US Bancorp DE raised its position in shares of Independent Bank Corp. (NASDAQ:INDB) by 2.7% during the second quarter, according to its most recent disclosure with the SEC. The firm owned 1,893 shares of the bank’s stock after buying an additional 49 shares during the period. US Bancorp DE’s holdings in Independent Bank Corp. were worth $126,000 as of its most recent filing with the SEC.

Other institutional investors have also made changes to their positions in the company. BlackRock Inc. boosted its stake in shares of Independent Bank Corp. by 49,979.6% in the first quarter. BlackRock Inc. now owns 3,281,718 shares of the bank’s stock worth $213,310,000 after buying an additional 3,275,165 shares during the period. Denver Investment Advisors LLC purchased a new stake in shares of Independent Bank Corp. during the first quarter worth about $12,268,000. Bank of New York Mellon Corp boosted its stake in shares of Independent Bank Corp. by 26.8% in the first quarter. Bank of New York Mellon Corp now owns 555,720 shares of the bank’s stock worth $36,122,000 after buying an additional 117,428 shares during the period. State Street Corp boosted 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 worth $54,681,000 after buying an additional 111,161 shares during the period. Finally, Vanguard Group Inc. boosted its stake in shares of Independent Bank Corp. by 4.3% in the first quarter. Vanguard Group Inc. now owns 2,362,266 shares of the bank’s stock worth $153,548,000 after buying an additional 96,358 shares during the period. Institutional investors own 76.45% of the company’s stock.

Shares of Independent Bank Corp. (INDB) traded down 1.08% during midday trading on Wednesday, hitting $68.85. 188,754 shares of the company were exchanged. Independent Bank Corp. has a one year low of $47.50 and a one year high of $73.15. The company has a 50-day moving average of $69.06 and a 200 day moving average of $65.17. The company has a market capitalization of $1.89 billion, a P/E ratio of 23.41 and a beta of 0.98.

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

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A number of equities research analysts recently issued reports on INDB shares. BidaskClub upgraded shares of Independent Bank Corp. from a “hold” rating to a “buy” rating in a research report on Tuesday, June 13th. Zacks Investment Research upgraded shares of Independent Bank Corp. from a “hold” rating to a “buy” rating and set a $75.00 target price for the company in a research report on Tuesday, August 22nd. Compass Point upgraded shares of Independent Bank Corp. from a “neutral” rating to a “buy” rating and set a $72.00 target price for the company in a research report on Friday, July 21st. Keefe, Bruyette & Woods reiterated a “hold” rating and set a $71.00 target price on shares of Independent Bank Corp. in a research report 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 report on Monday, May 15th. Five equities research analysts have rated the stock with a hold rating and one has issued a buy rating to the company. Independent Bank Corp. has an average rating of “Hold” and a consensus price target of $66.40.

In related news, insider Mark J. Ruggiero sold 400 shares of the firm’s stock in a transaction dated Tuesday, July 25th. The stock was sold at an average price of $73.05, for a total transaction of $29,220.00. Following the transaction, the insider now directly owns 2,852 shares of the company’s stock, valued at approximately $208,338.60. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Christopher Oddleifson sold 1,750 shares of the firm’s stock in a transaction dated Wednesday, July 26th. The shares were sold at an average price of $72.02, for a total value of $126,035.00. Following the transaction, the insider now directly owns 92,143 shares in the company, valued at $6,636,138.86. The disclosure for this sale can be found here. In the last quarter, insiders have sold 8,443 shares of company stock valued at $607,108. Corporate insiders own 2.67% of the company’s stock.

Independent Bank Corp. 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.

Institutional Ownership by Quarter for Independent Bank Corp. (NASDAQ:INDB)

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