Today’s Market Runner: Independent Bank Corp Surges to All Time High, Is Now Top Performer

Today's Market Runner: Independent Bank Corp Surges to All Time High, Is Now Top Performer

The stock of Independent Bank Corp (NASDAQ:INDB) reached all time high today, Oct, 11 and still has $81.77 target or 51.00% above today’s $54.15 share price. This indicates more upside for the $1.44 billion company. This technical setup was reported by Barchart.com. If the $81.77 PT is reached, the company will be worth $734.40 million more.
Trading stocks at an all time highs is usually a winning strategy. An all time high points to a stock which has the most positive fundamentals ever. Even thought the pullback rate is high, if correct risk management is utilized, investors can trade very well such events. About 1,254 shares traded hands. Independent Bank Corp (NASDAQ:INDB) has risen 18.03% since March 8, 2016 and is uptrending. It has outperformed by 8.71% the S&P500.

Analysts await Independent Bank Corp (NASDAQ:INDB) to report earnings on October, 20. They expect $0.75 EPS, up 5.63% or $0.04 from last year’s $0.71 per share. INDB’s profit will be $19.94M for 18.05 P/E if the $0.75 EPS becomes a reality. After $0.78 actual EPS reported by Independent Bank Corp for the previous quarter, Wall Street now forecasts -3.85% 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. $53 is the highest target while $45 is the lowest. The $47.80 average target is -11.73% below today’s ($54.15) stock price. Independent Bank has been the topic of 10 analyst reports since July 20, 2015 according to StockzIntelligence Inc. The rating was upgraded by Compass Point to “Buy” on Friday, January 22. The stock has “Neutral” rating given by Compass Point on Friday, October 16. The firm has “Sell” rating given on Tuesday, September 20 by Compass Point. On Wednesday, August 31 the stock rating was downgraded by Sandler O’Neill to “Sell”. The rating was upgraded by Zacks to “Hold” on Thursday, August 20. The stock has “Buy” rating given by Zacks on Wednesday, August 26.

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 dived, 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.
Panagora Asset accumulated 11,905 shares or 0% of the stock. Manufacturers Life Insur The holds 0.05% of its portfolio in Independent Bank Corp (NASDAQ:INDB) for 729,385 shares. Tower Rech Cap Llc (Trc) accumulated 0% or 33 shares. Moreover, Us Retail Bank De has 0% invested in Independent Bank Corp (NASDAQ:INDB) for 1,740 shares. Employees Retirement Association Of Colorado, a Colorado-based fund reported 10,900 shares. Vanguard accumulated 0.01% or 2.09 million shares. State Of Tennessee Treasury Department holds 20,995 shares or 0% of its portfolio. Blackrock Group Incorporated Ltd holds 39,759 shares or 0% of its portfolio. Glenmede Company Na has 0% invested in the company for 298 shares. Champlain Invest Ltd Limited Liability Company accumulated 634,540 shares or 0.5% of the stock. The Pennsylvania-based Pnc Fincl Svcs Grp Inc Inc Inc has invested 0% in Independent Bank Corp (NASDAQ:INDB). Mizuho Banking Limited has 112,300 shares for 0.02% of their US portfolio. Blackrock Institutional Comm Na reported 700,013 shares or 0.01% of all its holdings. Endurance Wealth last reported 155,889 shares in the company. Bnp Paribas Arbitrage Sa last reported 0% of its portfolio in the stock.

Insider Transactions: Since April 27, 2016, the stock had 0 insider buys, and 12 sales for $1.35 million net activity. $80,718 worth of Independent Bank Corp (NASDAQ:INDB) shares were sold by ODDLEIFSON CHRISTOPHER. SULLIVAN MAURICE H JR also sold $115,830 worth of Independent Bank Corp (NASDAQ:INDB) shares. Shares for $34,251 were sold by RIBEIRO CARL on Wednesday, June 1. Shares for $135,027 were sold by Nadeau Gerard F on Wednesday, August 17. Cozzone Robert D also sold $66,393 worth of Independent Bank Corp (NASDAQ:INDB) on Wednesday, August 31. $13,654 worth of Independent Bank Corp (NASDAQ:INDB) shares were sold by Ruggiero Mark J. $140,370 worth of Independent Bank Corp (NASDAQ:INDB) was sold by Lundquist Jane on Monday, May 9.

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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