Independent Bank Corp. (INDB) Sees Large Volume Increase
Shares of Independent Bank Corp. (NASDAQ:INDB) saw unusually-strong trading volume on Wednesday . Approximately 66,188 shares traded hands during mid-day trading, an increase of 21% from the previous session’s volume of 54,750 shares.The stock last traded at $52.99 and had previously closed at $53.91.
Several research analysts have commented on INDB shares. Zacks Investment Research upgraded Independent Bank Corp. from a “hold” rating to a “buy” rating and set a $56.00 target price for the company in a research note on Wednesday, July 27th. Sandler O’Neill downgraded Independent Bank Corp. from a “hold” rating to a “sell” rating and raised their target price for the stock from $50.00 to $51.00 in a research note on Wednesday. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and one has assigned a buy rating to the stock. The company currently has an average rating of “Hold” and an average target price of $50.00.
The firm has a market cap of $1.39 billion and a PE ratio of 18.11. The firm’s 50 day moving average is $50.75 and its 200-day moving average is $47.36.
Independent Bank Corp. (NASDAQ:INDB) last issued its earnings results on Thursday, July 21st. The company reported $0.77 earnings per share for the quarter, topping analysts’ consensus estimates of $0.74 by $0.03. Equities analysts forecast that Independent Bank Corp. will post $3.02 earnings per share for the current year.
In related news, Director Maurice H. Sullivan, Jr. sold 5,000 shares of the stock in a transaction on Wednesday, July 27th. The stock was sold at an average price of $50.78, for a total value of $253,900.00. Following the completion of the sale, the director now directly owns 28,455 shares of the company’s stock, valued at approximately $1,444,944.90. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, Director Maurice H. Sullivan, Jr. sold 2,475 shares of the stock in a transaction on Tuesday, July 26th. The shares were sold at an average price of $50.15, for a total value of $124,121.25. Following the completion of the sale, the director now directly owns 28,455 shares of the company’s stock, valued at $1,427,018.25. 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 increased its position 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 (SEC). The institutional investor 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 approximately 4.17% of Independent Bank Corp. worth $50,921,000 at the end of the most recent quarter.
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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