Independent Bank Corp. (INDB) Shares Sold by Hennessy Advisors Inc.
Hennessy Advisors Inc. cut its stake in shares of Independent Bank Corp. (NASDAQ:INDB) by 17.5% during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 165,000 shares of the company’s stock after selling 35,000 shares during the period. Hennessy Advisors Inc.’s holdings in Independent Bank Corp. were worth $8,925,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors also recently made changes to their positions in the company. PineBridge Investments L.P. boosted its stake in Independent Bank Corp. by 3.8% in the second quarter. PineBridge Investments L.P. now owns 3,336 shares of the company’s stock valued at $152,000 after buying an additional 123 shares in the last quarter. Teacher Retirement System of Texas boosted its position in shares of Independent Bank Corp. by 20.7% in the second quarter. Teacher Retirement System of Texas now owns 3,692 shares of the company’s stock valued at $169,000 after buying an additional 633 shares in the last quarter. Mason Street Advisors LLC purchased a new position in shares of Independent Bank Corp. during the second quarter valued at about $235,000. Boston Financial Mangement LLC boosted its position in shares of Independent Bank Corp. by 3.5% in the second quarter. Boston Financial Mangement LLC now owns 5,850 shares of the company’s stock valued at $267,000 after buying an additional 200 shares in the last quarter. Finally, Middleton & Co Inc MA purchased a new position in shares of Independent Bank Corp. during the second quarter valued at about $284,000. Institutional investors own 78.81% of the company’s stock.
Independent Bank Corp. (NASDAQ:INDB) remained flat at $65.10 during trading on Wednesday. The company’s stock had a trading volume of 57,394 shares. The stock has a market cap of $1.71 billion, a PE ratio of 21.71 and a beta of 0.88. Independent Bank Corp. has a 1-year low of $39.58 and a 1-year high of $67.45. The stock has a 50-day moving average price of $57.56 and a 200-day moving average price of $51.74.
Independent Bank Corp. (NASDAQ:INDB) last posted its earnings results on Thursday, October 20th. The company reported $0.78 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.76 by $0.02. Independent Bank Corp. had a return on equity of 10.02% and a net margin of 24.39%. On average, equities analysts anticipate that Independent Bank Corp. will post $2.99 EPS for the current year.
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Several equities analysts recently issued reports on the company. Zacks Investment Research raised Independent Bank Corp. from a “hold” rating to a “buy” rating and set a $63.00 price objective for the company in a report on Tuesday, October 25th. Compass Point cut Independent Bank Corp. from a “neutral” rating to a “sell” rating and lifted their price objective for the stock from $48.00 to $49.00 in a report on Tuesday, September 20th. Finally, Sandler O’Neill cut Independent Bank Corp. from a “hold” rating to a “sell” rating and lifted their price objective for the stock from $50.00 to $51.00 in a report on Wednesday, August 31st. Two research analysts have rated the stock with a sell rating, two have assigned a hold rating and one has assigned a buy rating to the company. Independent Bank Corp. has an average rating of “Hold” and a consensus target price of $52.25.
In related news, insider Barry H. Jensen sold 3,000 shares of the stock in a transaction that occurred on Monday, November 21st. The stock was sold at an average price of $64.51, for a total value of $193,530.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Thomas R. Venables sold 3,600 shares of the stock in a transaction that occurred on Wednesday, October 26th. The stock was sold at an average price of $55.80, for a total value of $200,880.00. Following the completion of the transaction, the director now directly owns 24,923 shares of the company’s stock, valued at $1,390,703.40. The disclosure for this sale can be found here. 3.02% of the stock is owned by corporate insiders.
Independent Bank Corp. Company Profile
Independent Bank Corp. is a bank holding company. The Company is the sole stockholder of Rockland Trust Company (Rockland or the Bank). The Bank is a community-oriented commercial bank. The Company operates in community banking business segment. The Company’s 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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