Insider Selling: Independent Bank Corp EVP Sells 6,060 Shares of Stock (INDB)
Independent Bank Corp (NASDAQ:INDB) EVP Gerard F. Nadeau sold 6,060 shares of the company’s stock on the open market in a transaction dated Wednesday, August 13th. The shares were 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 in the company, valued at approximately $1,238,141. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link.
INDB has been the subject of a number of recent research reports. 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 equities research analyst has rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. Independent Bank Corp presently has an average rating of “Buy” and a consensus target price of $40.00.
Shares of Independent Bank Corp (NASDAQ:INDB) opened at 35.88 on Monday. 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 $37.0 and its 200-day moving average is $37.25. The company has a market cap of $858.0 million and a price-to-earnings ratio of 15.87.
Independent Bank Corp (NASDAQ:INDB) last issued its quarterly earnings data on Thursday, July 17th. The company reported $0.63 earnings per share for the quarter, meeting the consensus estimate of $0.63. During the same quarter in the previous year, the company posted $0.58 earnings per share. On average, analysts predict that Independent Bank Corp will post $2.48 earnings per share for the current fiscal year.
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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