First Trust Advisors LP lifted its stake in shares of Independent Bank Corp (NASDAQ:INDB) by 9.5% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 46,270 shares of the bank’s stock after acquiring an additional 4,026 shares during the quarter. First Trust Advisors LP owned approximately 0.17% of Independent Bank worth $3,232,000 at the end of the most recent reporting period.
Several other large investors also recently modified their holdings of INDB. Rockland Trust Co. increased its position in shares of Independent Bank by 7.2% during the fourth quarter. Rockland Trust Co. now owns 606,451 shares of the bank’s stock worth $26,376,000 after acquiring an additional 40,603 shares during the period. JPMorgan Chase & Co. increased its position in shares of Independent Bank by 39.3% during the third quarter. JPMorgan Chase & Co. now owns 140,764 shares of the bank’s stock worth $10,488,000 after acquiring an additional 39,744 shares during the period. Opus Capital Group LLC purchased a new position in shares of Independent Bank during the fourth quarter worth approximately $2,272,000. WINTON GROUP Ltd purchased a new position in shares of Independent Bank during the third quarter worth approximately $2,196,000. Finally, Aries Wealth Management purchased a new position in shares of Independent Bank during the fourth quarter worth approximately $2,114,000. 79.82% of the stock is currently owned by institutional investors and hedge funds.
INDB has been the topic of a number of research reports. BidaskClub lowered shares of Independent Bank from a “hold” rating to a “sell” rating in a research report on Friday, January 5th. Compass Point raised shares of Independent Bank from a “neutral” rating to a “buy” rating in a research report on Monday, December 18th. Zacks Investment Research raised shares of Independent Bank from a “sell” rating to a “hold” rating in a research report on Friday, December 22nd. Finally, Keefe, Bruyette & Woods reissued a “hold” rating on shares of Independent Bank in a report on Sunday, January 21st. Five analysts have rated the stock with a hold rating and one has issued a buy rating to the company’s stock. Independent Bank currently has an average rating of “Hold” and an average price target of $73.00.
Independent Bank (NASDAQ:INDB) last issued its quarterly earnings data on Thursday, January 18th. The bank reported $0.89 earnings per share (EPS) for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.89. The company had revenue of $89.70 million for the quarter, compared to analyst estimates of $88.31 million. Independent Bank had a net margin of 24.21% and a return on equity of 10.00%. Independent Bank’s revenue was up 17.2% compared to the same quarter last year. During the same period last year, the company posted $0.76 earnings per share. equities analysts predict that Independent Bank Corp will post 4.38 EPS for the current year.
In related news, Director Donna L. Abelli sold 601 shares of Independent Bank stock in a transaction that occurred on Thursday, January 25th. The shares were sold at an average price of $72.05, for a total transaction of $43,302.05. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CFO Robert D. Cozzone acquired 788 shares of the business’s stock in a transaction that occurred on Friday, February 23rd. The shares were acquired at an average cost of $71.25 per share, for a total transaction of $56,145.00. The disclosure for this purchase can be found here. Company insiders own 2.67% of the company’s stock.
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Independent Bank Company Profile
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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