Independent Bank Corp (INDB) is Downgraded by Compass Point to Neutral, Price Target at $47

Independent Bank Corp (INDB) was Downgraded by Compass Point to ” Neutral” and the brokerage firm has set the Price Target at $47. Earlier the firm had a rating of “Buy ” on the company shares. Compass Point advised their investors in a research report released on Apr 22, 2016.

On the company’s financial health, Independent Bank Corp reported $0.72 EPS for the quarter, beating the analyst consensus estimate by $ 0.04 according to the earnings call on Apr 21, 2016. Analyst had a consensus of $0.68.Analysts expectations of $ 73.90.

Independent Bank Corp closed down -0.35 points or -0.73% at $47.38 with 1,02,914 shares getting traded on Wednesday. Post opening the session at $47.72, the shares hit an intraday low of $47.23 and an intraday high of $47.785 and the price fluctuated in this range throughout the day.Shares ended Wednesday session in Red.

In a different news, on Nov 19, 2015, Jane Lundquist (Executive Vice President) sold 1,910 shares at $49.91 per share price. According to the SEC, on Nov 12, 2015, Robert D Cozzone (CFO and Treasurer) sold 1,250 shares at $50.95 per share price. On Nov 5, 2015, Christopher Oddleifson (President and CEO) sold 3,893 shares at $47.22 per share price, according to the Form-4 filing with the securities and exchange commission.

Independent Bank Corp. is a state chartered federally registered bank holding company. The Company is the sole stockholder of Rockland Trust Company (Rockland or the Bank). The Bank is a community-oriented commercial bank. 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 Rockland Trust Investment Management Group provides investment management and trust services to individuals institutions small businesses and charitable institutions throughout eastern Massachusetts including Cape Cod and Rhode Island. The bank has 74 banking offices and three limited service branches located within Barnstable Bristol Middlesex Norfolk Plymouth and Worcester counties in eastern Massachusetts.

Independent Bank Corp

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