Independent Bank (NASDAQ:INDB) Rating Lowered to “Sell” at StockNews.com

Independent Bank (NASDAQ:INDB) was downgraded by analysts at StockNews.com from a “hold” rating to a “sell” rating in a note issued to investors on Friday.

A number of other brokerages have also commented on INDB. Keefe, Bruyette & Woods decreased their price objective on Independent Bank from $82.00 to $80.00 and set a “market perform” rating on the stock in a research report on Tuesday, January 21st. Raymond James reiterated a “strong-buy” rating and issued a $78.00 price objective (up from $74.00) on shares of Independent Bank in a research report on Tuesday, January 21st. One investment analyst has rated the stock with a sell rating, one has issued a hold rating and two have assigned a strong buy rating to the company’s stock. According to data from MarketBeat, Independent Bank currently has a consensus rating of “Moderate Buy” and an average price target of $79.00.

Independent Bank Stock Down 0.7 %

NASDAQ:INDB opened at $63.08 on Friday. The business’s fifty day moving average price is $66.43 and its 200 day moving average price is $65.50. Independent Bank has a 1-year low of $45.11 and a 1-year high of $77.23. The firm has a market capitalization of $2.69 billion, a price-to-earnings ratio of 13.96 and a beta of 0.77. The company has a current ratio of 0.95, a quick ratio of 0.95 and a debt-to-equity ratio of 0.23.

Independent Bank (NASDAQ:INDB) last released its quarterly earnings results on Thursday, January 16th. The bank reported $1.21 earnings per share for the quarter, beating 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%. On average, sell-side analysts forecast that Independent Bank will post 5.41 earnings per share for the current fiscal year.

Insider Activity at Independent Bank

In related news, Director Donna L. Abelli sold 640 shares of the stock in a transaction that occurred on Tuesday, February 11th. The shares were sold at an average price of $70.03, for a total value of $44,819.20. Following the sale, the director now directly owns 12,516 shares in the company, valued at $876,495.48. This trade represents a 4.86 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. 0.87% of the stock is currently owned by corporate insiders.

Institutional Trading of Independent Bank

A number of hedge funds have recently modified their holdings of the company. CIBC Asset Management Inc raised its holdings in Independent Bank by 3.9% during the 4th quarter. CIBC Asset Management Inc now owns 4,206 shares of the bank’s stock worth $270,000 after buying an additional 158 shares during the period. GHP Investment Advisors Inc. raised its holdings in Independent Bank by 0.7% during the 4th quarter. GHP Investment Advisors Inc. now owns 32,458 shares of the bank’s stock worth $2,083,000 after buying an additional 236 shares during the period. Isthmus Partners LLC raised its holdings in Independent Bank by 0.7% during the 4th quarter. Isthmus Partners LLC now owns 37,313 shares of the bank’s stock worth $2,395,000 after buying an additional 245 shares during the period. HighTower Advisors LLC raised its holdings in Independent Bank by 4.1% during the 4th quarter. HighTower Advisors LLC now owns 6,823 shares of the bank’s stock worth $438,000 after buying an additional 267 shares during the period. Finally, Summit Investment Advisors Inc. raised its holdings in Independent Bank by 6.8% during the 4th quarter. Summit Investment Advisors Inc. now owns 4,441 shares of the bank’s stock worth $285,000 after buying an additional 282 shares during the period. 83.40% of the stock is currently owned by institutional investors and hedge funds.

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.