Independent Bank (INDB) Stock Rating Upgraded by BidaskClub

Independent Bank (NASDAQ:INDB) was upgraded by BidaskClub from a “sell” rating to a “hold” rating in a research note issued on Monday.

Several other research analysts have also recently weighed in on the company. Zacks Investment Research cut Independent Bank from a “hold” rating to a “sell” rating in a research report on Wednesday, October 25th. Compass Point cut Independent Bank from a “buy” rating to a “neutral” rating and set a $76.00 price objective for the company. in a research report on Wednesday, October 11th. They noted that the move was a valuation call. Finally, Keefe, Bruyette & Woods reaffirmed a “hold” rating on shares of Independent Bank in a research report on Sunday, January 21st. Five investment analysts have rated the stock with a hold rating and one has assigned a buy rating to the company’s stock. The company presently has an average rating of “Hold” and an average target price of $73.00.

Shares of Independent Bank (NASDAQ INDB) opened at $69.15 on Monday. Independent Bank has a fifty-two week low of $58.30 and a fifty-two week high of $76.30. The stock has a market capitalization of $1,970.42, a PE ratio of 21.75 and a beta of 0.91. The company has a quick ratio of 0.94, a current ratio of 0.95 and a debt-to-equity ratio of 0.17.

Independent Bank (NASDAQ:INDB) last announced its quarterly earnings results on Thursday, January 18th. The bank reported $0.89 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.89. Independent Bank had a return on equity of 10.00% and a net margin of 24.21%. The company had revenue of $89.70 million during the quarter, compared to the consensus estimate of $88.31 million. During the same period in the prior year, the company earned $0.76 earnings per share. The company’s revenue for the quarter was up 17.2% compared to the same quarter last year. sell-side analysts predict that Independent Bank will post 4.38 EPS for the current fiscal year.

In related news, Director Donna L. Abelli sold 601 shares of the stock in a transaction that occurred on Thursday, January 25th. The stock was sold at an average price of $72.05, for a total transaction of $43,302.05. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Christopher Oddleifson sold 1,200 shares of the stock in a transaction that occurred on Friday, February 2nd. The shares were sold at an average price of $72.60, for a total value of $87,120.00. Following the transaction, the insider now directly owns 86,643 shares of the company’s stock, valued at $6,290,281.80. The disclosure for this sale can be found here. Insiders have sold 3,501 shares of company stock valued at $249,087 over the last ninety days. 2.67% of the stock is owned by insiders.

Hedge funds and other institutional investors have recently modified their holdings of the stock. Rockland Trust Co. boosted its position in Independent Bank by 12.8% during the third quarter. Rockland Trust Co. now owns 565,848 shares of the bank’s stock valued at $24,468,000 after purchasing an additional 64,150 shares during the last quarter. New England Research & Management Inc. boosted its position in Independent Bank by 11.8% during the fourth quarter. New England Research & Management Inc. now owns 29,365 shares of the bank’s stock valued at $2,051,000 after purchasing an additional 3,100 shares during the last quarter. Municipal Employees Retirement System of Michigan boosted its position in Independent Bank by 60.4% during the third quarter. Municipal Employees Retirement System of Michigan now owns 10,330 shares of the bank’s stock valued at $771,000 after purchasing an additional 3,890 shares during the last quarter. BNP Paribas Arbitrage SA boosted its position in Independent Bank by 77.7% during the third quarter. BNP Paribas Arbitrage SA now owns 15,018 shares of the bank’s stock valued at $1,121,000 after purchasing an additional 6,565 shares during the last quarter. Finally, Nationwide Fund Advisors boosted its position in Independent Bank by 8.2% during the second quarter. Nationwide Fund Advisors now owns 31,673 shares of the bank’s stock valued at $2,111,000 after purchasing an additional 2,410 shares during the last quarter. 79.53% of the stock is owned by hedge funds and other institutional investors.

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Independent Bank Company Profile

Independent Bank Corp. is a bank holding company. The Company operates through its subsidiary, Rockland Trust Company (the Bank). The Bank is a community-oriented commercial bank. Its community banking business provides a range of banking services, including lending activities, acceptance of demand, savings, and time deposits, and investment management.

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