Independent Bank Corp (NASDAQ:INDB) has reported a recent transaction involving Eileen C. Miskell, a member of the company's board of directors, who sold shares in the company. The transaction, which occurred on June 3, 2024, involved the sale of 1,134 shares of common stock at a weighted average price of $50.2165 per share, resulting in a total value of $56,945.
The shares were sold in multiple transactions with prices ranging from $50.08 to $50.29 per share. Following the sale, Miskell retains ownership of 13,205.8765 shares in Independent Bank Corp. The company has stated that it can provide full information regarding the number of shares sold at each separate price within the provided range upon request.
This transaction demonstrates a change in the director's stake in Independent Bank Corp, which investors may find noteworthy as they monitor insider activity within the company. The details of the sale offer insights into the stock's trading range on the date in question.
Investors and security holders of Independent Bank Corp can obtain further details regarding this transaction from the company upon request.
InvestingPro Insights
As investors analyze the recent insider trading activity at Independent Bank Corp (NASDAQ:INDB), it's essential to consider the broader financial picture provided by InvestingPro. With a market capitalization of $2.12 billion and a price-to-earnings (P/E) ratio that has slightly decreased to 9.41 from 9.62, the company presents a value-oriented profile. The dividend yield stands at an attractive 4.56%, reflecting a commitment to shareholder returns, with the company maintaining dividend payments for an impressive 31 consecutive years—an InvestingPro Tip that underlines the firm's dedication to consistent payouts.
InvestingPro Data also shows a decline in revenue growth over the last twelve months, with a -5.83% change, which could be a point of concern for investors looking for growth opportunities. Additionally, the stock's price is currently at 72.68% of its 52-week high, which may indicate a potential discount relative to its past year's performance. Despite this, analysts have revised their earnings downwards for the upcoming period, which could signal caution for those looking at the near-term financial outlook.
For those seeking a more in-depth analysis, InvestingPro offers additional tips—6 more for Independent Bank Corp, to be precise. These tips provide a richer understanding of the company's financial health and future prospects. Interested investors can enrich their research and potentially uncover hidden insights by using the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription at InvestingPro.
The recent insider transaction, coupled with the financial metrics and InvestingPro Tips, offers a comprehensive view of Independent Bank Corp's current standing in the market. With the next earnings date set for July 18, 2024, stakeholders will be keen to see how these factors play out in the company's financial results.
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