Shares of Independent Bank Corp. (NASDAQ:INDB) have been given an average recommendation of “Hold” by the six brokerages that are presently covering the stock, Marketbeat reports. Four analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. The average twelve-month price objective among analysts that have covered the stock in the last year is $71.75.

Several research analysts have recently commented on the stock. Zacks Investment Research raised shares of Independent Bank Corp. from a “hold” rating to a “buy” rating and set a $81.00 price objective for the company in a research note on Wednesday, July 26th. BidaskClub raised shares of Independent Bank Corp. from a “hold” rating to a “buy” rating in a research note on Tuesday, June 13th. Compass Point raised shares of Independent Bank Corp. from a “neutral” rating to a “buy” rating and set a $72.00 price objective for the company in a research note on Friday, July 21st. Keefe, Bruyette & Woods reiterated a “hold” rating and issued a $71.00 price target on shares of Independent Bank Corp. in a research note on Wednesday, June 28th. Finally, Sandler O’Neill upgraded shares of Independent Bank Corp. from a “sell” rating to a “hold” rating in a research note on Monday, May 15th.

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In other news, Director Carl Ribeiro sold 1,000 shares of the business’s stock in a transaction that occurred on Thursday, May 25th. The shares were sold at an average price of $62.24, for a total transaction of $62,240.00. Following the completion of the sale, the director now owns 14,647 shares in the company, valued at approximately $911,629.28. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Gerard F. Nadeau sold 5,193 shares of the business’s stock in a transaction that occurred on Monday, July 31st. The stock was sold at an average price of $71.75, for a total transaction of $372,597.75. The disclosure for this sale can be found here. Insiders sold 9,443 shares of company stock valued at $669,348 in the last quarter. 2.67% of the stock is owned by insiders.

Hedge funds have recently modified their holdings of the company. BlackRock Inc. increased its stake in shares of Independent Bank Corp. by 0.8% in the second quarter. BlackRock Inc. now owns 3,308,074 shares of the bank’s stock valued at $220,483,000 after buying an additional 26,356 shares in the last quarter. Vanguard Group Inc. increased its stake in shares of Independent Bank Corp. by 1.0% in the second quarter. Vanguard Group Inc. now owns 2,387,040 shares of the bank’s stock valued at $159,097,000 after buying an additional 24,774 shares in the last quarter. Dimensional Fund Advisors LP increased its stake in shares of Independent Bank Corp. by 1.9% in the second quarter. Dimensional Fund Advisors LP now owns 1,300,006 shares of the bank’s stock valued at $86,646,000 after buying an additional 24,072 shares in the last quarter. Victory Capital Management Inc. increased its stake in shares of Independent Bank Corp. by 1.0% in the first quarter. Victory Capital Management Inc. now owns 996,737 shares of the bank’s stock valued at $64,788,000 after buying an additional 9,418 shares in the last quarter. Finally, State Street Corp increased its stake in shares of Independent Bank Corp. by 15.2% in the first quarter. State Street Corp now owns 841,085 shares of the bank’s stock valued at $54,681,000 after buying an additional 111,161 shares in the last quarter. Institutional investors and hedge funds own 76.63% of the company’s stock.

Shares of Independent Bank Corp. (INDB) opened at 67.55 on Tuesday. The stock has a market cap of $1.85 billion, a PE ratio of 22.97 and a beta of 0.98. The stock has a 50 day moving average of $68.62 and a 200 day moving average of $64.75. Independent Bank Corp. has a 12 month low of $47.50 and a 12 month high of $73.15.

Independent Bank Corp. (NASDAQ:INDB) last posted its quarterly earnings data on Thursday, July 20th. The bank reported $0.82 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.81 by $0.01. Independent Bank Corp. had a net margin of 23.17% and a return on equity of 9.70%. The business had revenue of $85.15 million during the quarter, compared to analyst estimates of $85.20 million. During the same quarter last year, the firm posted $0.78 earnings per share. On average, equities analysts anticipate that Independent Bank Corp. will post $3.33 earnings per share for the current fiscal year.

About Independent Bank Corp.

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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