Independent Bank Corp. (NASDAQ:INDB) Shares Bought by Commonwealth Equity Services LLC

Posted by Defense World Staff on Mar 10th, 2023

Commonwealth Equity Services LLC grew its holdings in shares of Independent Bank Corp. (NASDAQ:INDB – Get Rating) by 54.1% in the third quarter, according to its most recent filing with the SEC. The firm owned 47,999 shares of the bank’s stock after acquiring an additional 16,858 shares during the quarter. Commonwealth Equity Services LLC owned about 0.11% of Independent Bank worth $3,577,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently modified their holdings of the company. Standard Family Office LLC acquired a new stake in shares of Independent Bank during the third quarter worth $66,000. FMR LLC raised its position in shares of Independent Bank by 7.9% during the second quarter. FMR LLC now owns 1,854 shares of the bank’s stock worth $147,000 after purchasing an additional 135 shares during the period. Point72 Hong Kong Ltd acquired a new stake in shares of Independent Bank during the second quarter worth $166,000. Rockefeller Capital Management L.P. raised its position in shares of Independent Bank by 38.1% during the third quarter. Rockefeller Capital Management L.P. now owns 2,519 shares of the bank’s stock worth $187,000 after purchasing an additional 695 shares during the period. Finally, Cubist Systematic Strategies LLC acquired a new stake in shares of Independent Bank during the second quarter worth $240,000. Institutional investors own 81.28% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on INDB. Keefe, Bruyette & Woods lowered Independent Bank from an “outperform” rating to a “market perform” rating and set a $100.00 target price on the stock. in a research report on Monday, December 12th. Raymond James initiated coverage on Independent Bank in a report on Tuesday, December 20th. They set a “market perform” rating on the stock. Finally, StockNews.com upgraded Independent Bank from a “sell” rating to a “hold” rating in a report on Friday, February 17th.

Insider Buying and Selling at Independent Bank

In other news, CEO Christopher Oddleifson sold 1,200 shares of the company’s stock in a transaction dated Monday, January 30th. The stock was sold at an average price of $77.80, for a total transaction of $93,360.00. Following the completion of the sale, the chief executive officer now owns 95,817 shares in the company, valued at approximately $7,454,562.60. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Corporate insiders own 1.02% of the company’s stock.

Independent Bank Stock Performance

Shares of INDB stock opened at $71.25 on Friday. Independent Bank Corp. has a 1-year low of $71.00 and a 1-year high of $91.65. The company has a current ratio of 0.89, a quick ratio of 0.89 and a debt-to-equity ratio of 0.04. The company has a market capitalization of $3.21 billion, a price-to-earnings ratio of 12.50 and a beta of 0.83. The stock’s fifty day simple moving average is $79.82 and its 200-day simple moving average is $81.71.

Independent Bank Profile

(Get Rating)

Independent Bank Corp. operates as a bank holding company. The company provides commercial banking, retail banking, and wealth management services and is engaged in the sale of retail investments and insurance products in Massachusetts. It offers deposit products, including demand deposits, interest checking, money market accounts, savings accounts, and time certificates of deposit.