New England Research & Management Inc. Sells 300 Shares of Independent Bank Corp. (NASDAQ:INDB)

New England Research & Management Inc. lowered its stake in Independent Bank Corp. (NASDAQ:INDB) 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.

Independent Bank (NASDAQ:INDB) last posted its quarterly earnings data on Thursday, July 20th. The bank reported $1.42 EPS for the quarter, topping the consensus estimate of $1.34 by $0.08. Independent Bank had a net margin of 31.75% and a return on equity of 9.58%. The company had revenue of $183.30 million during the quarter, compared to analyst estimates of $184.40 million. On average, research analysts predict that Independent Bank Corp. will post 5.41 EPS for the current fiscal year.

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.