Independent Bank Corp. (NASDAQ:INDB) Shares Sold by Great Lakes Advisors LLC

Great Lakes Advisors LLC reduced its position in shares of Independent Bank Corp. (NASDAQ:INDB) by 3.0% in the 4th quarter, Holdings Channel.com reports. The firm owned 98,628 shares of the bank’s stock after selling 3,058 shares during the period. Great Lakes Advisors LLC’s holdings in Independent Bank were worth $6,331,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently modified their holdings of the company. HighTower Advisors LLC boosted its holdings in Independent Bank by 4.1% in the fourth quarter. HighTower Advisors LLC now owns 6,823 shares of the bank’s stock valued at $438,000 after purchasing an additional 267 shares in the last quarter. Isthmus Partners LLC raised its stake in shares of Independent Bank by 0.7% during the fourth quarter. Isthmus Partners LLC now owns 37,313 shares of the bank’s stock worth $2,395,000 after purchasing an additional 245 shares during the last quarter. Amundi lifted its stake in shares of Independent Bank by 186.4% in the 4th quarter. Amundi now owns 21,419 shares of the bank’s stock worth $1,335,000 after acquiring an additional 13,940 shares during the period. Raymond James Financial Inc. purchased a new stake in Independent Bank in the 4th quarter valued at approximately $1,646,000. Finally, Proficio Capital Partners LLC purchased a new stake in shares of Independent Bank in the fourth quarter valued at approximately $1,515,000. Institutional investors and hedge funds own 83.40% of the company’s stock.

Independent Bank Stock Down 0.0 %

Shares of NASDAQ:INDB opened at $61.37 on Friday. The stock has a 50-day simple moving average of $66.21 and a 200-day simple moving average of $65.48. The stock has a market capitalization of $2.61 billion, a P/E ratio of 13.58 and a beta of 0.77. Independent Bank Corp. has a 1 year low of $45.11 and a 1 year high of $77.23. The company has a debt-to-equity ratio of 0.23, a quick ratio of 0.95 and a current ratio of 0.95.

Independent Bank (NASDAQ:INDB) last released its quarterly earnings data on Thursday, January 16th. The bank reported $1.21 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.16 by $0.05. Independent Bank had a net margin of 19.58% and a return on equity of 6.57%. Equities analysts forecast that Independent Bank Corp. will post 5.41 earnings per share for the current year.

Insider Buying and Selling

In other Independent Bank news, Director Donna L. Abelli sold 640 shares of the company’s stock in a transaction dated Tuesday, February 11th. The shares were sold at an average price of $70.03, for a total value of $44,819.20. Following the completion of the transaction, the director now directly owns 12,516 shares of the company’s stock, valued at $876,495.48. This represents a 4.86 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. 0.97% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

Several research analysts have weighed in on INDB shares. Raymond James restated a “strong-buy” rating and set a $78.00 target price (up from $74.00) on shares of Independent Bank in a research report on Tuesday, January 21st. Keefe, Bruyette & Woods cut their price objective on shares of Independent Bank from $82.00 to $80.00 and set a “market perform” rating for the company in a research report on Tuesday, January 21st. Finally, StockNews.com downgraded Independent Bank from a “hold” rating to a “sell” rating in a research report on Friday, March 7th.

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 in the United States. The company provides interest checking, money market, and savings accounts, as well as demand deposits and time certificates of deposit.