Stock Worth Mentioning Today: Independent Bank Corp Hit 52-Week High

Stock Worth Mentioning Today: Independent Bank Corp Hit 52 Week High

The stock of Independent Bank Corp (NASDAQ:INDB) hit a new 52-week high and has $70.91 target or 6.00% above today’s $66.90 share price. The 7 months bullish chart indicates low risk for the $1.79 billion company. The 1-year high was reported on Nov, 23 by Barchart.com. If the $70.91 price target is reached, the company will be worth $107.40 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 39,115 shares traded hands. Independent Bank Corp (NASDAQ:INDB) has risen 39.40% since April 21, 2016 and is uptrending. It has outperformed by 34.08% the S&P500.

Analysts await Independent Bank Corp (NASDAQ:INDB) to report earnings on January, 19. They expect $0.74 earnings per share, 0.00% or $0.00 from last year’s $0.74 per share. INDB’s profit will be $19.80 million for 22.60 P/E if the $0.74 EPS becomes a reality. After $0.78 actual earnings per share reported by Independent Bank Corp for the previous quarter, Wall Street now forecasts -5.13% negative EPS growth.

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 stock of Independent Bank Corp (NASDAQ:INDB) earned “Sell” rating by Compass Point on Tuesday, September 20. On Thursday, August 20 the stock rating was upgraded by Zacks to “Hold”. The company was upgraded on Friday, January 22 by Compass Point. The rating was downgraded by Zacks to “Buy” on Wednesday, August 26. The stock has “Sell” rating given by Sandler O’Neill on Wednesday, August 31. As per Friday, October 16, the company rating was maintained by Compass Point.

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 increased to 1.62 in 2016 Q2. Its up 0.39, from 1.23 in 2016Q1. The ratio increased, 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.
Invesco Ltd last reported 0% of its portfolio in the stock. Polaris Mngmt Limited Liability Company accumulated 1.44% or 361,861 shares. The Minnesota-based Us Bankshares De has invested 0% in Independent Bank Corp (NASDAQ:INDB). Alliancebernstein Lp has 39,297 shares for 0% of their US portfolio. The California-based Hennessy Advsr has invested 0.28% in Independent Bank Corp (NASDAQ:INDB). The Switzerland-based Credit Suisse Ag has invested 0% in Independent Bank Corp (NASDAQ:INDB). The Ohio-based Victory Capital Management has invested 0.17% in Independent Bank Corp (NASDAQ:INDB). Pub Employees Retirement Association Of Colorado accumulated 0% or 10,900 shares. Arizona State Retirement accumulated 13,671 shares or 0.01% of the stock. Johnson Fincl Gp Inc has invested 0% of its portfolio in Independent Bank Corp (NASDAQ:INDB). The Japan-based Shinko Asset Mngmt Communication Ltd has invested 0.02% in Independent Bank Corp (NASDAQ:INDB). Macquarie Group holds 0.06% of its portfolio in Independent Bank Corp (NASDAQ:INDB) for 712,095 shares. Comerica Natl Bank has 26,273 shares for 0.01% of their US portfolio. Gemmer Asset Mngmt Ltd holds 0% or 85 shares in its portfolio. New England Rech & Inc accumulated 0.95% or 24,028 shares.

Insider Transactions: Since June 1, 2016, the stock had 0 buys, and 14 sales for $2.19 million net activity. 272 Independent Bank Corp (NASDAQ:INDB) shares with value of $13,654 were sold by Ruggiero Mark J. 2,600 shares with value of $135,027 were sold by Nadeau Gerard F on Wednesday, August 17. RIBEIRO CARL also sold $34,251 worth of Independent Bank Corp (NASDAQ:INDB) shares. ODDLEIFSON CHRISTOPHER sold $99,224 worth of stock or 1,800 shares. On Monday, November 21 Jensen Barry H sold $193,526 worth of the stock or 3,000 shares. $55,850 worth of Independent Bank Corp (NASDAQ:INDB) was sold by MISKELL EILEEN C. The insider Venables Thomas R sold $200,892.

More recent Independent Bank Corp (NASDAQ:INDB) news were published by: Reuters.com which released: “BRIEF-Independent Bank Corp announced merger updates” on October 17, 2016. Also Businesswire.com published the news titled: “Independent Bank Corp. and New England Bancorp, Inc. Report Receipt of …” on October 17, 2016. Businesswire.com‘s news article titled: “Independent Bank Corp. CFO Robert Cozzone and SVP, Controller and Principal …” with publication date: November 09, 2016 was also an interesting one.

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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