Price Change to Note: Is Buying Independent Bank Corp Here a Winning Strategy?

Price Change to Note: Is Buying Independent Bank Corp Here a Winning Strategy?

The stock of Independent Bank Corp (NASDAQ:INDB) reached all time high today, Nov, 10 and still has $79.33 target or 33.00% above today’s $59.65 share price. This indicates more upside for the $1.66B company. This technical setup was reported by Barchart.com. If the $79.33 PT is reached, the company will be worth $547.80 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 26,434 shares traded hands. Independent Bank Corp (NASDAQ:INDB) has risen 29.76% since April 8, 2016 and is uptrending. It has outperformed by 24.11% 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. Zacks upgraded Independent Bank Corp (NASDAQ:INDB) rating on Thursday, August 20. Zacks has “Hold” rating and $53 price target. The firm earned “Sell” rating on Tuesday, September 20 by Compass Point. The stock of Independent Bank Corp (NASDAQ:INDB) has “Sell” rating given on Wednesday, August 31 by Sandler O’Neill. As per Friday, October 16, the company rating was maintained by Compass Point. The firm earned “Buy” rating on Friday, January 22 by Compass Point. The company was downgraded on Wednesday, August 26 by Zacks.

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.
New York State Teachers Retirement System has 35,029 shares for 0% of their US portfolio. Boston Advsrs Ltd Company holds 50,510 shares or 0.06% of its portfolio. Tiaa Cref Investment Management Limited Company accumulated 0% or 103,245 shares. Tctc Llc holds 0.02% or 5,425 shares in its portfolio. Perkins Investment Mgmt Limited Liability Com accumulated 0.35% or 510,869 shares. Creative Planning, a Kansas-based fund reported 514 shares. Blackrock Institutional Co Na has 700,013 shares for 0.01% of their US portfolio. Moreover, Barclays Plc has 0% invested in Independent Bank Corp (NASDAQ:INDB) for 18 shares. Dimensional Fund Limited Partnership reported 1.21 million shares or 0.03% of all its holdings. Legal & General Gru Plc last reported 6,565 shares in the company. Blackrock Gru Limited holds 39,759 shares or 0% of its portfolio. Blackrock accumulated 6,290 shares or 0% of the stock. Wells Fargo & Mn owns 25,388 shares or 0% of their US portfolio. Moors Cabot holds 0.14% of its portfolio in Independent Bank Corp (NASDAQ:INDB) for 16,803 shares. Invesco Limited last reported 119,488 shares in the company.

Insider Transactions: Since May 11, 2016, the stock had 0 buys, and 11 sales for $1.23 million net activity. MISKELL EILEEN C sold $55,850 worth of Independent Bank Corp (NASDAQ:INDB) on Tuesday, October 25. $34,251 worth of Independent Bank Corp (NASDAQ:INDB) shares were sold by RIBEIRO CARL. Ruggiero Mark J also sold $13,654 worth of Independent Bank Corp (NASDAQ:INDB) on Tuesday, July 26. 2,475 Independent Bank Corp (NASDAQ:INDB) shares with value of $124,121 were sold by SULLIVAN MAURICE H JR. Nadeau Gerard F had sold 2,600 shares worth $135,027. ODDLEIFSON CHRISTOPHER also sold $99,224 worth of Independent Bank Corp (NASDAQ:INDB) shares. Another trade for 1,250 shares valued at $66,393 was sold by Cozzone Robert D.

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 Q3 earnings per share $0.30” published on October 27, 2016, Businesswire.com published: “Independent Bank Corp. and Rockland Trust Company Appoint Mary L. Lentz to …” on November 07, 2016. More interesting news about Independent Bank Corp (NASDAQ:INDB) were released by: Reuters.com and their article: “BRIEF-Independent Bank Corp announced merger updates” published on October 17, 2016 as well as Businesswire.com‘s news article titled: “Independent Bank Corp. and New England Bancorp, Inc. Report Receipt of …” with publication date: October 17, 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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