National Planning Corp raised its stake in Independent Bank Corp. (NASDAQ:INDB) by 24.8% during the second quarter, Holdings Channel reports. The firm owned 4,317 shares of the bank’s stock after buying an additional 857 shares during the period. National Planning Corp’s holdings in Independent Bank Corp. were worth $296,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also made changes to their positions in the company. US Bancorp DE increased its position 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 during the period. Ameritas Investment Partners Inc. acquired a new position in shares of Independent Bank Corp. during the first quarter valued at $145,000. State of Alaska Department of Revenue increased its position 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 during the period. Bank of Montreal Can increased its position in shares of Independent Bank Corp. by 42.1% in the first quarter. Bank of Montreal Can now owns 3,036 shares of the bank’s stock valued at $197,000 after buying an additional 899 shares during the period. Finally, SG Americas Securities LLC increased its position in shares of Independent Bank Corp. by 47.3% in the first quarter. SG Americas Securities LLC now owns 3,032 shares of the bank’s stock valued at $197,000 after buying an additional 973 shares during the period. Hedge funds and other institutional investors own 76.22% of the company’s stock.

Shares of Independent Bank Corp. (INDB) opened at 69.40 on Tuesday. The stock has a market cap of $1.90 billion, a P/E ratio of 23.60 and a beta of 0.98. Independent Bank Corp. has a 1-year low of $47.50 and a 1-year high of $73.15. The firm’s 50-day moving average price is $68.76 and its 200 day moving average price is $64.81.

Independent Bank Corp. (NASDAQ:INDB) last posted its earnings results on Thursday, July 20th. The bank reported $0.82 EPS for the quarter, topping the Zacks’ consensus estimate of $0.81 by $0.01. Independent Bank Corp. had a return on equity of 9.70% and a net margin of 23.17%. The business had revenue of $85.15 million for the quarter, compared to analysts’ expectations of $85.20 million. During the same quarter in the previous year, the firm earned $0.78 earnings per share. On average, equities analysts expect that Independent Bank Corp. will post $3.33 earnings per share for the current fiscal year.

COPYRIGHT VIOLATION WARNING: “Independent Bank Corp. (NASDAQ:INDB) Shares Bought by National Planning Corp” was originally posted by Daily Political and is owned by of Daily Political. If you are accessing this news story on another website, it was illegally copied and republished in violation of US and international trademark and copyright legislation. The legal version of this news story can be viewed at https://www.dailypolitical.com/2017/08/15/independent-bank-corp-nasdaqindb-shares-bought-by-national-planning-corp.html.

INDB has been the topic of several research analyst reports. BidaskClub upgraded Independent Bank Corp. from a “hold” rating to a “buy” rating in a research note on Tuesday, June 13th. Zacks Investment Research upgraded Independent Bank Corp. from a “hold” rating to a “buy” rating and set a $81.00 target price on the stock in a research note on Wednesday, July 26th. Compass Point upgraded Independent Bank Corp. from a “neutral” rating to a “buy” rating and set a $72.00 target price on the stock in a research note on Friday, July 21st. Keefe, Bruyette & Woods restated a “hold” rating and set a $71.00 target price on shares of Independent Bank Corp. in a research note on Wednesday, June 28th. Finally, Sandler O’Neill upgraded Independent Bank Corp. from a “sell” rating to a “hold” rating in a research note on Monday, May 15th. Four analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. Independent Bank Corp. currently has a consensus rating of “Hold” and an average target price of $67.60.

In other news, Director Eileen C. Miskell sold 1,100 shares of Independent Bank Corp. stock in a transaction dated Tuesday, July 25th. The stock was sold at an average price of $72.05, for a total transaction of $79,255.00. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, insider Gerard F. Nadeau sold 5,193 shares of Independent Bank Corp. stock in a transaction dated Monday, July 31st. The stock was sold at an average price of $71.75, for a total value of $372,597.75. The disclosure for this sale can be found here. Insiders have sold 9,443 shares of company stock worth $669,348 in the last quarter. Insiders own 2.67% of the company’s stock.

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.

Want to see what other hedge funds are holding INDB? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Independent Bank Corp. (NASDAQ:INDB).

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

Receive News & Ratings for Independent Bank Corp. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Independent Bank Corp. and related companies with MarketBeat.com's FREE daily email newsletter.