BidaskClub cut shares of Independent Bank (NASDAQ:INDB) from a strong-buy rating to a buy rating in a report released on Wednesday.
INDB has been the subject of several other reports. ValuEngine downgraded Independent Bank from a buy rating to a hold rating in a report on Saturday, June 2nd. Piper Jaffray Companies raised their price target on Independent Bank from $79.00 to $80.00 and gave the company a neutral rating in a report on Thursday, May 31st. Finally, Zacks Investment Research upgraded Independent Bank from a hold rating to a buy rating and set a $83.00 price target for the company in a report on Thursday, May 17th. Three analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. Independent Bank presently has an average rating of Buy and a consensus target price of $78.00.
Independent Bank opened at $80.85 on Wednesday, according to Marketbeat Ratings. Independent Bank has a 12-month low of $62.70 and a 12-month high of $83.50. The company has a quick ratio of 0.94, a current ratio of 0.94 and a debt-to-equity ratio of 0.17. The firm has a market capitalization of $2.26 billion, a price-to-earnings ratio of 24.13 and a beta of 0.90.
In related news, Director Gerard F. Nadeau sold 3,982 shares of Independent Bank stock in a transaction dated Thursday, April 26th. The stock was sold at an average price of $72.90, for a total value of $290,287.80. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Thomas R. Venables sold 466 shares of Independent Bank stock in a transaction dated Friday, May 25th. The stock was sold at an average price of $76.65, for a total value of $35,718.90. Following the completion of the sale, the director now owns 22,157 shares of the company’s stock, valued at $1,698,334.05. The disclosure for this sale can be found here. Insiders have sold 11,516 shares of company stock valued at $896,624 over the last 90 days. Corporate insiders own 2.67% of the company’s stock.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. BlackRock Inc. increased its holdings in Independent Bank by 1.5% in the 1st quarter. BlackRock Inc. now owns 3,585,739 shares of the bank’s stock worth $256,560,000 after buying an additional 53,056 shares in the last quarter. Silvercrest Asset Management Group LLC increased its holdings in Independent Bank by 1.0% in the 1st quarter. Silvercrest Asset Management Group LLC now owns 1,592,375 shares of the bank’s stock worth $113,935,000 after buying an additional 15,434 shares in the last quarter. Goldman Sachs Group Inc. increased its holdings in Independent Bank by 3.1% in the 4th quarter. Goldman Sachs Group Inc. now owns 933,542 shares of the bank’s stock worth $65,208,000 after buying an additional 28,352 shares in the last quarter. The Manufacturers Life Insurance Company increased its holdings in Independent Bank by 5.6% in the 1st quarter. The Manufacturers Life Insurance Company now owns 816,964 shares of the bank’s stock worth $58,453,000 after buying an additional 43,198 shares in the last quarter. Finally, Northern Trust Corp increased its holdings in Independent Bank by 0.3% in the 1st quarter. Northern Trust Corp now owns 764,657 shares of the bank’s stock worth $54,711,000 after buying an additional 2,638 shares in the last quarter. Institutional investors own 79.61% 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 primarily in Massachusetts. The company's products and services include demand deposits and time certificates of deposit, as well as checking, money market, and savings accounts.
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