Price Don’t Lie: Is Buying Independent Bank Corp Here a Winning Strategy?

Price Don't Lie: Is Buying Independent Bank Corp Here a Winning Strategy?

The stock of Independent Bank Corp (NASDAQ:INDB) reached all time high today, Nov, 18 and still has $107.40 target or 66.00% above today’s $64.70 share price. This indicates more upside for the $1.72 billion company. This technical setup was reported by Barchart.com. If the $107.40 PT is reached, the company will be worth $1.14B 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 23,459 shares traded hands. Independent Bank Corp (NASDAQ:INDB) has risen 39.91% since April 18, 2016 and is uptrending. It has outperformed by 35.48% 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 “Sell” rating by Sandler O’Neill given on Wednesday, August 31. The stock has “Sell” rating given by Compass Point on Tuesday, September 20. Zacks downgraded the shares of INDB in a report on Wednesday, August 26 to “Buy” rating. Zacks upgraded Independent Bank Corp (NASDAQ:INDB) on Thursday, August 20 to “Hold” rating. On Friday, October 16 the stock rating was maintained by Compass Point with “Neutral”. Compass Point upgraded Independent Bank Corp (NASDAQ:INDB) rating on Friday, January 22. Compass Point has “Buy” rating and $47 price target.

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 Q2 2016. Its up 0.39, from 1.23 in 2016Q1. The ratio is positive, 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.
Natl Bank Of Mellon accumulated 406,348 shares or 0.01% of the stock. Wells Fargo And Com Mn holds 25,388 shares or 0% of its portfolio. First Republic Inv Mgmt, a California-based fund reported 11,560 shares. California State Teachers Retirement System holds 0.01% or 54,273 shares in its portfolio. Alliancebernstein L P holds 0% of its portfolio in Independent Bank Corp (NASDAQ:INDB) for 39,297 shares. The Switzerland-based Swiss Bancshares has invested 0% in Independent Bank Corp (NASDAQ:INDB). State Street Corp accumulated 608,689 shares or 0% of the stock. Aqr Cap Mgmt Ltd Liability Co has 0% invested in the company for 49,591 shares. The California-based Blackrock Fund Advsr has invested 0.02% in Independent Bank Corp (NASDAQ:INDB). Moreover, Capstone Asset has 0.01% invested in Independent Bank Corp (NASDAQ:INDB) for 8,156 shares. Teachers Advsrs Inc has invested 0% of its portfolio in Independent Bank Corp (NASDAQ:INDB). Citadel Llc holds 0% of its portfolio in Independent Bank Corp (NASDAQ:INDB) for 5,282 shares. Prudential Inc holds 0% or 63,998 shares in its portfolio. Creative Planning last reported 514 shares in the company. Pinebridge Limited Partnership has 3,336 shares for 0.01% of their US portfolio.

Insider Transactions: Since June 1, 2016, the stock had 0 buys, and 12 selling transactions for $1.37 million net activity. MISKELL EILEEN C had sold 1,000 shares worth $55,850. Cozzone Robert D sold $66,393 worth of stock. $124,121 worth of Independent Bank Corp (NASDAQ:INDB) shares were sold by SULLIVAN MAURICE H JR. Ruggiero Mark J had sold 272 shares worth $13,654 on Tuesday, July 26. 700 shares were sold by RIBEIRO CARL, worth $34,251. 1,800 shares were sold by ODDLEIFSON CHRISTOPHER, worth $99,224. $135,027 worth of Independent Bank Corp (NASDAQ:INDB) was sold by Nadeau Gerard F.

More 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 published the news titled: “BRIEF-Independent Bank Corp announced merger updates” on October 17, 2016. Streetinsider.com‘s news article titled: “Form 8-K INDEPENDENT BANK CORP For: Nov 17” with publication date: November 17, 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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