BNP Paribas Arbitrage SA boosted its holdings in shares of Independent Bank Corp (NASDAQ:INDB) by 2,333.2% during the 1st quarter, HoldingsChannel reports. The fund owned 16,327 shares of the bank’s stock after purchasing an additional 15,656 shares during the period. BNP Paribas Arbitrage SA’s holdings in Independent Bank were worth $1,323,000 as of its most recent SEC filing.
A number of other institutional investors and hedge funds have also modified their holdings of INDB. Los Angeles Capital Management & Equity Research Inc. bought a new position in Independent Bank in the first quarter worth $258,000. Brinker Capital Inc. bought a new position in Independent Bank in the first quarter worth $464,000. Strs Ohio lifted its position in Independent Bank by 40.0% in the first quarter. Strs Ohio now owns 700 shares of the bank’s stock worth $56,000 after purchasing an additional 200 shares during the period. BTIM Corp. lifted its position in Independent Bank by 7.1% in the first quarter. BTIM Corp. now owns 169,583 shares of the bank’s stock worth $13,737,000 after purchasing an additional 11,303 shares during the period. Finally, Flagship Harbor Advisors LLC lifted its position in Independent Bank by 9.7% in the first quarter. Flagship Harbor Advisors LLC now owns 3,066 shares of the bank’s stock worth $248,000 after purchasing an additional 271 shares during the period. 81.96% of the stock is currently owned by hedge funds and other institutional investors.
Shares of NASDAQ INDB opened at $79.23 on Thursday. The firm has a market cap of $2.24 billion, a price-to-earnings ratio of 16.89 and a beta of 1.04. Independent Bank Corp has a 52-week low of $66.12 and a 52-week high of $95.00. The company has a debt-to-equity ratio of 0.28, a current ratio of 0.97 and a quick ratio of 0.97.
Independent Bank (NASDAQ:INDB) last issued its quarterly earnings data on Thursday, April 18th. The bank reported $1.30 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $1.33 by ($0.03). The company had revenue of $104.06 million for the quarter, compared to the consensus estimate of $106.30 million. Independent Bank had a net margin of 29.95% and a return on equity of 13.38%. As a group, sell-side analysts predict that Independent Bank Corp will post 5.5 earnings per share for the current year.
In other Independent Bank news, President Gerard F. Nadeau sold 2,500 shares of Independent Bank stock in a transaction on Monday, March 11th. The stock was sold at an average price of $81.69, for a total transaction of $204,225.00. Following the completion of the transaction, 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 document filed with the SEC, which can be accessed through this hyperlink. Also, CFO Robert D. Cozzone sold 3,206 shares of Independent Bank stock in a transaction on Tuesday, March 12th. The shares were sold at an average price of $81.01, for a total value of $259,718.06. The disclosure for this sale can be found here. Over the last three months, insiders have sold 7,721 shares of company stock valued at $625,471. Company insiders own 1.60% of the company’s stock.
Several research analysts recently commented on the company. Zacks Investment Research cut Independent Bank from a “hold” rating to a “sell” rating in a research report on Thursday, April 25th. BidaskClub raised Independent Bank from a “sell” rating to a “hold” rating in a research report on Wednesday, February 20th. Finally, Sandler O’Neill raised Independent Bank from a “hold” rating to a “buy” rating in a research report on Wednesday, April 3rd. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and two have issued a buy rating to the company’s stock. The company has a consensus rating of “Hold” and an average price target of $85.67.
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Independent Bank 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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