Metropolitan Life Insurance Co NY boosted its holdings in Independent Bank Corp (NASDAQ:INDB) by 1.9% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 10,937 shares of the bank’s stock after acquiring an additional 207 shares during the quarter. Metropolitan Life Insurance Co NY’s holdings in Independent Bank were worth $816,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also modified their holdings of INDB. Public Employees Retirement System of Ohio increased its stake in shares of Independent Bank by 51.3% in the 3rd quarter. Public Employees Retirement System of Ohio now owns 410 shares of the bank’s stock worth $31,000 after purchasing an additional 139 shares in the last quarter. California State Teachers Retirement System boosted its holdings in shares of Independent Bank by 1.2% in the 3rd quarter. California State Teachers Retirement System now owns 51,755 shares of the bank’s stock valued at $3,864,000 after buying an additional 618 shares in the last quarter. Mason Street Advisors LLC boosted its holdings in shares of Independent Bank by 1.9% in the 3rd quarter. Mason Street Advisors LLC now owns 11,669 shares of the bank’s stock valued at $871,000 after buying an additional 216 shares in the last quarter. Tower Research Capital LLC TRC grew its position in shares of Independent Bank by 704.3% in the 3rd quarter. Tower Research Capital LLC TRC now owns 1,303 shares of the bank’s stock worth $97,000 after buying an additional 1,141 shares during the last quarter. Finally, Creative Planning grew its position in shares of Independent Bank by 70.0% in the 3rd quarter. Creative Planning now owns 5,381 shares of the bank’s stock worth $402,000 after buying an additional 2,215 shares during the last quarter. Institutional investors and hedge funds own 78.57% of the company’s stock.

Shares of NASDAQ:INDB opened at $84.16 on Monday. The company has a debt-to-equity ratio of 0.17, a current ratio of 0.98 and a quick ratio of 0.97. The firm has a market capitalization of $2.89 billion, a P/E ratio of 15.27 and a beta of 1.20. The business’s 50-day moving average is $83.43 and its 200 day moving average is $75.36. Independent Bank Corp has a 1 year low of $62.33 and a 1 year high of $87.64.

Independent Bank (NASDAQ:INDB) last issued its quarterly earnings results on Thursday, October 17th. The bank reported $1.49 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.40 by $0.09. The business had revenue of $136.41 million for the quarter. Independent Bank had a return on equity of 12.60% and a net margin of 28.03%. On average, analysts expect that Independent Bank Corp will post 5.63 EPS for the current year.

In other Independent Bank news, Director Daniel F. Obrien sold 2,000 shares of Independent Bank stock in a transaction on Tuesday, November 5th. The shares were sold at an average price of $85.32, for a total value of $170,640.00. Also, Director William M. Parent sold 7,500 shares of Independent Bank stock in a transaction on Wednesday, September 11th. The shares were sold at an average price of $75.00, for a total transaction of $562,500.00. The disclosure for this sale can be found here. In the last three months, insiders have sold 53,924 shares of company stock valued at $4,370,430. 1.60% of the stock is currently owned by corporate insiders.

A number of equities research analysts recently commented on INDB shares. BidaskClub cut shares of Independent Bank from a “buy” rating to a “hold” rating in a research report on Saturday, November 23rd. ValuEngine raised shares of Independent Bank from a “sell” rating to a “hold” rating in a report on Wednesday, October 2nd. Finally, Zacks Investment Research raised Independent Bank from a “sell” rating to a “hold” rating in a research report on Friday, October 25th. Four equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and an average target price of $82.00.

Independent Bank Company Profile

Independent Bank Corp. operates as the bank holding company for Rockland Trust Company that provides commercial banking products and services to individuals and small-to-medium sized businesses primarily in Massachusetts. Its products and services include demand deposits and time certificates of deposit, as well as checking, money market, and savings accounts.

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

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