Fiduciary Trust Co. Raises Stake in Independent Bank Corp (INDB)
Fiduciary Trust Co. grew its position in Independent Bank Corp (NASDAQ:INDB) by 245.9% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 12,755 shares of the bank’s stock after purchasing an additional 9,068 shares during the period. Fiduciary Trust Co.’s holdings in Independent Bank were worth $1,000,000 at the end of the most recent quarter.
Several other institutional investors have also recently modified their holdings of the company. Aperio Group LLC lifted its holdings in shares of Independent Bank by 7.1% in the second quarter. Aperio Group LLC now owns 10,796 shares of the bank’s stock valued at $846,000 after purchasing an additional 718 shares in the last quarter. Boston Advisors LLC increased its position in shares of Independent Bank by 9.3% in the second quarter. Boston Advisors LLC now owns 8,660 shares of the bank’s stock valued at $679,000 after acquiring an additional 735 shares during the last quarter. Comerica Bank increased its position in shares of Independent Bank by 2.6% in the first quarter. Comerica Bank now owns 28,901 shares of the bank’s stock valued at $2,136,000 after acquiring an additional 741 shares during the last quarter. Penobscot Investment Management Company Inc. increased its position in shares of Independent Bank by 22.2% in the first quarter. Penobscot Investment Management Company Inc. now owns 4,135 shares of the bank’s stock valued at $296,000 after acquiring an additional 750 shares during the last quarter. Finally, Citigroup Inc. increased its position in shares of Independent Bank by 8.4% in the first quarter. Citigroup Inc. now owns 10,229 shares of the bank’s stock valued at $732,000 after acquiring an additional 792 shares during the last quarter. Institutional investors own 79.42% of the company’s stock.
In other Independent Bank news, Director Thomas R. Venables sold 466 shares of the business’s stock in a transaction that occurred on Friday, May 25th. The stock was sold at an average price of $76.65, for a total transaction of $35,718.90. Following the transaction, the director now owns 22,157 shares of the company’s stock, valued at $1,698,334.05. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, Director Carl Ribeiro sold 1,000 shares of the business’s stock in a transaction that occurred on Tuesday, July 24th. The stock was sold at an average price of $90.10, for a total value of $90,100.00. The disclosure for this sale can be found here. In the last ninety days, insiders sold 12,584 shares of company stock worth $1,023,256. 2.67% of the stock is owned by company insiders.
Independent Bank (NASDAQ:INDB) last released its earnings results on Thursday, July 19th. The bank reported $1.14 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.11 by $0.03. The business had revenue of $95.06 million for the quarter, compared to the consensus estimate of $92.60 million. Independent Bank had a return on equity of 11.27% and a net margin of 27.38%. analysts anticipate that Independent Bank Corp will post 4.68 earnings per share for the current year.
A number of analysts recently issued reports on the company. Keefe, Bruyette & Woods raised Independent Bank from a “market perform” rating to an “outperform” rating in a research report on Sunday, July 22nd. BidaskClub downgraded Independent Bank from a “strong-buy” rating to a “buy” rating in a research report on Wednesday, June 13th. Zacks Investment Research raised Independent Bank from a “hold” rating to a “buy” rating and set a $83.00 target price on the stock in a research report on Thursday, May 17th. Finally, ValuEngine downgraded Independent Bank from a “buy” rating to a “hold” rating in a research report on Monday, May 14th. Four equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. The stock has a consensus rating of “Hold” and an average target price of $80.00.
Independent Bank 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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