Independent Bank (NASDAQ:INDB) Downgraded by ValuEngine to “Sell”

ValuEngine downgraded shares of Independent Bank (NASDAQ:INDB) from a hold rating to a sell rating in a research note released on Thursday, ValuEngine reports.

Several other research firms have also recently issued reports on INDB. Sandler O’Neill upgraded shares of Independent Bank from a hold rating to a buy rating in a research note on Wednesday, April 3rd. BidaskClub upgraded shares of Independent Bank from a sell rating to a hold rating in a research note on Saturday, July 27th. Zacks Investment Research cut shares of Independent Bank from a hold rating to a strong sell rating in a research note on Friday, July 26th. Compass Point upgraded shares of Independent Bank from a neutral rating to a buy rating and upped their target price for the company from $77.00 to $83.00 in a research note on Friday, July 19th. Finally, DA Davidson restated a neutral rating on shares of Independent Bank in a research note on Monday, July 22nd. Two investment analysts have rated the stock with a sell rating, two have issued a hold rating and two have issued a buy rating to the stock. The stock currently has an average rating of Hold and a consensus price target of $84.33.

Independent Bank stock traded down $0.10 during mid-day trading on Thursday, reaching $74.19. The stock had a trading volume of 93,858 shares, compared to its average volume of 102,127. The firm has a market cap of $2.67 billion, a P/E ratio of 15.82 and a beta of 1.13. The company’s 50-day moving average price is $74.66. Independent Bank has a one year low of $66.12 and a one year high of $92.75. The company has a debt-to-equity ratio of 0.31, a current ratio of 0.99 and a quick ratio of 0.98.

Independent Bank (NASDAQ:INDB) last posted its earnings results on Thursday, July 18th. The bank reported $1.42 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $1.33 by $0.09. The business had revenue of $134.67 million for the quarter, compared to analysts’ expectations of $129.20 million. Independent Bank had a net margin of 26.75% and a return on equity of 12.99%. On average, analysts forecast that Independent Bank will post 5.45 EPS for the current year.

The business also recently announced a quarterly dividend, which was paid on Friday, July 12th. Shareholders of record on Monday, July 1st were paid a dividend of $0.44 per share. This represents a $1.76 annualized dividend and a yield of 2.37%. The ex-dividend date of this dividend was Friday, June 28th. Independent Bank’s dividend payout ratio is currently 37.53%.

In other Independent Bank news, Director Kevin J. Jones sold 4,000 shares of the company’s stock in a transaction dated Tuesday, May 7th. The shares were sold at an average price of $79.46, for a total transaction of $317,840.00. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Daniel F. Obrien sold 1,712 shares of the company’s stock in a transaction dated Wednesday, May 29th. The shares were sold at an average price of $72.75, for a total transaction of $124,548.00. Following the sale, the director now directly owns 21,492 shares of the company’s stock, valued at approximately $1,563,543. The disclosure for this sale can be found here. 1.60% of the stock is currently owned by corporate insiders.

Several hedge funds and other institutional investors have recently added to or reduced their stakes in INDB. BlackRock Inc. increased its position in shares of Independent Bank by 12.6% during the 1st quarter. BlackRock Inc. now owns 4,538,233 shares of the bank’s stock valued at $367,642,000 after purchasing an additional 508,987 shares during the last quarter. FMR LLC increased its position in shares of Independent Bank by 34.0% during the 4th quarter. FMR LLC now owns 723,649 shares of the bank’s stock valued at $50,879,000 after purchasing an additional 183,447 shares during the last quarter. Norges Bank purchased a new stake in shares of Independent Bank during the 4th quarter valued at about $8,050,000. Champlain Investment Partners LLC increased its position in shares of Independent Bank by 13.6% during the 1st quarter. Champlain Investment Partners LLC now owns 957,230 shares of the bank’s stock valued at $77,545,000 after purchasing an additional 114,280 shares during the last quarter. Finally, Bank of America Corp DE increased its position in shares of Independent Bank by 64.8% during the 4th quarter. Bank of America Corp DE now owns 126,671 shares of the bank’s stock valued at $8,906,000 after purchasing an additional 49,811 shares during the last quarter. 70.64% of the stock is owned by hedge funds and other institutional investors.

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. Its products and services include demand deposits and time certificates of deposit, as well as checking, money market, and savings accounts.

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