Silvercrest Asset Management Group buys $77,872,058 stake in Independent Bank Corp (INDB)

Independent Bank Corp (INDB) : Silvercrest Asset Management Group scooped up 291,110 additional shares in Independent Bank Corp during the most recent quarter end , the firm said in a disclosure report filed with the SEC on Aug 15, 2016. The investment management firm now holds a total of 1,529,302 shares of Independent Bank Corp which is valued at $77,872,058.Independent Bank Corp makes up approximately 0.95% of Silvercrest Asset Management Group’s portfolio.

Other Hedge Funds, Including , Manufacturers Life Insurance Company The reduced its stake in INDB by selling 20,650 shares or 2.7% in the most recent quarter. The Hedge Fund company now holds 743,999 shares of INDB which is valued at $37,884,429. Independent Bank Corp makes up approx 0.06% of Manufacturers Life Insurance Company The’s portfolio.Boston Financial Mangement boosted its stake in INDB in the latest quarter, The investment management firm added 200 additional shares and now holds a total of 5,850 shares of Independent Bank Corp which is valued at $297,882. Independent Bank Corp makes up approx 0.02% of Boston Financial Mangement’s portfolio.Credit Suisse Ag reduced its stake in INDB by selling 11,093 shares or 33.83% in the most recent quarter. The Hedge Fund company now holds 21,693 shares of INDB which is valued at $1,104,608.Btim Corp. reduced its stake in INDB by selling 3,221 shares or 0.88% in the most recent quarter. The Hedge Fund company now holds 363,046 shares of INDB which is valued at $18,533,498. Independent Bank Corp makes up approx 0.31% of Btim Corp.’s portfolio.

Independent Bank Corp opened for trading at $52.84 and hit $53.05 on the upside on Wednesday, eventually ending the session at $53.02, with a gain of 0.30% or 0.16 points. The heightened volatility saw the trading volume jump to 87,580 shares. Company has a market cap of $1,396 M.

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.

Many Wall Street Analysts have commented on Independent Bank Corp. Independent Bank Corp was Downgraded by Sandler O’Neill to ” Sell” on Aug 31, 2016.

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.

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