Independent Bank (INDB) Lowered to “Sell” at BidaskClub

Independent Bank (NASDAQ:INDB) was downgraded by equities researchers at BidaskClub from a “hold” rating to a “sell” rating in a research note issued to investors on Friday, January 5th.

A number of other analysts have also recently commented on the company. Zacks Investment Research cut Independent Bank from a “hold” rating to a “sell” rating in a research report on Wednesday, October 25th. Compass Point cut Independent Bank from a “buy” rating to a “neutral” rating and set a $76.00 price target for the company. in a research report on Wednesday, October 11th. They noted that the move was a valuation call. Finally, Keefe, Bruyette & Woods reissued a “hold” rating and issued a $73.00 price objective on shares of Independent Bank in a report on Tuesday, October 3rd. One analyst has rated the stock with a sell rating, four have issued a hold rating and one has given a buy rating to the company. The company has a consensus rating of “Hold” and an average target price of $73.00.

Shares of Independent Bank (NASDAQ INDB) traded up $0.85 during mid-day trading on Friday, reaching $73.80. The company had a trading volume of 79,000 shares, compared to its average volume of 76,622. Independent Bank has a 1 year low of $57.20 and a 1 year high of $76.30. The company has a current ratio of 0.95, a quick ratio of 0.95 and a debt-to-equity ratio of 0.17. The stock has a market cap of $2,025.30, a P/E ratio of 24.44 and a beta of 0.97.

Independent Bank (NASDAQ:INDB) last issued its quarterly earnings results on Thursday, October 19th. The bank reported $0.87 EPS for the quarter, missing the Zacks’ consensus estimate of $0.91 by ($0.04). Independent Bank had a return on equity of 9.76% and a net margin of 23.48%. The firm had revenue of $87.84 million for the quarter, compared to analyst estimates of $88.57 million. During the same period in the prior year, the firm posted $0.78 EPS. The business’s revenue was up 12.5% compared to the same quarter last year.

In related news, Director Carl Ribeiro sold 700 shares of the company’s stock in a transaction dated Tuesday, December 12th. The stock was sold at an average price of $69.25, for a total value of $48,475.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Eileen C. Miskell sold 1,200 shares of the company’s stock in a transaction dated Wednesday, October 25th. The stock was sold at an average price of $71.27, for a total value of $85,524.00. The disclosure for this sale can be found here. Insiders sold a total of 6,150 shares of company stock valued at $439,814 in the last ninety days. 2.67% of the stock is currently owned by insiders.

A number of large investors have recently bought and sold shares of INDB. Schwab Charles Investment Management Inc. increased its stake in Independent Bank by 1.0% during the 2nd quarter. Schwab Charles Investment Management Inc. now owns 118,185 shares of the bank’s stock worth $7,878,000 after buying an additional 1,215 shares in the last quarter. Bank of New York Mellon Corp increased its stake in Independent Bank by 1.5% during the 2nd quarter. Bank of New York Mellon Corp now owns 564,212 shares of the bank’s stock worth $37,605,000 after buying an additional 8,492 shares in the last quarter. Legal & General Group Plc increased its stake in Independent Bank by 9.3% during the 2nd quarter. Legal & General Group Plc now owns 52,577 shares of the bank’s stock worth $3,505,000 after buying an additional 4,492 shares in the last quarter. BNP Paribas Arbitrage SA increased its stake in Independent Bank by 51.1% during the 2nd quarter. BNP Paribas Arbitrage SA now owns 8,453 shares of the bank’s stock worth $563,000 after buying an additional 2,857 shares in the last quarter. Finally, Principal Financial Group Inc. increased its stake in Independent Bank by 1.8% during the 2nd quarter. Principal Financial Group Inc. now owns 221,802 shares of the bank’s stock worth $14,783,000 after buying an additional 3,913 shares in the last quarter. Institutional investors own 79.75% of the company’s stock.

WARNING: This article was posted by Dispatch Tribunal and is the sole property of of Dispatch Tribunal. If you are viewing this article on another website, it was copied illegally and reposted in violation of U.S. & international trademark and copyright legislation. The original version of this article can be accessed at https://www.dispatchtribunal.com/2018/01/15/independent-bank-indb-cut-to-sell-at-bidaskclub.html.

About Independent Bank

Independent Bank Corp. is a bank holding company. The Company operates through its subsidiary, Rockland Trust Company (the Bank). The Bank is a community-oriented commercial bank. Its community banking business provides a range of banking services, including lending activities, acceptance of demand, savings, and time deposits, and investment management.

Receive News & Ratings for Independent Bank Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Independent Bank and related companies with MarketBeat.com's FREE daily email newsletter.

Leave a Reply