Independent Bank Corp (INDB) is Downgraded by Sandler O’Neill to Sell

Independent Bank Corp (INDB) was Downgraded by Sandler O’Neill to ” Sell”. Earlier the firm had a rating of “Hold ” on the company shares. Sandler O’Neill advised their investors in a research report released on Aug 31, 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 opened for trading at $53.24 and hit $53.95 on the upside on Monday, eventually ending the session at $53.46, with a gain of 0.36% or 0.19 points. The heightened volatility saw the trading volume jump to 62,660 shares. Company has a market cap of $1,408 M.

In a different news, on Aug 19, 2016, Gerard F Nadeau (Executive Vice President) sold 2,600 shares at $51.93 per share price. According to the SEC, on Jul 28, 2016, Maurice H Jr Sullivan (director) sold 5,000 shares at $50.78 per share price. On Jul 27, 2016, Mark J Ruggiero (Principal Accounting Officer) sold 272 shares at $50.20 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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Independent Bank Corp - Is it time to Sell?

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