Independent Bank Corp. (NASDAQ:INDB) has been given a consensus recommendation of “Hold” by the six research firms that are covering the firm, Marketbeat reports. Five investment analysts have rated the stock with a hold recommendation and one has given a buy recommendation to the company. The average twelve-month target price among brokerages that have issued ratings on the stock in the last year is $68.67.

A number of research analysts have issued reports on INDB shares. Zacks Investment Research raised shares of Independent Bank Corp. from a “hold” rating to a “buy” rating and set a $75.00 target price for the company in a report on Tuesday, August 22nd. BidaskClub raised shares of Independent Bank Corp. from a “hold” rating to a “buy” rating in a report on Tuesday, June 13th. Compass Point raised shares of Independent Bank Corp. from a “neutral” rating to a “buy” rating and set a $72.00 target price for the company in a report on Friday, July 21st. Finally, Keefe, Bruyette & Woods reaffirmed a “hold” rating and issued a $71.00 target price on shares of Independent Bank Corp. in a report on Wednesday, June 28th.

Independent Bank Corp. (NASDAQ:INDB) traded up 1.22% during midday trading on Wednesday, reaching $70.40. The company had a trading volume of 201,900 shares. The firm’s 50 day moving average is $69.35 and its 200 day moving average is $65.77. Independent Bank Corp. has a 1-year low of $47.50 and a 1-year high of $73.15. The stock has a market capitalization of $1.93 billion, a PE ratio of 23.94 and a beta of 1.00.

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

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In other news, insider Christopher Oddleifson sold 1,750 shares of the stock in a transaction that occurred on Wednesday, July 26th. The shares were sold at an average price of $72.02, for a total value of $126,035.00. Following the sale, the insider now directly owns 92,143 shares in the company, valued at $6,636,138.86. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Mark J. Ruggiero sold 400 shares of the stock in a transaction that occurred on Tuesday, July 25th. The shares were sold at an average price of $73.05, for a total transaction of $29,220.00. Following the completion of the sale, the insider now owns 2,852 shares in the company, valued at $208,338.60. The disclosure for this sale can be found here. Insiders sold 8,443 shares of company stock worth $607,108 over the last quarter. Company insiders own 2.67% of the company’s stock.

Several hedge funds have recently added to or reduced their stakes in the company. US Bancorp DE grew its position in shares of Independent Bank Corp. by 2.7% in the second quarter. US Bancorp DE now owns 1,893 shares of the bank’s stock valued at $126,000 after purchasing an additional 49 shares during the last quarter. Louisiana State Employees Retirement System grew its position in shares of Independent Bank Corp. by 0.9% in the second quarter. Louisiana State Employees Retirement System now owns 11,100 shares of the bank’s stock valued at $740,000 after purchasing an additional 100 shares during the last quarter. Arizona State Retirement System grew its position in shares of Independent Bank Corp. by 0.7% in the second quarter. Arizona State Retirement System now owns 14,171 shares of the bank’s stock valued at $944,000 after purchasing an additional 100 shares during the last quarter. Oppenheimer Asset Management Inc. grew its position in shares of Independent Bank Corp. by 8.3% in the second quarter. Oppenheimer Asset Management Inc. now owns 1,566 shares of the bank’s stock valued at $104,000 after purchasing an additional 120 shares during the last quarter. Finally, Amalgamated Bank boosted its position in Independent Bank Corp. by 3.6% during the second quarter. Amalgamated Bank now owns 3,640 shares of the bank’s stock worth $243,000 after acquiring an additional 126 shares during the last quarter. Institutional investors and hedge funds own 76.45% of the company’s stock.

About Independent Bank Corp.

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.

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