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Insider Selling: MISKELL EILEEN C, Independent Bank Corp. [INDB] Director divested 1,134 shares

Investors can speculate about the future of a stock by watching how its insiders buy and sell stocks. Independent Bank Corp. shares valued at $56,946 were sold by MISKELL EILEEN C on Jun 03 ’24. At $50.22 per share, MISKELL EILEEN C sold 1,134 shares. The insider’s holdings dropped to 13,206 shares worth approximately $0.65 million following the completion of this transaction.

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Also, Ruggiero Mark J purchased 500 shares, netting a total of over 25,543 in proceeds. Following the buying of shares at $51.09 each, the insider now holds 16,032 shares.

Before that, Abelli Donna L had sold 800 shares from its account. In a trade valued at $42,264, the Director traded Independent Bank Corp. shares for $52.83 each. Upon closing the transaction, the insider’s holdings decreased to 800 shares, worth approximately $0.57 million.

As published in a research note from Seaport Research Partners on October 23, 2023, Independent Bank Corp. [INDB] has been rated up from a Sell to a Neutral. Analysts at Seaport Research Partners started covering the stock with ‘”a Sell”‘ outlook in a report released in mid September. As of December 21, 2022, Raymond James has initiated its “Mkt perform” rating for INDB. Earlier on December 13, 2022, Keefe Bruyette downgraded its rating. Their new recommendation was “a Mkt perform” for INDB stock which previously was a “an Outperform”.

Analyzing INDB Stock Performance

During the last five days, there has been a surge of approximately 4.10%. Over the course of the year, Independent Bank Corp. shares have dropped approximately -25.59%. Shares of the company reached a 52-week high of $66.65 on 01/02/24 and a 52-week low of $45.11 on 06/21/24. A 50-day SMA is recorded $50.20, while a 200-day SMA reached $53.19. Nevertheless, trading volume fell to 95867.0 shares from 0.25 million shares the previous day.

Support And Resistance Levels for Independent Bank Corp. (INDB)

According to the 24-hour chart, there is a support level at 48.60, which, if violated, would cause prices to drop to 48.22. In the upper region, resistance lies at 49.56. The next price resistance is at 50.14. RSI (Relative Strength Index) is 50.58 on the 14-day chart, showing neutral technical sentiment. Moving Average Convergence Divergence (MACD) is at 1.63, which suggests the price will increase in the coming days. Percent R is at 34.35%, indicating low price movement. Stochastics%K at holding indicates that the stock is to be held.

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