Todays Report: Today, Boston Financial Mangement LLC Continues to Hold Stake in Independent Bank Corp. (INDB)

Today, Boston Financial Mangement LLC Continues to Hold Stake in Independent Bank Corp. (INDB)

Boston Financial Mangement LLC maintained its stake in shares of Independent Bank Corp. (NASDAQ:INDB) during the third quarter, Holdings Channel reports. The institutional investor owned 5,850 shares of the company’s stock at the end of the third quarter. Boston Financial Mangement LLC’s holdings in Independent Bank Corp. were worth $316,000 as of its most recent filing with the SEC.

Several other hedge funds have also made changes to their positions in INDB. PineBridge Investments L.P. boosted its stake in shares of Independent Bank Corp. by 3.8% in the second quarter. PineBridge Investments L.P. now owns 3,336 shares of the company’s stock worth $152,000 after buying an additional 123 shares during the last quarter. Teacher Retirement System of Texas boosted its stake in shares of Independent Bank Corp. by 20.7% in the second quarter. Teacher Retirement System of Texas now owns 3,692 shares of the company’s stock worth $169,000 after buying an additional 633 shares during the last quarter. Mason Street Advisors LLC acquired a new stake in shares of Independent Bank Corp. during the second quarter worth approximately $235,000. Middleton & Co Inc MA acquired a new stake in shares of Independent Bank Corp. during the second quarter worth approximately $284,000. Finally, BlackRock Inc. boosted its stake in shares of Independent Bank Corp. by 288.0% in the second quarter. BlackRock Inc. now owns 6,290 shares of the company’s stock worth $288,000 after buying an additional 4,669 shares during the last quarter. Institutional investors own 77.60% of the company’s stock.

Independent Bank Corp. (NASDAQ:INDB) traded down 1.42% during mid-day trading on Friday, reaching $66.00. 16,933 shares of the company’s stock traded hands. The stock has a 50 day moving average of $56.79 and a 200 day moving average of $51.40. Independent Bank Corp. has a 12-month low of $39.58 and a 12-month high of $67.45. The company has a market cap of $1.74 billion, a P/E ratio of 22.01 and a beta of 0.88.

Independent Bank Corp. (NASDAQ:INDB) last announced its quarterly earnings results on Thursday, October 20th. The company reported $0.78 EPS for the quarter, topping analysts’ consensus estimates of $0.76 by $0.02. Independent Bank Corp. had a net margin of 24.39% and a return on equity of 10.02%. On average, equities research analysts predict that Independent Bank Corp. will post $2.99 earnings per share for the current fiscal year.

INDB has been the topic of a number of recent research reports. Zacks Investment Research upgraded shares of Independent Bank Corp. from a “hold” rating to a “buy” rating and set a $63.00 price target on the stock in a research note on Tuesday, October 25th. Compass Point cut shares of Independent Bank Corp. from a “neutral” rating to a “sell” rating and upped their price target for the company from $48.00 to $49.00 in a research note on Tuesday, September 20th. Finally, Sandler O’Neill cut shares of Independent Bank Corp. from a “hold” rating to a “sell” rating and increased their target price for the stock from $50.00 to $51.00 in a research note on Wednesday, August 31st. Two research analysts have rated the stock with a sell rating, two have issued a hold rating and one has issued a buy rating to the company. The company presently has a consensus rating of “Hold” and an average price target of $52.25.

In other news, insider Barry H. Jensen sold 3,000 shares of Independent Bank Corp. stock in a transaction that occurred on Monday, November 21st. The shares were sold at an average price of $64.51, for a total value of $193,530.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Maurice H. Sullivan, Jr. sold 2,442 shares of Independent Bank Corp. stock in a transaction that occurred on Friday, October 28th. The stock was sold at an average price of $54.96, for a total transaction of $134,212.32. Following the completion of the sale, the director now owns 28,455 shares of the company’s stock, valued at $1,563,886.80. The disclosure for this sale can be found here. 3.02% of the stock is currently owned by insiders.

About Independent Bank Corp.

Independent Bank Corp. is a bank holding company. The Company is the sole stockholder of Rockland Trust Company (Rockland or the Bank). The Bank is a community-oriented commercial bank. The Company operates in community banking business segment. The Company’s 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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