Moors & Cabot Inc. Sells 8,326 Shares of Independent Bank Corp. (NASDAQ:INDB)

Moors & Cabot Inc. cut its holdings in Independent Bank Corp. (NASDAQ:INDB - Free Report) by 17.3% in the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 39,856 shares of the bank's stock after selling 8,326 shares during the quarter. Moors & Cabot Inc. owned approximately 0.09% of Independent Bank worth $2,558,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in INDB. Venturi Wealth Management LLC acquired a new stake in shares of Independent Bank in the fourth quarter valued at $62,000. Smartleaf Asset Management LLC increased its stake in shares of Independent Bank by 105.4% in the fourth quarter. Smartleaf Asset Management LLC now owns 1,056 shares of the bank's stock valued at $68,000 after buying an additional 542 shares in the last quarter. KBC Group NV increased its stake in shares of Independent Bank by 34.5% in the fourth quarter. KBC Group NV now owns 1,911 shares of the bank's stock valued at $123,000 after buying an additional 490 shares in the last quarter. ST Germain D J Co. Inc. increased its stake in shares of Independent Bank by 364.9% in the fourth quarter. ST Germain D J Co. Inc. now owns 2,213 shares of the bank's stock valued at $142,000 after buying an additional 1,737 shares in the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. acquired a new stake in shares of Independent Bank in the third quarter valued at $222,000. 83.40% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Independent Bank

In other news, Director Donna L. Abelli sold 640 shares of the business's stock in a transaction dated Tuesday, February 11th. The stock was sold at an average price of $70.03, for a total transaction of $44,819.20. Following the completion of the transaction, the director now directly owns 12,516 shares in the company, valued at approximately $876,495.48. The trade was a 4.86 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Corporate insiders own 0.97% of the company's stock.

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Independent Bank Trading Down 0.0 %

INDB stock traded down $0.02 during midday trading on Thursday, reaching $61.37. The stock had a trading volume of 246,536 shares, compared to its average volume of 250,343. The firm has a market cap of $2.61 billion, a price-to-earnings ratio of 13.58 and a beta of 0.77. Independent Bank Corp. has a twelve month low of $45.11 and a twelve month high of $77.23. The business has a fifty day simple moving average of $66.25 and a two-hundred day simple moving average of $65.51. The company has a quick ratio of 0.95, a current ratio of 0.95 and a debt-to-equity ratio of 0.23.

Independent Bank (NASDAQ:INDB - Get Free Report) last posted its earnings results 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 return on equity of 6.57% and a net margin of 19.58%. As a group, research analysts expect that Independent Bank Corp. will post 5.41 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of analysts recently commented on INDB shares. Keefe, Bruyette & Woods lowered their price objective on 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. StockNews.com lowered Independent Bank from a "hold" rating to a "sell" rating in a research report on Friday, March 7th. Finally, Raymond James reiterated a "strong-buy" rating and issued a $78.00 price objective (up from $74.00) on shares of Independent Bank in a research report on Tuesday, January 21st. One analyst has rated the stock with a sell rating, one has assigned a hold rating and two have assigned a strong buy rating to the stock. According to MarketBeat.com, Independent Bank presently has an average rating of "Moderate Buy" and a consensus price target of $79.00.

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.