Independent Bank Corp. (INDB) Sets New 1-Year High at $53.38
Independent Bank Corp. (NASDAQ:INDB) hit a new 52-week high on Friday . The company traded as high as $53.38 and last traded at $53.27, with a volume of 41,891 shares changing hands. The stock had previously closed at $52.89.
Separately, Zacks Investment Research upgraded shares of Independent Bank Corp. from a “hold” rating to a “buy” rating and set a $56.00 price objective on the stock in a report on Wednesday, July 27th.
The company has a 50 day moving average of $50.17 and a 200 day moving average of $47.10. The company has a market cap of $1.40 billion and a PE ratio of 18.21.
Independent Bank Corp. (NASDAQ:INDB) last released its quarterly earnings data on Thursday, July 21st. The company reported $0.77 earnings per share for the quarter, beating the consensus estimate of $0.74 by $0.03. Equities research analysts predict that Independent Bank Corp. will post $3.02 earnings per share for the current fiscal year.
In other Independent Bank Corp. news, Director Maurice H. Sullivan, Jr. sold 2,475 shares of the stock in a transaction dated Tuesday, July 26th. The stock was sold at an average price of $50.15, for a total value of $124,121.25. Following the completion of the transaction, the director now directly owns 28,455 shares in the company, valued at $1,427,018.25. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Maurice H. Sullivan, Jr. sold 5,000 shares of the stock in a transaction dated Wednesday, July 27th. The shares were sold at an average price of $50.78, for a total value of $253,900.00. Following the completion of the transaction, the director now owns 28,455 shares of the company’s stock, valued at $1,444,944.90. The disclosure for this sale can be found here.
An institutional investor recently raised its position in Independent Bank Corp. stock. Dimensional Fund Advisors LP boosted its stake in shares of Independent Bank Corp. (NASDAQ:INDB) by 5.1% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 1,094,598 shares of the company’s stock after buying an additional 53,037 shares during the period. Dimensional Fund Advisors LP owned 4.17% of Independent Bank Corp. worth $50,921,000 at the end of the most recent reporting period.
Independent Bank Corp. is a bank holding company. The Company is the sole stockholder of Rockland Trust Company (Rockland or the Bank). The Bank is a community-oriented commercial bank. The Company operates in community banking business segment. The Company’s 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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