StockNews.com Downgrades Independent Bank (NASDAQ:INDB) to Sell

Independent Bank (NASDAQ:INDB) was downgraded by equities research analysts at StockNews.com from a “hold” rating to a “sell” rating in a research report issued on Tuesday.

Separately, Seaport Res Ptn raised Independent Bank from a “hold” rating to a “strong-buy” rating in a research report on Monday, July 22nd.

Independent Bank Trading Down 0.0 %

Shares of NASDAQ INDB opened at $62.11 on Tuesday. The firm’s 50 day moving average price is $60.10 and its 200-day moving average price is $53.60. Independent Bank has a 52-week low of $44.63 and a 52-week high of $68.75. The company has a debt-to-equity ratio of 0.24, a quick ratio of 0.95 and a current ratio of 0.95. The company has a market cap of $2.64 billion, a PE ratio of 11.99 and a beta of 0.75.

Independent Bank (NASDAQ:INDB) last released its quarterly earnings data on Thursday, July 18th. The bank reported $1.21 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.11 by $0.10. The business had revenue of $244.19 million for the quarter, compared to analysts’ expectations of $169.07 million. Independent Bank had a return on equity of 7.41% and a net margin of 22.42%. During the same period in the prior year, the firm posted $1.42 EPS. On average, equities research analysts expect that Independent Bank will post 4.75 EPS for the current fiscal year.

Institutional Investors Weigh In On Independent Bank

Several institutional investors and hedge funds have recently added to or reduced their stakes in INDB. Vanguard Group Inc. lifted its holdings in shares of Independent Bank by 1.3% during the 4th quarter. Vanguard Group Inc. now owns 5,272,986 shares of the bank’s stock valued at $347,015,000 after buying an additional 69,312 shares during the period. Dimensional Fund Advisors LP boosted its position in Independent Bank by 9.5% in the second quarter. Dimensional Fund Advisors LP now owns 2,157,917 shares of the bank’s stock worth $109,443,000 after purchasing an additional 186,680 shares during the last quarter. Victory Capital Management Inc. grew its stake in shares of Independent Bank by 25.2% during the 2nd quarter. Victory Capital Management Inc. now owns 1,701,156 shares of the bank’s stock valued at $86,283,000 after purchasing an additional 342,201 shares during the period. Rockland Trust Co. grew its stake in shares of Independent Bank by 14.3% during the 2nd quarter. Rockland Trust Co. now owns 737,477 shares of the bank’s stock valued at $37,405,000 after purchasing an additional 92,438 shares during the period. Finally, Goldman Sachs Group Inc. increased its position in shares of Independent Bank by 5.3% during the 4th quarter. Goldman Sachs Group Inc. now owns 509,236 shares of the bank’s stock valued at $33,513,000 after purchasing an additional 25,664 shares during the last quarter. Hedge funds and other institutional investors own 83.40% of the company’s stock.

Independent Bank Company Profile

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 in the United States. The company provides interest checking, money market, and savings accounts, as well as demand deposits and time certificates of deposit.