Stock of The Day: Could Independent Bank Corp Change Direction After Making 52-Week High?

Stock of The Day: Could Independent Bank Corp Change Direction After Making 52 Week High?

The stock of Independent Bank Corp (NASDAQ:INDB) hit a new 52-week high and has $87.86 target or 36.00% above today’s $64.60 share price. The 6 months bullish chart indicates low risk for the $1.72B company. The 1-year high was reported on Nov, 17 by Barchart.com. If the $87.86 price target is reached, the company will be worth $619.20 million more.
The 52-week high event is an important milestone for every stock because it shows very positive momentum and is time when buyers come in. During such notable technical setup, fundamental investors usually stay away and are careful shorting or selling the stock. About 81,955 shares traded hands. Independent Bank Corp (NASDAQ:INDB) has risen 39.76% since April 15, 2016 and is uptrending. It has outperformed by 35.13% the S&P500.

Independent Bank Corp (NASDAQ:INDB) Ratings Coverage

Out of 5 analysts covering Independent Bank (NASDAQ:INDB), 0 rate it a “Buy”, 2 “Sell”, while 3 “Hold”. This means 0 are positive. Independent Bank has been the topic of 10 analyst reports since July 20, 2015 according to StockzIntelligence Inc. The firm has “Neutral” rating given on Friday, October 16 by Compass Point. The rating was upgraded by Compass Point on Friday, January 22 to “Buy”. Compass Point downgraded the stock to “Sell” rating in Tuesday, September 20 report. The company was downgraded on Wednesday, August 26 by Zacks. Zacks upgraded it to “Hold” rating and $53 target price in Thursday, August 20 report. The firm earned “Sell” rating on Wednesday, August 31 by Sandler O’Neill.

According to Zacks Investment Research, “Independent Bank Corp. is a bank holding company for Rockland Trust Company. They are a community-oriented commercial bank. The community banking business consists of commercial banking, retail banking and trust services and is managed as a single strategic unit. The community banking business derives its revenues from a wide range of banking services, including lending activities, acceptance of demand, savings and time deposits, trust and investment management, and mortgage servicing income from investors.”

Insitutional Activity: The institutional sentiment decreased to 1.23 in 2016 Q2. Its down 0.47, from 1.7 in 2016Q1. The ratio dropped, as 8 funds sold all Independent Bank Corp shares owned while 39 reduced positions. 7 funds bought stakes while 51 increased positions. They now own 19.72 million shares or 2.29% less from 20.18 million shares in 2016Q1.
Adams Diversified Equity Fund reported 7,900 shares or 0.02% of all its holdings. Tiaa Cref Inv Mngmt Limited Liability Company accumulated 0% or 103,245 shares. Blackrock Fund Advsr holds 1.67 million shares or 0.02% of its portfolio. Zurcher Kantonalbank (Zurich Cantonalbank) has invested 0% of its portfolio in Independent Bank Corp (NASDAQ:INDB). Pub Sector Pension Board accumulated 0.01% or 18,541 shares. New England Research accumulated 0.95% or 24,028 shares. Seaward Partnership owns 141,965 shares or 0.36% of their US portfolio. Bnp Paribas Arbitrage Sa has invested 0% of its portfolio in Independent Bank Corp (NASDAQ:INDB). Champlain Investment Prns Ltd Liability last reported 0.5% of its portfolio in the stock. The Texas-based Teacher Retirement Systems Of Texas has invested 0% in Independent Bank Corp (NASDAQ:INDB). Winslow Evans Crocker has 0% invested in the company for 1,250 shares. Prudential has invested 0% of its portfolio in Independent Bank Corp (NASDAQ:INDB). Swiss State Bank, a Switzerland-based fund reported 43,100 shares. Polaris Capital Limited Liability Corporation holds 361,861 shares or 1.44% of its portfolio. Commonwealth Equity Inc has invested 0.01% of its portfolio in Independent Bank Corp (NASDAQ:INDB).

Insider Transactions: Since June 1, 2016, the stock had 0 insider buys, and 12 sales for $1.37 million net activity. The insider SULLIVAN MAURICE H JR sold 5,000 shares worth $253,894. MISKELL EILEEN C sold $55,850 worth of Independent Bank Corp (NASDAQ:INDB) on Tuesday, October 25. The insider ODDLEIFSON CHRISTOPHER sold 1,800 shares worth $99,224. $4,207 worth of Independent Bank Corp (NASDAQ:INDB) was sold by Ruggiero Mark J. 1,250 Independent Bank Corp (NASDAQ:INDB) shares with value of $66,393 were sold by Cozzone Robert D. $34,251 worth of Independent Bank Corp (NASDAQ:INDB) shares were sold by RIBEIRO CARL. Venables Thomas R sold 3,600 shares worth $200,892.

More notable recent Independent Bank Corp (NASDAQ:INDB) news were published by: Businesswire.com which released: “Independent Bank Corp. CFO Robert Cozzone and SVP, Controller and Principal …” on November 09, 2016, also Reuters.com with their article: “BRIEF-Independent Bank Corp announced merger updates” published on October 17, 2016, Zacks.com published: “Why Independent Bank (INDB) Stock Might be a Great Pick” on November 17, 2016. More interesting news about Independent Bank Corp (NASDAQ:INDB) were released by: Streetinsider.com and their article: “Form 8-K INDEPENDENT BANK CORP For: Nov 15” published on November 15, 2016 as well as Businesswire.com‘s news article titled: “Independent Bank Corp. and Island Bancorp, Inc. Sign Merger Agreement for …” with publication date: October 20, 2016.

INDB Company Profile

Independent Bank Corp., incorporated on June 20, 1985, is a bank holding company. The Firm is the sole stockholder of Rockland Trust Company (Rockland or the Bank). The Bank is a community-oriented commercial bank. The Firm 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. The Bank operates approximately 80 banking offices and over three limited service branches located within Barnstable, Bristol, Middlesex, Norfolk, Plymouth, Suffolk and Worcester counties in Eastern Massachusetts.

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