BlackRock Inc. boosted its holdings in Independent Bank Corp (NASDAQ:INDB) by 3.7% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 3,532,683 shares of the bank’s stock after acquiring an additional 125,757 shares during the quarter. BlackRock Inc. owned 12.87% of Independent Bank worth $246,758,000 at the end of the most recent quarter.
A number of other institutional investors and hedge funds have also bought and sold shares of the stock. Rhumbline Advisers increased its position in Independent Bank by 14.4% in the 4th quarter. Rhumbline Advisers now owns 68,105 shares of the bank’s stock valued at $4,757,000 after acquiring an additional 8,585 shares during the period. Arizona State Retirement System increased its position in Independent Bank by 223.2% in the 4th quarter. Arizona State Retirement System now owns 46,125 shares of the bank’s stock valued at $3,222,000 after acquiring an additional 31,854 shares during the period. Wells Fargo & Company MN increased its position in Independent Bank by 14.9% in the 4th quarter. Wells Fargo & Company MN now owns 67,588 shares of the bank’s stock valued at $4,721,000 after acquiring an additional 8,775 shares during the period. First Trust Advisors LP increased its position in Independent Bank by 9.5% in the 4th quarter. First Trust Advisors LP now owns 46,270 shares of the bank’s stock valued at $3,232,000 after acquiring an additional 4,026 shares during the period. Finally, Swiss National Bank increased its position in Independent Bank by 3.8% in the 4th quarter. Swiss National Bank now owns 46,700 shares of the bank’s stock valued at $3,262,000 after acquiring an additional 1,700 shares during the period. Hedge funds and other institutional investors own 79.82% of the company’s stock.
Several equities analysts have recently issued reports on INDB shares. Compass Point upgraded Independent Bank from a “neutral” rating to a “buy” rating in a research report on Monday, December 18th. Zacks Investment Research upgraded Independent Bank from a “sell” rating to a “hold” rating in a research report on Friday, December 22nd. BidaskClub cut Independent Bank from a “hold” rating to a “sell” rating in a research report on Friday, January 5th. Finally, Keefe, Bruyette & Woods reiterated a “hold” rating on shares of Independent Bank in a research report on Sunday, January 21st. Five research analysts have rated the stock with a hold rating and one has given a buy rating to the stock. The company currently has an average rating of “Hold” and an average target price of $73.00.
Independent Bank (NASDAQ:INDB) last issued its quarterly earnings results on Thursday, January 18th. The bank reported $0.89 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.89. Independent Bank had a return on equity of 10.00% and a net margin of 24.21%. The company had revenue of $89.70 million for the quarter, compared to analysts’ expectations of $88.31 million. During the same period last year, the firm earned $0.76 EPS. The firm’s revenue for the quarter was up 17.2% on a year-over-year basis. sell-side analysts predict that Independent Bank Corp will post 4.38 earnings per share for the current year.
In other news, insider Christopher Oddleifson sold 1,200 shares of the firm’s stock in a transaction on Friday, February 2nd. The stock was sold at an average price of $72.60, for a total transaction of $87,120.00. Following the completion of the sale, the insider now directly owns 86,643 shares of the company’s stock, valued at approximately $6,290,281.80. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director Donna L. Abelli sold 601 shares of the firm’s stock in a transaction on Thursday, January 25th. The stock was sold at an average price of $72.05, for a total value of $43,302.05. The disclosure for this sale can be found here. 2.67% of the stock is currently owned by company insiders.
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About Independent Bank
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.
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