Independent Bank Corp.’s recent filing unveils that its Chief Executive Officer Tengel Jeffrey J acquired Company’s shares for reported $0.1 million on May 04. In the deal valued at $48.42 per share,2,069 shares were bought. As a result of this transaction, Tengel Jeffrey J now holds 21,948 shares worth roughly $ 1.23 million.
Then, Jensen Barry H bought 1,000 shares, generating $50,660 in total proceeds. Upon buying the shares at $50.66, the Chief Technology & Ops Officer now owns 25,049 shares.
Before that, Ruggiero Mark J bought 1,000 shares. Independent Bank Corp. shares valued at $56,290 were divested by the CFO & EVP Consumer Lending at a price of $56.29 per share. As a result of the transaction, Ruggiero Mark J now holds 10,958 shares, worth roughly $0.61 million.
Raymond James initiated its Independent Bank Corp. [INDB] rating to a Mkt perform in a research note published on Friday.
Price Performance Review of INDB
On Friday, Independent Bank Corp. [NASDAQ:INDB] saw its stock jump 3.74% to $56.04. On the same session, the stock had its day’s lowest price of $54.44, but rose to a high of $56.21. Over the last five days, the stock has gained 6.24%. Independent Bank Corp. shares have fallen nearly -33.63% since the year began. Nevertheless, the stocks have fallen -28.37% over the past one year. While a 52-week high of $91.65 was reached on 01/03/23, a 52-week low of $43.28 was recorded on 05/31/23. SMA at 50 days reached $53.17, while 200 days put it at $65.56. A total of 0.16 million shares were traded, compared to the trading of 0.2 million shares in the previous session.
Levels Of Support And Resistance For INDB Stock
The 24-hour chart illustrates a support level at 54.92, which if violated will result in even more drops to 53.79. On the upside, there is a resistance level at 56.69. A further resistance level may holdings at 57.33. The Relative Strength Index (RSI) on the 14-day chart is 57.21, which indicates neutral technical sentiment, while the Moving Average Convergence Divergence (MACD) stands at 0.49, which suggests price will go down in the next trading period. Percent R suggests that price movement has been bullish at 5.81%. Stochastics %K at 63.69% indicates the stock is a holding.
How much short interest is there in Independent Bank Corp.?
A steep rise in short interest was recorded in Independent Bank Corp. stocks on Aug 14, 2023, dropping by -0.26 million shares to a total of 0.82 million shares. Yahoo Finance data shows the prior-month short interest on Jul 13, 2023 was 1.08 million shares. There was a decline of -32.47%, which implies that there is a negative sentiment for the stock. In spite of short shares comprising just 2.60% of the overall stock float, the days-to-cover ratio (short ratio) fell to 3.34.
Independent Bank Corp. [INDB] – Who Are The Largest Shareholders?
In filings from BlackRock Fund Advisors, it is revealed that the company now owns 6,122,608 shares, or roughly 13.88% of the outstanding INDB shares. In other words, the investor’s shares have fallen by -195,038 from its previous 13-F filing of 6317646.0. Additionally, The Vanguard Group, Inc. decreased -3.95% of its stake after which the total value it holdings stand at $315,992,633, while SSgA Funds Management, Inc. added 1.84% of its stake to hold $136.02 million in the firm. Over the last quarter, Victory Capital Management, Inc. purchased 71,462 shares of Independent Bank Corp., while Dimensional Fund Advisors LP bought -25,570 shares. At present, Silvercrest Asset Management Grou is holding 1,443,775 shares valued at $86.99 million. Nuance Investments LLC owned 919,606 shares of the company at the time of its most recent 13F filing, worth $55.41 million.
According to FactSet, Independent Bank Corp.’s share price will average $58.00 in the next year, based on opinions of analysts polled by the firm. This is up nearly 7.37 percent from its previous closing price of $54.02. Analysts expect Independent Bank Corp. stock to reach the higher price of $61.00, while the lowest price estimate is $55.00. However, 3 analysts have rated INDB stock as a Hold in their predictions for 2023.