Independent Bank Corp (INDB) Stake Cut by Nichols & Pratt Advisers LLP MA

Nichols & Pratt Advisers LLP MA lowered its position in Independent Bank Corp (NASDAQ:INDB) by 11.0% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 4,450 shares of the bank’s stock after selling 550 shares during the period. Nichols & Pratt Advisers LLP MA’s holdings in Independent Bank Corp were worth $289,000 as of its most recent filing with the SEC.

A number of other hedge funds have also modified their holdings of INDB. Isthmus Partners LLC increased its stake in shares of Independent Bank Corp by 0.4% in the third quarter. Isthmus Partners LLC now owns 14,741 shares of the bank’s stock valued at $787,000 after buying an additional 63 shares in the last quarter. State of Alaska Department of Revenue increased its stake in shares of Independent Bank Corp by 2.4% in the first quarter. State of Alaska Department of Revenue now owns 3,000 shares of the bank’s stock valued at $195,000 after buying an additional 70 shares in the last quarter. US Bancorp DE increased its stake in shares of Independent Bank Corp by 4.7% in the first quarter. US Bancorp DE now owns 1,844 shares of the bank’s stock valued at $120,000 after buying an additional 82 shares in the last quarter. Municipal Employees Retirement System of Michigan increased its stake in shares of Independent Bank Corp by 1.3% in the third quarter. Municipal Employees Retirement System of Michigan now owns 7,730 shares of the bank’s stock valued at $418,000 after buying an additional 100 shares in the last quarter. Finally, Louisiana State Employees Retirement System increased its stake in shares of Independent Bank Corp by 0.9% in the first quarter. Louisiana State Employees Retirement System now owns 11,000 shares of the bank’s stock valued at $715,000 after buying an additional 100 shares in the last quarter. Hedge funds and other institutional investors own 77.67% of the company’s stock.

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

Shares of Independent Bank Corp (NASDAQ:INDB) traded down 1.45% during mid-day trading on Friday, hitting $61.20. The stock had a trading volume of 236,992 shares. The stock’s 50-day moving average is $63.50 and its 200 day moving average is $64.44. The firm has a market capitalization of $1.66 billion, a price-to-earnings ratio of 20.75 and a beta of 0.96. Independent Bank Corp has a 1-year low of $42.44 and a 1-year high of $71.95.

Independent Bank Corp (NASDAQ:INDB) last released its quarterly earnings results on Thursday, April 20th. The bank reported $0.78 earnings per share (EPS) for the quarter, hitting the Zacks’ consensus estimate of $0.78. Independent Bank Corp had a net margin of 23.29% and a return on equity of 9.83%. The company had revenue of $79.11 million during the quarter, compared to the consensus estimate of $80.19 million. During the same period in the prior year, the firm earned $0.72 earnings per share. Equities research analysts predict that Independent Bank Corp will post $3.28 EPS for the current fiscal year.

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INDB has been the subject of several research reports. Compass Point upgraded Independent Bank Corp from a “sell” rating to a “neutral” rating in a research note on Tuesday, March 28th. Zacks Investment Research upgraded Independent Bank Corp from a “hold” rating to a “strong-buy” rating and set a $71.00 target price for the company in a research note on Tuesday, January 24th. Sandler O’Neill upgraded Independent Bank Corp from a “sell” rating to a “hold” rating in a research note on Monday. Finally, Piper Jaffray Companies initiated coverage on Independent Bank Corp in a research note on Monday. They issued a “neutral” rating and a $63.00 target price for the company.

In related news, Director Kevin J. Jones sold 9,630 shares of the stock in a transaction dated Friday, April 28th. The shares were sold at an average price of $64.11, for a total value of $617,379.30. Following the completion of the transaction, the director now directly owns 77,534 shares of the company’s stock, valued at $4,970,704.74. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Gerard F. Nadeau sold 6,103 shares of the 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 disclosure for this sale can be found here. Over the last three months, insiders sold 20,008 shares of company stock valued at $1,282,580. 3.02% of the stock is owned by insiders.

Independent Bank Corp Company 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.

12 Month Chart for NASDAQ:INDB

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