Pinebridge Investments L.P. trimmed its position in shares of Independent Bank Corp (NASDAQ:INDB) by 16.3% in the fourth quarter, HoldingsChannel.com reports. The fund owned 15,180 shares of the bank’s stock after selling 2,960 shares during the period. Pinebridge Investments L.P.’s holdings in Independent Bank were worth $1,060,000 at the end of the most recent quarter.
A number of other institutional investors have also recently made changes to their positions in INDB. Voya Investment Management LLC boosted its holdings in Independent Bank by 8.7% during the 2nd quarter. Voya Investment Management LLC now owns 12,222 shares of the bank’s stock valued at $815,000 after acquiring an additional 981 shares during the period. Crossmark Global Holdings Inc. purchased a new position in Independent Bank during the 3rd quarter valued at about $416,000. Rockland Trust Co. boosted its holdings in Independent Bank by 12.8% during the 3rd quarter. Rockland Trust Co. now owns 565,848 shares of the bank’s stock valued at $24,468,000 after acquiring an additional 64,150 shares during the period. Penobscot Investment Management Company Inc. purchased a new position in Independent Bank during the 3rd quarter valued at about $215,000. Finally, Fiduciary Trust Co. boosted its holdings in Independent Bank by 32.0% during the 3rd quarter. Fiduciary Trust Co. now owns 4,867 shares of the bank’s stock valued at $363,000 after acquiring an additional 1,180 shares during the period. Institutional investors own 79.67% of the company’s stock.
Independent Bank Corp (NASDAQ:INDB) opened at $72.50 on Tuesday. The company has a debt-to-equity ratio of 0.17, a current ratio of 0.95 and a quick ratio of 0.94. The stock has a market capitalization of $1,971.79, a PE ratio of 21.38 and a beta of 0.91. Independent Bank Corp has a 52 week low of $58.30 and a 52 week high of $76.30.
A number of equities analysts recently commented on INDB shares. Keefe, Bruyette & Woods restated a “hold” rating on shares of Independent Bank in a report on Sunday, January 21st. Zacks Investment Research upgraded Independent Bank from a “sell” rating to a “hold” rating in a report on Friday, December 22nd. Compass Point upgraded Independent Bank from a “neutral” rating to a “buy” rating in a report on Monday, December 18th. Finally, BidaskClub upgraded Independent Bank from a “sell” rating to a “hold” rating in a report on Thursday, January 18th. Five analysts have rated the stock with a hold rating and one has assigned a buy rating to the stock. The stock has a consensus rating of “Hold” and a consensus price target of $73.00.
In other news, Director Carl Ribeiro sold 700 shares of Independent Bank stock in a transaction dated Tuesday, December 12th. The stock was sold at an average price of $69.25, for a total value of $48,475.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Robert D. Cozzone acquired 788 shares of the firm’s stock in a transaction dated Friday, February 23rd. The stock was bought at an average price of $71.25 per share, with a total value of $56,145.00. The disclosure for this purchase can be found here. Insiders sold a total of 2,501 shares of company stock valued at $178,897 in the last quarter. Company insiders own 2.67% of the company’s stock.
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About Independent Bank
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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