Independent Bank (NASDAQ:INDB) Upgraded by StockNews.com to “Hold” Rating

Independent Bank (NASDAQ:INDB) was upgraded by equities researchers at StockNews.com from a “sell” rating to a “hold” rating in a report released on Saturday.

INDB has been the subject of a number of other reports. Keefe, Bruyette & Woods cut their price target on Independent Bank from $82.00 to $80.00 and set a “market perform” rating for the company in a report on Tuesday, January 21st. Raymond James reissued a “strong-buy” rating and set a $78.00 price objective (up previously from $74.00) on shares of Independent Bank in a research note on Tuesday, January 21st.

Independent Bank Price Performance

Independent Bank stock opened at $63.66 on Friday. Independent Bank has a one year low of $45.11 and a one year high of $77.23. The business has a fifty day moving average price of $66.20 and a 200-day moving average price of $65.49. The company has a debt-to-equity ratio of 0.23, a current ratio of 0.95 and a quick ratio of 0.95. The firm has a market capitalization of $2.71 billion, a P/E ratio of 14.08 and a beta of 0.77.

Independent Bank (NASDAQ:INDB) last posted its quarterly earnings results on Thursday, January 16th. The bank reported $1.21 EPS for the quarter, topping analysts’ consensus estimates of $1.16 by $0.05. Independent Bank had a return on equity of 6.57% and a net margin of 19.58%. As a group, equities research analysts forecast that Independent Bank will post 5.41 EPS for the current year.

Insider Activity at Independent Bank

In related news, Director Donna L. Abelli sold 640 shares of Independent Bank stock in a transaction on Tuesday, February 11th. The stock was sold at an average price of $70.03, for a total transaction of $44,819.20. Following the completion of the sale, the director now owns 12,516 shares of the company’s stock, valued at approximately $876,495.48. This trade represents a 4.86 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. 0.97% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Independent Bank

Several large investors have recently added to or reduced their stakes in the business. Venturi Wealth Management LLC purchased a new stake in Independent Bank during the fourth quarter valued at about $62,000. Smartleaf Asset Management LLC raised its position in Independent Bank by 105.4% during the fourth quarter. Smartleaf Asset Management LLC now owns 1,056 shares of the bank’s stock valued at $68,000 after purchasing an additional 542 shares in the last quarter. Sterling Capital Management LLC raised its position in Independent Bank by 810.2% during the fourth quarter. Sterling Capital Management LLC now owns 1,338 shares of the bank’s stock valued at $86,000 after purchasing an additional 1,191 shares in the last quarter. KBC Group NV raised its position in Independent Bank by 34.5% during the fourth quarter. KBC Group NV now owns 1,911 shares of the bank’s stock valued at $123,000 after purchasing an additional 490 shares in the last quarter. Finally, ST Germain D J Co. Inc. raised its position in Independent Bank by 364.9% during the fourth quarter. ST Germain D J Co. Inc. now owns 2,213 shares of the bank’s stock valued at $142,000 after purchasing an additional 1,737 shares in the last quarter. Institutional investors own 83.40% 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 in the United States. The company provides interest checking, money market, and savings accounts, as well as demand deposits and time certificates of deposit.