Independent Bank (NASDAQ:INDB) was downgraded by investment analysts at BidaskClub from a “hold” rating to a “sell” rating in a report released on Friday, September 21st.
A number of other brokerages have also recently commented on INDB. Sandler O’Neill reaffirmed a “hold” rating and issued a $88.00 target price on shares of Independent Bank in a report on Friday, July 20th. Keefe, Bruyette & Woods raised shares of Independent Bank from a “market perform” rating to an “outperform” rating in a report on Sunday, July 22nd. ValuEngine raised shares of Independent Bank from a “hold” rating to a “buy” rating in a report on Friday, July 20th. Finally, Piper Jaffray Companies lifted their target price on shares of Independent Bank from $79.00 to $80.00 and gave the company a “neutral” rating in a report on Thursday, May 31st. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and three have issued a buy rating to the company’s stock. The company currently has an average rating of “Hold” and an average target price of $88.00.
Shares of NASDAQ:INDB traded down $0.81 during trading on Friday, hitting $79.56. 250,481 shares of the company were exchanged, compared to its average volume of 86,595. The company has a market capitalization of $2.27 billion, a PE ratio of 23.75 and a beta of 0.95. Independent Bank has a 12-month low of $66.85 and a 12-month high of $95.00. The company has a current ratio of 0.94, a quick ratio of 0.94 and a debt-to-equity ratio of 0.16.
Independent Bank (NASDAQ:INDB) last announced its earnings results on Thursday, July 19th. The bank reported $1.14 EPS for the quarter, beating analysts’ consensus estimates of $1.11 by $0.03. The business had revenue of $95.06 million for the quarter, compared to analysts’ expectations of $92.60 million. Independent Bank had a net margin of 27.38% and a return on equity of 11.27%. As a group, equities research analysts predict that Independent Bank will post 4.67 EPS for the current fiscal year.
In other Independent Bank news, Director Carl Ribeiro sold 1,000 shares of the business’s stock in a transaction on Tuesday, July 24th. The shares were sold at an average price of $90.10, for a total value of $90,100.00. The sale was disclosed in a legal filing with the SEC, which is available through this link. Insiders own 2.67% of the company’s stock.
Several hedge funds and other institutional investors have recently modified their holdings of the business. Hennessy Advisors Inc. boosted its position in shares of Independent Bank by 40.0% during the 3rd quarter. Hennessy Advisors Inc. now owns 70,000 shares of the bank’s stock worth $5,782,000 after purchasing an additional 20,000 shares in the last quarter. Rockland Trust Co. boosted its position in shares of Independent Bank by 0.7% in the 3rd quarter. Rockland Trust Co. now owns 554,547 shares of the bank’s stock worth $31,185,000 after buying an additional 3,584 shares in the last quarter. Northern Trust Corp boosted its position in shares of Independent Bank by 1.2% in the 2nd quarter. Northern Trust Corp now owns 774,106 shares of the bank’s stock worth $60,690,000 after buying an additional 9,449 shares in the last quarter. Moody Aldrich Partners LLC boosted its position in shares of Independent Bank by 74.7% in the 2nd quarter. Moody Aldrich Partners LLC now owns 67,090 shares of the bank’s stock worth $5,260,000 after buying an additional 28,680 shares in the last quarter. Finally, California Public Employees Retirement System boosted its position in shares of Independent Bank by 72.1% in the 2nd quarter. California Public Employees Retirement System now owns 50,515 shares of the bank’s stock worth $3,960,000 after buying an additional 21,156 shares in the last quarter. Institutional investors own 81.50% of the company’s stock.
About Independent Bank
Independent Bank Corp. operates as the bank holding company for Rockland Trust Company that provides commercial banking products and services to individuals and small-to-medium sized businesses primarily in Massachusetts. The company's products and services include demand deposits and time certificates of deposit, as well as checking, money market, and savings accounts.
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