Amundi Has $1.34 Million Stock Position in Independent Bank Corp. (NASDAQ:INDB)

Amundi boosted its stake in shares of Independent Bank Corp. (NASDAQ:INDB) by 186.4% in the 4th quarter, Holdings Channel.com reports. The firm owned 21,419 shares of the bank’s stock after buying an additional 13,940 shares during the quarter. Amundi’s holdings in Independent Bank were worth $1,335,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also recently bought and sold shares of INDB. JPMorgan Chase & Co. increased its holdings in shares of Independent Bank by 59.8% during the 3rd quarter. JPMorgan Chase & Co. now owns 338,640 shares of the bank’s stock worth $20,024,000 after purchasing an additional 126,791 shares during the period. Verition Fund Management LLC increased its stake in Independent Bank by 1,697.7% during the third quarter. Verition Fund Management LLC now owns 132,435 shares of the bank’s stock valued at $7,831,000 after acquiring an additional 125,068 shares during the period. Hotchkis & Wiley Capital Management LLC acquired a new position in Independent Bank in the 3rd quarter valued at approximately $5,802,000. New York State Common Retirement Fund lifted its position in shares of Independent Bank by 681.3% in the 4th quarter. New York State Common Retirement Fund now owns 101,431 shares of the bank’s stock worth $6,511,000 after acquiring an additional 88,448 shares during the period. Finally, Algert Global LLC grew its holdings in shares of Independent Bank by 172.4% during the 3rd quarter. Algert Global LLC now owns 138,146 shares of the bank’s stock worth $8,169,000 after purchasing an additional 87,440 shares in the last quarter. 83.40% of the stock is owned by institutional investors.

Insider Buying and Selling at Independent Bank

In other news, Director Donna L. Abelli sold 640 shares of Independent Bank stock in a transaction that occurred on Tuesday, February 11th. The shares were sold at an average price of $70.03, for a total value of $44,819.20. Following the completion of the transaction, the director now owns 12,516 shares in the company, valued at approximately $876,495.48. The trade was a 4.86 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Company insiders own 0.87% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages recently commented on INDB. Keefe, Bruyette & Woods cut their target price on Independent Bank from $82.00 to $80.00 and set a “market perform” rating for the company in a research note on Tuesday, January 21st. Raymond James restated a “strong-buy” rating and issued a $78.00 price objective (up previously from $74.00) on shares of Independent Bank in a research note on Tuesday, January 21st. Finally, StockNews.com raised shares of Independent Bank from a “sell” rating to a “hold” rating in a research note on Saturday.

Independent Bank Price Performance

Shares of INDB stock opened at $63.61 on Wednesday. The stock’s fifty day simple moving average is $66.24 and its 200 day simple moving average is $65.53. Independent Bank Corp. has a one year low of $45.11 and a one year high of $77.23. The firm has a market cap of $2.71 billion, a price-to-earnings ratio of 14.07 and a beta of 0.77. The company has a debt-to-equity ratio of 0.23, a current ratio of 0.95 and a quick ratio of 0.95.

Independent Bank (NASDAQ:INDB) last issued its earnings results on Thursday, January 16th. The bank reported $1.21 EPS for the quarter, beating the consensus estimate of $1.16 by $0.05. Independent Bank had a net margin of 19.58% and a return on equity of 6.57%. On average, analysts expect that Independent Bank Corp. will post 5.41 earnings per share for the current fiscal year.

Independent Bank Profile

Independent Bank Corp. operates as the bank holding company for Rockland Trust Company that provides commercial banking products and services to individuals and small-to-medium sized businesses in the United States. The company provides interest checking, money market, and savings accounts, as well as demand deposits and time certificates of deposit.