New England Research & Management Inc. lowered its stake in Independent Bank Corp. (NASDAQ:INDB – Free Report) by 2.0% during the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 14,383 shares of the bank’s stock after selling 300 shares during the quarter. New England Research & Management Inc.’s holdings in Independent Bank were worth $640,000 as of its most recent filing with the Securities & Exchange Commission.
Other large investors have also recently made changes to their positions in the company. FMR LLC increased its stake in Independent Bank by 7.9% in the 2nd quarter. FMR LLC now owns 1,854 shares of the bank’s stock worth $147,000 after buying an additional 135 shares in the last quarter. State of Wyoming boosted its stake in shares of Independent Bank by 44.4% in the fourth quarter. State of Wyoming now owns 543 shares of the bank’s stock worth $46,000 after acquiring an additional 167 shares during the period. Bank of Montreal Can boosted its stake in shares of Independent Bank by 1.3% in the first quarter. Bank of Montreal Can now owns 13,404 shares of the bank’s stock worth $1,141,000 after acquiring an additional 172 shares during the period. Arizona State Retirement System boosted its stake in shares of Independent Bank by 2.1% in the first quarter. Arizona State Retirement System now owns 13,224 shares of the bank’s stock worth $868,000 after acquiring an additional 273 shares during the period. Finally, NBW Capital LLC boosted its stake in shares of Independent Bank by 0.8% in the fourth quarter. NBW Capital LLC now owns 35,711 shares of the bank’s stock worth $3,015,000 after acquiring an additional 273 shares during the period. 80.16% of the stock is owned by hedge funds and other institutional investors.
Independent Bank Trading Up 1.1 %
Shares of NASDAQ:INDB traded up $0.57 during trading on Thursday, reaching $51.68. The company’s stock had a trading volume of 19,071 shares, compared to its average volume of 256,699. The firm’s 50 day simple moving average is $54.47 and its two-hundred day simple moving average is $56.03. Independent Bank Corp. has a 12 month low of $43.28 and a 12 month high of $91.65. The stock has a market capitalization of $2.28 billion, a PE ratio of 8.46 and a beta of 0.84. The company has a current ratio of 0.94, a quick ratio of 0.94 and a debt-to-equity ratio of 0.32.
Analyst Upgrades and Downgrades
Several research firms have recently commented on INDB. StockNews.com began coverage on shares of Independent Bank in a report on Thursday, August 17th. They issued a “sell” rating on the stock. Seaport Res Ptn reissued a “sell” rating on shares of Independent Bank in a report on Tuesday. Two equities research analysts have rated the stock with a sell rating and two have issued a hold rating to the stock. Based on data from MarketBeat, Independent Bank presently has an average rating of “Hold” and an average target price of $84.00.
Independent Bank Company 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. It accepts interest checking, money market, and savings accounts, as well as demand deposits and time certificates of deposit.
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