Independent Bank (NASDAQ:INDB – Get Free Report) was downgraded by equities researchers at StockNews.com from a “hold” rating to a “sell” rating in a research note issued on Tuesday.
Several other equities research analysts have also recently commented on INDB. Keefe, Bruyette & Woods cut their price target on shares of Independent Bank from $64.00 to $60.00 and set a “market perform” rating on the stock in a research report on Monday, April 22nd. TheStreet cut Independent Bank from a “b-” rating to a “c+” rating in a research report on Wednesday, March 13th.
Get Our Latest Stock Analysis on INDB
Independent Bank Trading Down 2.4 %
Independent Bank (NASDAQ:INDB – Get Free Report) last released its quarterly earnings data on Thursday, April 18th. The bank reported $1.12 earnings per share for the quarter, missing the consensus estimate of $1.15 by ($0.03). The company had revenue of $167.38 million during the quarter, compared to analyst estimates of $171.80 million. Independent Bank had a net margin of 23.97% and a return on equity of 7.85%. As a group, equities research analysts expect that Independent Bank will post 4.46 EPS for the current fiscal year.
Hedge Funds Weigh In On Independent Bank
A number of institutional investors have recently bought and sold shares of INDB. Cambridge Trust Co. grew its stake in Independent Bank by 20.3% during the 1st quarter. Cambridge Trust Co. now owns 18,048 shares of the bank’s stock valued at $939,000 after acquiring an additional 3,048 shares in the last quarter. Virtu Financial LLC acquired a new stake in Independent Bank during the first quarter worth $461,000. Tidal Investments LLC raised its holdings in Independent Bank by 6.1% in the 1st quarter. Tidal Investments LLC now owns 9,184 shares of the bank’s stock valued at $480,000 after buying an additional 532 shares during the period. Price T Rowe Associates Inc. MD raised its stake in shares of Independent Bank by 5.9% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 28,160 shares of the bank’s stock valued at $1,465,000 after acquiring an additional 1,578 shares during the period. Finally, EntryPoint Capital LLC purchased a new stake in Independent Bank in the first quarter valued at approximately $47,000. 83.40% 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 in the United States. The company provides interest checking, money market, and savings accounts, as well as demand deposits and time certificates of deposit.
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