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Independent Bank Corp. (NASDAQ:IBCP) Chairman Michael M. Magee, Jr. unloaded 24,864 shares of Independent Bank Corp. stock on the open market in a transaction that occurred on Wednesday, June 18th. The stock was sold at an average price of $12.91, for a total value of $320,994.24. Following the sale, the chairman now directly owns 37,682 shares in the company, valued at approximately $486,475. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link.

Independent Bank Corp. (NASDAQ:IBCP) traded down 1.01% during mid-day trading on Thursday, hitting $12.77. 49,135 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 $12.83 and its 200-day moving average is $12.7. The company has a market cap of $292.7 million and a P/E ratio of 3.84.

Independent Bank Corp. (NASDAQ:IBCP) last posted its quarterly earnings results on Monday, April 21st. The company reported $0.13 EPS for the quarter, missing the Thomson Reuters consensus estimate of $0.16 by $0.03. Analysts expect that Independent Bank Corp. will post $0.73 EPS for the current fiscal year.

IBCP has been the subject of a number of recent research reports. Analysts at Zacks downgraded shares of Independent Bank Corp. from a “neutral” rating to an “underperform” rating in a research note on Thursday. They now have a $10.80 price target on the stock. Separately, analysts at FIG Partners initiated coverage on shares of Independent Bank Corp. in a research note on Tuesday. They set a “market perform” rating on the stock.

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

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