Gerard F. Nadeau Sells 5,193 Shares of Independent Bank Corp. (INDB) Stock

Independent Bank Corp. (NASDAQ:INDB) insider Gerard F. Nadeau sold 5,193 shares of Independent Bank Corp. stock in a transaction that occurred on Monday, July 31st. The shares were sold at an average price of $71.75, for a total transaction of $372,597.75. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website.

Independent Bank Corp. (INDB) traded up 0.98% during midday trading on Friday, reaching $66.80. 90,894 shares of the company’s stock were exchanged. Independent Bank Corp. has a 12 month low of $47.50 and a 12 month high of $73.15. The company has a market cap of $1.83 billion, a P/E ratio of 22.71 and a beta of 0.98. The company has a 50 day moving average price of $68.86 and a 200 day moving average price of $64.91.

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

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A number of research firms have recently commented on INDB. Zacks Investment Research raised shares of Independent Bank Corp. from a “hold” rating to a “buy” rating and set a $81.00 price target on the stock in a research report on Wednesday, July 26th. BidaskClub raised shares of Independent Bank Corp. from a “hold” rating to a “buy” rating in a research 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 on the stock in a research report on Friday, July 21st. Keefe, Bruyette & Woods reaffirmed a “hold” rating and set a $71.00 target price on shares of Independent Bank Corp. in a research report on Wednesday, June 28th. Finally, Sandler O’Neill raised shares of Independent Bank Corp. from a “sell” rating to a “hold” rating in a research report on Monday, May 15th. Four investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. Independent Bank Corp. has a consensus rating of “Hold” and a consensus price target of $67.60.

A number of hedge funds and other institutional investors have recently bought and sold shares of INDB. Oppenheimer Asset Management Inc. raised its stake in 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 buying an additional 120 shares during the period. US Bancorp DE raised its stake in 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. D.A. Davidson & CO. raised its stake in 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. Ameritas Investment Partners Inc. bought a new stake in Independent Bank Corp. during the first quarter valued at about $145,000. Finally, State of Alaska Department of Revenue raised its stake in 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. Hedge funds and other institutional investors own 76.22% 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.

Insider Buying and Selling by Quarter for Independent Bank Corp. (NASDAQ:INDB)

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