Independent Bank Corp EVP Sells $217,130 in Stock (INDB)
Independent Bank Corp (NASDAQ:INDB) EVP Gerard F. Nadeau unloaded 6,060 shares of the stock in a transaction that occurred on Wednesday, August 13th. The stock was sold at an average price of $35.83, for a total value of $217,129.80. Following the completion of the sale, the executive vice president now directly owns 34,556 shares of the company’s stock, valued at approximately $1,238,141. The sale was disclosed in a filing with the SEC, which is available at this link.
Shares of Independent Bank Corp (NASDAQ:INDB) traded down 0.06% during mid-day trading on Thursday, hitting $35.81. The stock had a trading volume of 56,221 shares. Independent Bank Corp has a 52-week low of $32.97 and a 52-week high of $41.17. The stock’s 50-day moving average is $37.12 and its 200-day moving average is $37.26. The company has a market cap of $856.3 million and a price-to-earnings ratio of 15.85.
Independent Bank Corp (NASDAQ:INDB) last posted its quarterly earnings results on Thursday, July 17th. The company reported $0.63 earnings per share for the quarter, meeting the analysts’ consensus estimate of $0.63. During the same quarter last year, the company posted $0.58 earnings per share. Analysts expect that Independent Bank Corp will post $2.48 EPS for the current fiscal year.
Several analysts have recently commented on the stock. Analysts at SunTrust cut their price target on shares of Independent Bank Corp from $40.00 to $39.00 in a research note on Friday, August 8th. Separately, analysts at Sandler O’Neill upgraded shares of Independent Bank Corp from a “hold” rating to a “buy” rating in a research note on Friday, August 8th. Finally, analysts at Guggenheim upgraded shares of Independent Bank Corp from a “neutral” rating to a “buy” rating in a research note on Thursday, August 7th. They now have a $41.00 price target on the stock. One analyst has rated the stock with a hold rating and three have assigned a buy rating to the company. The company presently has a consensus rating of “Buy” and a consensus price target of $40.00.
Independent Bank Corp. is a bank holding company. The Company owns 100% interest in Rockland Trust Company (NASDAQ:INDB), a trust company.
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