Laurion Capital Management LP Buys New Stake in Independent Bank Corp (INDB)

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Laurion Capital Management LP bought a new stake in shares of Independent Bank Corp (NASDAQ:INDB) during the 1st quarter, Holdings Channel reports. The firm bought 3,849 shares of the bank’s stock, valued at approximately $312,000.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. BlackRock Inc. lifted its position in shares of Independent Bank by 1.8% in the fourth quarter. BlackRock Inc. now owns 4,029,246 shares of the bank’s stock valued at $283,297,000 after acquiring an additional 71,463 shares in the last quarter. FMR LLC lifted its position in shares of Independent Bank by 34.0% in the fourth quarter. FMR LLC now owns 723,649 shares of the bank’s stock valued at $50,879,000 after acquiring an additional 183,447 shares in the last quarter. Rockland Trust Co. lifted its position in shares of Independent Bank by 5.1% in the first quarter. Rockland Trust Co. now owns 613,742 shares of the bank’s stock valued at $36,542,000 after acquiring an additional 29,758 shares in the last quarter. Macquarie Group Ltd. lifted its position in shares of Independent Bank by 17.1% in the fourth quarter. Macquarie Group Ltd. now owns 592,782 shares of the bank’s stock valued at $41,679,000 after acquiring an additional 86,684 shares in the last quarter. Finally, Geode Capital Management LLC lifted its position in shares of Independent Bank by 7.4% in the fourth quarter. Geode Capital Management LLC now owns 319,369 shares of the bank’s stock valued at $22,454,000 after acquiring an additional 21,991 shares in the last quarter. Institutional investors own 70.77% of the company’s stock.

Shares of Independent Bank stock opened at $75.07 on Monday. Independent Bank Corp has a 52 week low of $66.12 and a 52 week high of $95.00. The stock has a market capitalization of $2.58 billion, a PE ratio of 16.01 and a beta of 1.04. The company has a current ratio of 0.97, a quick ratio of 0.97 and a debt-to-equity ratio of 0.28.

Independent Bank (NASDAQ:INDB) last issued its earnings results on Thursday, April 18th. The bank reported $1.30 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $1.33 by ($0.03). Independent Bank had a return on equity of 13.38% and a net margin of 29.95%. The firm had revenue of $104.06 million during the quarter, compared to the consensus estimate of $106.30 million. On average, equities research analysts anticipate that Independent Bank Corp will post 5.5 EPS for the current fiscal year.

In other news, President Gerard F. Nadeau sold 2,500 shares of Independent Bank stock in a transaction dated Monday, March 11th. The stock was sold at an average price of $81.69, for a total value of $204,225.00. Following the sale, the president now directly owns 19,227 shares of the company’s stock, valued at $1,570,653.63. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Donna L. Abelli sold 800 shares of Independent Bank stock in a transaction dated Friday, April 26th. The stock was sold at an average price of $80.00, for a total value of $64,000.00. The disclosure for this sale can be found here. Insiders sold 11,721 shares of company stock worth $943,311 over the last ninety days. Insiders own 1.60% of the company’s stock.

Several equities analysts have recently commented on INDB shares. BidaskClub upgraded Independent Bank from a “sell” rating to a “hold” rating in a research report on Wednesday, March 27th. Sandler O’Neill upgraded Independent Bank from a “hold” rating to a “buy” rating in a research report on Wednesday, April 3rd. Finally, Zacks Investment Research downgraded Independent Bank from a “hold” rating to a “sell” rating in a research report on Thursday, April 25th. Two analysts have rated the stock with a sell rating, three have assigned a hold rating and two have given a buy rating to the company’s stock. Independent Bank presently has a consensus rating of “Hold” and an average price target of $85.67.

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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. Its products and services include demand deposits and time certificates of deposit, as well as checking, money market, and savings accounts.

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Want to see what other hedge funds are holding INDB? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Independent Bank Corp (NASDAQ:INDB).

Institutional Ownership by Quarter for Independent Bank (NASDAQ:INDB)

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