Keybank National Association OH cut its position in shares of Independent Bank Corp. (NASDAQ:INDB) by 6.2% during the second quarter, according to its most recent disclosure with the SEC. The firm owned 26,951 shares of the bank’s stock after selling 1,779 shares during the period. Keybank National Association OH owned approximately 0.10% of Independent Bank Corp. worth $1,796,000 as of its most recent filing with the SEC.

Several other institutional investors have also made changes to their positions in INDB. BNP Paribas Arbitrage SA boosted its position in shares of Independent Bank Corp. by 51.1% in the second quarter. BNP Paribas Arbitrage SA now owns 8,453 shares of the bank’s stock worth $563,000 after buying an additional 2,857 shares in the last quarter. Legal & General Group Plc boosted its position in shares of Independent Bank Corp. by 9.3% in the second quarter. Legal & General Group Plc now owns 52,577 shares of the bank’s stock worth $3,505,000 after buying an additional 4,492 shares in the last quarter. Bank of New York Mellon Corp boosted its position in shares of Independent Bank Corp. by 1.5% in the second quarter. Bank of New York Mellon Corp now owns 564,212 shares of the bank’s stock worth $37,605,000 after buying an additional 8,492 shares in the last quarter. Denver Investment Advisors LLC boosted its position in shares of Independent Bank Corp. by 48.2% in the second quarter. Denver Investment Advisors LLC now owns 279,749 shares of the bank’s stock worth $18,645,000 after buying an additional 90,999 shares in the last quarter. Finally, Rhumbline Advisers boosted its position in shares of Independent Bank Corp. by 2.3% in the second quarter. Rhumbline Advisers now owns 65,182 shares of the bank’s stock worth $4,344,000 after buying an additional 1,437 shares in the last quarter. Institutional investors own 76.45% of the company’s stock.

Shares of Independent Bank Corp. (NASDAQ:INDB) opened at 69.75 on Friday. The company has a market cap of $1.91 billion, a price-to-earnings ratio of 23.72 and a beta of 1.00. Independent Bank Corp. has a 12-month low of $47.50 and a 12-month high of $73.15. The stock has a 50 day moving average of $69.40 and a 200 day moving average of $65.46.

Independent Bank Corp. (NASDAQ:INDB) last posted its quarterly earnings results on Thursday, July 20th. The bank reported $0.82 EPS for the quarter, beating the Zacks’ consensus estimate of $0.81 by $0.01. The business 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 in the previous year, the firm earned $0.78 earnings per share. On average, equities 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 brokerages have recently issued reports on INDB. Zacks Investment Research cut shares of Independent Bank Corp. from a “buy” rating to a “hold” rating in a research note on Thursday, August 24th. Compass Point upgraded 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 reaffirmed a “hold” rating and issued a $71.00 target price on shares of Independent Bank Corp. in a report on Wednesday, June 28th. BidaskClub lowered shares of Independent Bank Corp. from a “buy” rating to a “hold” rating in a report on Wednesday, June 21st. Finally, Sandler O’Neill raised shares of Independent Bank Corp. from a “sell” rating to a “hold” rating in a 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’s stock. The company has a consensus rating of “Hold” and a consensus target price of $70.25.

In related news, insider Mark J. Ruggiero sold 400 shares of the business’s stock in a transaction dated Tuesday, July 25th. The stock was sold at an average price of $73.05, for a total value of $29,220.00. Following the completion of the transaction, the insider now owns 2,852 shares of the company’s stock, valued at $208,338.60. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, insider Gerard F. Nadeau sold 5,193 shares of the business’s stock in a transaction dated Monday, July 31st. The shares were sold at an average price of $71.75, for a total value of $372,597.75. The disclosure for this sale can be found here. In the last ninety days, insiders sold 8,443 shares of company stock valued at $607,108. 2.67% of the stock is owned by insiders.

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.

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

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