Noteworthy Price Action: Independent Bank Corp on Focus After Trading At 52-Week Highs

Noteworthy Price Action: Independent Bank Corp on Focus After Trading At 52 Week Highs

The stock of Independent Bank Corp (NASDAQ:INDB) hit a new 52-week high and has $84.55 target or 34.00% above today’s $63.10 share price. The 8 months bullish chart indicates low risk for the $1.74 billion company. The 1-year high was reported on Nov, 11 by Barchart.com. If the $84.55 price target is reached, the company will be worth $591.60M 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 141,430 shares traded hands or 86.78% up from the average. Independent Bank Corp (NASDAQ:INDB) has risen 36.68% since April 11, 2016 and is uptrending. It has outperformed by 30.54% 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. Compass Point upgraded it to “Buy” rating and $47 target price in Friday, January 22 report. The stock has “Neutral” rating given by Compass Point on Friday, October 16. The stock of Independent Bank Corp (NASDAQ:INDB) earned “Buy” rating by Zacks on Wednesday, August 26. Sandler O’Neill downgraded the stock to “Sell” rating in Wednesday, August 31 report. On Thursday, August 20 the stock rating was upgraded by Zacks to “Hold”. Compass Point downgraded the shares of INDB in a report on Tuesday, September 20 to “Sell” rating.

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.
Johnson Fin Grp Inc, a Wisconsin-based fund reported 465 shares. Alliancebernstein Lp has invested 0% of its portfolio in Independent Bank Corp (NASDAQ:INDB). Citadel Advisors Limited Liability reported 5,282 shares or 0% of all its holdings. Tiaa Cref Management Limited Liability has invested 0% of its portfolio in Independent Bank Corp (NASDAQ:INDB). Moreover, Century Companies Incorporated has 0% invested in Independent Bank Corp (NASDAQ:INDB) for 15,318 shares. Teachers Retirement Sys Of The State Of Kentucky last reported 11,500 shares in the company. Perkins Inv Mngmt Limited Company reported 510,869 shares or 0.35% of all its holdings. Great West Life Assurance Can last reported 2,772 shares in the company. Blackrock Fund Advisors has 1.67M shares for 0.02% of their US portfolio. Teachers Advisors Inc holds 0% or 41,106 shares in its portfolio. Morgan Stanley has 29,347 shares for 0% of their US portfolio. First Mercantile Trust has 1,920 shares for 0.01% of their US portfolio. Nj State Employees Deferred Compensation Plan reported 20,000 shares or 0.19% of all its holdings. Btim Corporation holds 363,046 shares or 0.28% of its portfolio. Parametric Associate Ltd Liability Co accumulated 0% or 40,441 shares.

Insider Transactions: Since May 16, 2016, the stock had 0 insider buys, and 11 sales for $1.23 million net activity. Another trade for 272 shares valued at $13,654 was made by Ruggiero Mark J on Tuesday, July 26. Cozzone Robert D also sold $66,393 worth of Independent Bank Corp (NASDAQ:INDB) on Wednesday, August 31. The insider Nadeau Gerard F sold 2,600 shares worth $135,027. Another trade for 700 shares valued at $32,292 was sold by RIBEIRO CARL. 2,475 Independent Bank Corp (NASDAQ:INDB) shares with value of $124,121 were sold by SULLIVAN MAURICE H JR. $99,224 worth of shares were sold by ODDLEIFSON CHRISTOPHER on Thursday, October 27. 3,600 Independent Bank Corp (NASDAQ:INDB) shares with value of $200,892 were sold by Venables Thomas R.

More notable recent Independent Bank Corp (NASDAQ:INDB) news were published by: Businesswire.com which released: “Independent Bank Corp. Announces Completion of New England Bancorp, Inc …” on November 10, 2016, also Businesswire.com with their article: “Independent Bank Corp. CFO Robert Cozzone and SVP, Controller and Principal …” published on November 09, 2016, Reuters.com published: “BRIEF-Independent Bank Corp Q3 earnings per share $0.30” on October 27, 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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