell rating and five have issued a hold rating to the company’s stock. The company has an average rating of “Hold” and a consensus price target of $73.00.
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Independent Bank Corp. Profile
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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