Live Stock Coverage: Time to Reconsider Independent Bank Corp After Reaching All Time High?

Live Stock Coverage: Time to Reconsider Independent Bank Corp After Reaching All Time High?

The stock of Independent Bank Corp (NASDAQ:INDB) reached all time high today, Nov, 24 and still has $70.97 target or 6.00% above today’s $66.95 share price. This indicates more upside for the $1.80B company. This technical setup was reported by Barchart.com. If the $70.97 PT is reached, the company will be worth $108.00M 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. The stock increased 1.36% or $0.9 on November 23, hitting $66.95. About 99,898 shares traded hands or 8.89% up from the average. Independent Bank Corp (NASDAQ:INDB) has risen 39.48% since April 22, 2016 and is uptrending. It has outperformed by 34.07% 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 $19.90M for 22.62 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. The stock of Independent Bank Corp (NASDAQ:INDB) earned “Neutral” rating by Compass Point on Friday, October 16. The rating was upgraded by Zacks on Thursday, August 20 to “Hold”. The stock of Independent Bank Corp (NASDAQ:INDB) has “Buy” rating given on Wednesday, August 26 by Zacks. The company was upgraded on Friday, January 22 by Compass Point. The stock has “Sell” rating given by Sandler O’Neill on Wednesday, August 31.

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.
Ubs Asset Americas Inc holds 10,900 shares or 0% of its portfolio. Voya Ltd, a Georgia-based fund reported 11,591 shares. Johnson Finance Gru Incorporated has 465 shares for 0% of their US portfolio. Wells Fargo And Mn holds 0% or 25,388 shares in its portfolio. Seaward Mngmt L P owns 141,965 shares or 0.36% of their US portfolio. Principal Grp, a Iowa-based fund reported 185,083 shares. Renaissance Technologies Ltd Limited Liability Company last reported 0.01% of its portfolio in the stock. American Century Companies owns 15,318 shares or 0% of their US portfolio. Aperio Grp Ltd Liability Com last reported 0% of its portfolio in the stock. Manufacturers Life Ins The last reported 0.05% of its portfolio in the stock. Jpmorgan Chase And reported 75,014 shares or 0% of all its holdings. Blackrock Invest Mgmt Ltd Liability Corporation accumulated 0.01% or 118,055 shares. Rbf Ltd Liability holds 30,000 shares or 0.27% of its portfolio. First Mercantile has invested 0.01% of its portfolio in Independent Bank Corp (NASDAQ:INDB). The New York-based Morgan Stanley has invested 0% in Independent Bank Corp (NASDAQ:INDB).

Insider Transactions: Since June 1, 2016, the stock had 0 buys, and 14 insider sales for $2.19 million net activity. The insider SULLIVAN MAURICE H JR sold 2,475 shares worth $124,121. $126,827 worth of Independent Bank Corp (NASDAQ:INDB) was sold by MISKELL EILEEN C on Monday, November 14. The insider Venables Thomas R sold 3,600 shares worth $200,892. On Thursday, November 10 Ruggiero Mark J sold $4,207 worth of the stock or 70 shares. On Wednesday, August 31 the insider Cozzone Robert D sold $66,393. The insider JONES KEVIN J sold $630,555. RIBEIRO CARL also sold $34,251 worth of Independent Bank Corp (NASDAQ:INDB) shares.

More news for Independent Bank Corp (NASDAQ:INDB) were recently published by: Businesswire.com, which released: “Independent Bank Corp. and New England Bancorp, Inc. Report Receipt of …” on October 17, 2016. Businesswire.com‘s article titled: “Independent Bank Corp. CFO Robert Cozzone and SVP, Controller and Principal …” and published on November 09, 2016 is yet another important article.

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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