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Independent Bank Corp. (NASDAQ:IBCP) Chairman Michael M. Magee, Jr. sold 25,000 shares of the company’s stock on the open market in a transaction that occurred on Thursday, June 12th. The shares were sold at an average price of $12.88, for a total transaction of $322,000.00. Following the sale, the chairman now directly owns 82,682 shares of the company’s stock, valued at approximately $1,064,944. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link.

Independent Bank Corp. (NASDAQ:IBCP) traded down 0.85% during mid-day trading on Friday, hitting $12.81. 65,019 shares of the company’s stock traded hands. Independent Bank Corp. has a 1-year low of $5.51 and a 1-year high of $14.25. The stock’s 50-day moving average is $12.82 and its 200-day moving average is $12.69. The company has a market cap of $293.7 million and a P/E ratio of 3.85.

Independent Bank Corp. (NASDAQ:IBCP) last issued its quarterly earnings data on Monday, April 21st. The company reported $0.13 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.16 by $0.03. On average, analysts predict that Independent Bank Corp. will post $0.74 earnings per share for the current fiscal year.

Separately, analysts at Zacks downgraded shares of Independent Bank Corp. from a “hold” rating to a “sell” rating in a research note on Wednesday, May 7th.

Independent Bank Corporation is a bank holding company. The Company owns Independent Bank (NASDAQ:IBCP).

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