Champlain Investment Partners LLC lifted its holdings in Independent Bank Corp (NASDAQ:INDB) by 13.6% in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 957,230 shares of the bank’s stock after acquiring an additional 114,280 shares during the period. Champlain Investment Partners LLC’s holdings in Independent Bank were worth $77,545,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors have also added to or reduced their stakes in INDB. BlackRock Inc. lifted its position in shares of Independent Bank by 12.6% in the first quarter. BlackRock Inc. now owns 4,538,233 shares of the bank’s stock worth $367,642,000 after buying an additional 508,987 shares in the last quarter. Northern Trust Corp lifted its position in shares of Independent Bank by 1.6% in the first quarter. Northern Trust Corp now owns 768,123 shares of the bank’s stock worth $62,225,000 after buying an additional 11,992 shares in the last quarter. FMR LLC lifted its position in shares of Independent Bank by 34.0% in the fourth quarter. FMR LLC now owns 723,649 shares of the bank’s stock worth $50,879,000 after buying an additional 183,447 shares in the last quarter. Rockland Trust Co. lifted its position in shares of Independent Bank by 5.1% in the first quarter. Rockland Trust Co. now owns 613,742 shares of the bank’s stock worth $36,542,000 after buying an additional 29,758 shares in the last quarter. Finally, Macquarie Group Ltd. lifted its position in shares of Independent Bank by 17.1% in the fourth quarter. Macquarie Group Ltd. now owns 592,782 shares of the bank’s stock worth $41,679,000 after buying an additional 86,684 shares in the last quarter. 70.77% of the stock is owned by hedge funds and other institutional investors.
A number of brokerages have issued reports on INDB. BidaskClub upgraded Independent Bank from a “sell” rating to a “hold” rating in a research report on Wednesday, March 27th. Sandler O’Neill upgraded Independent Bank from a “hold” rating to a “buy” rating in a research report on Wednesday, April 3rd. ValuEngine downgraded Independent Bank from a “hold” rating to a “sell” rating in a research report on Friday, June 7th. Finally, Zacks Investment Research downgraded Independent Bank from a “hold” rating to a “sell” rating in a research report on Thursday, April 25th. Three equities research analysts have rated the stock with a sell rating, one has issued a hold rating and two have assigned a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and a consensus target price of $88.50.
In other Independent Bank news, Director Donna L. Abelli sold 800 shares of the company’s stock in a transaction that occurred on Friday, April 26th. The stock was sold at an average price of $80.00, for a total transaction of $64,000.00. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Daniel F. Obrien sold 1,712 shares of the company’s stock in a transaction that occurred on Wednesday, May 29th. The shares were sold at an average price of $72.75, for a total value of $124,548.00. Following the transaction, the director now directly owns 21,492 shares in the company, valued at approximately $1,563,543. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 7,727 shares of company stock worth $603,916. Company insiders own 1.60% of the company’s stock.
Shares of INDB stock opened at $71.45 on Thursday. Independent Bank Corp has a 1 year low of $66.12 and a 1 year high of $95.00. The company has a current ratio of 0.97, a quick ratio of 0.97 and a debt-to-equity ratio of 0.28. The company has a market cap of $2.44 billion, a price-to-earnings ratio of 15.23 and a beta of 1.13.
Independent Bank (NASDAQ:INDB) last issued its quarterly earnings data on Thursday, April 18th. The bank reported $1.30 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.33 by ($0.03). Independent Bank had a net margin of 29.95% and a return on equity of 13.38%. The company had revenue of $104.06 million for the quarter, compared to analysts’ expectations of $106.30 million. On average, equities research analysts anticipate that Independent Bank Corp will post 5.5 earnings per share for the current fiscal year.
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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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