What’s Independent Bank Corp. (INDB) Upside After Achieving 52-Week High?

July 12, 2018 - By Bradley Stiles

Independent Bank Corp. (NASDAQ:INDB) Logo

Investors sentiment increased to 1.55 in Q1 2018. Its up 0.34, from 1.21 in 2017Q4. It is positive, as 9 investors sold Independent Bank Corp. shares while 40 reduced holdings. 24 funds opened positions while 52 raised stakes. 21.84 million shares or 0.72% more from 21.68 million shares in 2017Q4 were reported.
Rockland Trust reported 568,780 shares or 3.68% of all its holdings. Fifth Third Bancshares holds 196 shares. Stone Ridge Asset Ltd Llc reported 2,862 shares. Rhumbline Advisers holds 74,254 shares or 0.01% of its portfolio. Wells Fargo Mn holds 0% or 71,317 shares. Baystate Wealth Mngmt Limited owns 1,411 shares. New York State Common Retirement Fund reported 31,235 shares or 0% of all its holdings. Deutsche Bankshares Ag owns 45,119 shares for 0% of their portfolio. Riverhead Management Ltd holds 1,951 shares. Morgan Stanley holds 69,153 shares or 0% of its portfolio. 643,465 are held by Macquarie Limited. Vanguard invested 0.01% in Independent Bank Corp. (NASDAQ:INDB). Thrivent Financial For Lutherans has 0% invested in Independent Bank Corp. (NASDAQ:INDB). 30,000 were reported by Rbf Ltd Com. 7,925 were accumulated by Boston Advsr Limited Liability Corporation.

Since January 25, 2018, it had 1 insider buy, and 10 selling transactions for $1.30 million activity. The insider Cozzone Robert D bought 788 shares worth $56,141. MISKELL EILEEN C sold $121,370 worth of Independent Bank Corp. (NASDAQ:INDB) on Wednesday, May 30. Shares for $87,125 were sold by ODDLEIFSON CHRISTOPHER on Friday, February 2. SEKSAY EDWARD H sold 2,000 shares worth $160,000. Abelli Donna L sold 601 shares worth $43,302. Venables Thomas R sold $35,719 worth of Independent Bank Corp. (NASDAQ:INDB) on Friday, May 25.

The stock of Independent Bank Corp. (NASDAQ:INDB) hit a new 52-week high and has $83.37 target or 6.00 % above today’s $78.65 share price. The 8 months bullish chart indicates low risk for the $2.17B company. The 1-year high was reported on Jul, 12 by Barchart.com. If the $83.37 price target is reached, the company will be worth $130.14M 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.

The stock decreased 1.32% or $1.05 during the last trading session, reaching $78.65. About 15,248 shares traded. Independent Bank Corp. (NASDAQ:INDB) has risen 23.77% since July 12, 2017 and is uptrending. It has outperformed by 11.20% the S&P500.

Analysts await Independent Bank Corp. (NASDAQ:INDB) to report earnings on July, 19. They expect $1.11 EPS, up 35.37 % or $0.29 from last year’s $0.82 per share. INDB’s profit will be $30.61 million for 17.71 P/E if the $1.11 EPS becomes a reality. After $1.00 actual EPS reported by Independent Bank Corp. for the previous quarter, Wall Street now forecasts 11.00 % EPS growth.

Independent Bank Corp. (NASDAQ:INDB) Ratings Coverage

Among 2 analysts covering Independent Bank Corp (NASDAQ:INDB), 0 have Buy rating, 0 Sell and 2 Hold. Therefore 0 are positive. Independent Bank Corp has $82.0 highest and $78.0 lowest target. $80’s average target is 1.72% above currents $78.65 stock price. Independent Bank Corp had 4 analyst reports since January 19, 2018 according to SRatingsIntel. As per Friday, January 19, the company rating was maintained by Keefe Bruyette & Woods. On Monday, February 26 the stock rating was maintained by Keefe Bruyette & Woods with “Hold”. The firm earned “Neutral” rating on Thursday, May 31 by PiperJaffray. The firm earned “Hold” rating on Friday, April 20 by Keefe Bruyette & Woods.

Another recent and important Independent Bank Corp. (NASDAQ:INDB) news was published by Businesswire.com which published an article titled: “Independent Bank Corp.’s Second Quarter Earnings Press Release and Conference Call Announcement” on July 09, 2018.

Independent Bank Corp. operates as the bank holding firm for Rockland Trust Company that provides commercial banking services and products to individuals and small-to-medium sized businesses primarily in Massachusetts. The company has market cap of $2.17 billion. The companyÂ’s services and products include demand deposits and time certificates of deposit, as well as checking, money market, and savings accounts. It has a 22.93 P/E ratio. The Company’s loan portfolio includes commercial loans, such as commercial and industrial, asset-based, commercial real estate, commercial construction, and small business loans; consumer real estate loans, including residential mortgages, home equity loans, and loans for the construction of residential properties; and other consumer loans, such as personal loans.

Independent Bank Corp. (NASDAQ:INDB) Institutional Positions Chart

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