GSA Capital Partners LLP bought a new stake in shares of Independent Bank Corp (NASDAQ:INDB) during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor bought 16,905 shares of the bank’s stock, valued at approximately $1,396,000. GSA Capital Partners LLP owned approximately 0.06% of Independent Bank at the end of the most recent reporting period.
A number of other large investors have also made changes to their positions in the stock. Aperio Group LLC increased its position in Independent Bank by 7.1% during the 2nd quarter. Aperio Group LLC now owns 10,796 shares of the bank’s stock valued at $846,000 after buying an additional 718 shares in the last quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS increased its position in Independent Bank by 12.7% during the 3rd quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 6,574 shares of the bank’s stock valued at $543,000 after buying an additional 740 shares in the last quarter. Rhumbline Advisers increased its position in Independent Bank by 1.7% during the 2nd quarter. Rhumbline Advisers now owns 75,489 shares of the bank’s stock valued at $5,918,000 after buying an additional 1,235 shares in the last quarter. Penobscot Investment Management Company Inc. increased its position in Independent Bank by 33.6% during the 2nd quarter. Penobscot Investment Management Company Inc. now owns 5,525 shares of the bank’s stock valued at $433,000 after buying an additional 1,390 shares in the last quarter. Finally, Flagship Harbor Advisors LLC increased its position in Independent Bank by 132.5% during the 3rd quarter. Flagship Harbor Advisors LLC now owns 2,571 shares of the bank’s stock valued at $209,000 after buying an additional 1,465 shares in the last quarter. 80.93% of the stock is currently owned by institutional investors.
Independent Bank stock opened at $75.11 on Friday. The company has a current ratio of 0.95, a quick ratio of 0.94 and a debt-to-equity ratio of 0.16. The stock has a market cap of $2.06 billion, a price-to-earnings ratio of 17.38 and a beta of 0.96. Independent Bank Corp has a fifty-two week low of $66.90 and a fifty-two week high of $95.00.
Independent Bank (NASDAQ:INDB) last posted its quarterly earnings results on Thursday, October 18th. The bank reported $1.14 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $1.20 by ($0.06). The firm had revenue of $99.50 million for the quarter, compared to analysts’ expectations of $99.40 million. Independent Bank had a net margin of 28.75% and a return on equity of 12.21%. On average, research analysts forecast that Independent Bank Corp will post 4.67 earnings per share for the current year.
Several research analysts recently issued reports on the company. Zacks Investment Research raised Independent Bank from a “hold” rating to a “buy” rating and set a $89.00 target price on the stock in a research report on Tuesday, November 27th. BidaskClub raised Independent Bank from a “strong sell” rating to a “sell” rating in a research report on Friday, October 19th. Finally, ValuEngine downgraded Independent Bank from a “buy” rating to a “hold” rating in a research note on Monday, September 24th. One investment analyst has rated the stock with a sell rating, three have given a hold rating and three have assigned a buy rating to the company’s stock. Independent Bank presently has a consensus rating of “Hold” and a consensus target price of $85.67.
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Independent Bank Company Profile
Independent Bank Corp. operates as the bank holding company for Rockland Trust Company that provides commercial banking products and services to individuals and small-to-medium sized businesses primarily in Massachusetts. The company's products and services include demand deposits and time certificates of deposit, as well as checking, money market, and savings accounts.
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