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.
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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.
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