Independent Bank Corp. (INDB) Position Increased by Fiduciary Trust Co.
Fiduciary Trust Co. increased its holdings in shares of Independent Bank Corp. (NASDAQ:INDB) by 32.0% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 4,867 shares of the bank’s stock after acquiring an additional 1,180 shares during the quarter. Fiduciary Trust Co.’s holdings in Independent Bank Corp. were worth $363,000 as of its most recent SEC filing.
A number of other institutional investors have also modified their holdings of INDB. Oppenheimer Asset Management Inc. lifted its holdings in Independent Bank Corp. by 8.3% during the second quarter. Oppenheimer Asset Management Inc. now owns 1,566 shares of the bank’s stock worth $104,000 after acquiring an additional 120 shares during the period. US Bancorp DE raised its stake 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 buying an additional 49 shares during the period. D.A. Davidson & CO. raised its stake in shares of Independent Bank Corp. by 12.9% in the second quarter. D.A. Davidson & CO. now owns 1,995 shares of the bank’s stock valued at $132,000 after buying an additional 228 shares during the period. Penobscot Investment Management Company Inc. bought a new stake in shares of Independent Bank Corp. in the third quarter valued at $215,000. Finally, Bank of Montreal Can raised its stake in shares of Independent Bank Corp. by 11.4% in the second quarter. Bank of Montreal Can now owns 3,381 shares of the bank’s stock valued at $226,000 after buying an additional 345 shares during the period. Institutional investors and hedge funds own 76.32% of the company’s stock.
INDB has been the topic of several research reports. 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. 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. Finally, Keefe, Bruyette & Woods restated a “hold” rating and issued a $73.00 target price on shares of Independent Bank Corp. in a research note on Tuesday, October 3rd. One analyst has rated the stock with a sell rating and five have given a hold rating to the company’s stock. The company has a consensus rating of “Hold” and a consensus price target of $73.00.
In other news, Director Eileen C. Miskell sold 1,200 shares of Independent Bank Corp. stock in a transaction on Wednesday, October 25th. The stock was sold at an average price of $71.27, for a total value of $85,524.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Robert D. Cozzone sold 3,250 shares of Independent Bank Corp. stock in a transaction on Thursday, November 2nd. The shares were sold at an average price of $72.50, for a total value of $235,625.00. The disclosure for this sale can be found here. 2.67% of the stock is currently owned by insiders.
Shares of Independent Bank Corp. (NASDAQ:INDB) opened at $68.05 on Friday. The stock has a market capitalization of $1,863.39, a price-to-earnings ratio of 21.02 and a beta of 0.98. The company has a debt-to-equity ratio of 0.17, a current ratio of 0.95 and a quick ratio of 0.95. Independent Bank Corp. has a one year low of $56.85 and a one year high of $76.30.
Independent Bank Corp. (NASDAQ:INDB) last issued its earnings results on Thursday, October 19th. The bank reported $0.87 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.91 by ($0.04). The firm had revenue of $87.84 million during the quarter, compared to the consensus estimate of $88.57 million. Independent Bank Corp. had a net margin of 23.48% and a return on equity of 9.76%. The business’s quarterly revenue was up 12.5% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.78 earnings per share. equities research analysts predict that Independent Bank Corp. will post 3.41 EPS for the current year.
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.
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