Independent Bank Corp. (INDB) Hits New 52-Week High at $53.38
Independent Bank Corp. (NASDAQ:INDB) shares hit a new 52-week high during trading on Friday . The company traded as high as $53.38 and last traded at $53.27, with a volume of 41,891 shares trading hands. The stock had previously closed at $52.89.
Separately, 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.
The company’s 50-day moving average price is $50.17 and its 200 day moving average price is $47.10. The stock has a market capitalization of $1.40 billion and a price-to-earnings ratio of 18.21.
Independent Bank Corp. (NASDAQ:INDB) last announced its earnings results on Thursday, July 21st. The company reported $0.77 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.74 by $0.03. Equities research analysts predict that Independent Bank Corp. will post $3.02 EPS for the current fiscal year.
In other Independent Bank Corp. news, Director Carl Ribeiro sold 700 shares of the business’s stock in a transaction that occurred on Wednesday, June 1st. The stock was sold at an average price of $48.93, for a total transaction of $34,251.00. Following the transaction, the director now owns 15,728 shares of the company’s stock, valued at approximately $769,571.04. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Gerard F. Nadeau sold 2,600 shares of the business’s stock in a transaction that occurred on Wednesday, August 17th. The stock was sold at an average price of $51.93, for a total value of $135,018.00. 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 stake in Independent Bank Corp. (NASDAQ:INDB) by 5.1% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm 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 about 4.17% of Independent Bank Corp. worth $50,921,000 as of its most recent filing with the SEC.
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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