Independent Bank (INDB) Downgraded to “Buy” at BidaskClub

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.

Independent Bank (NASDAQ:INDB) last issued its quarterly earnings results on Thursday, April 19th. The bank reported $1.00 earnings per share for the quarter, missing the consensus estimate of $1.03 by ($0.03). Independent Bank had a net margin of 25.38% and a return on equity of 10.49%. The company had revenue of $88.33 million for the quarter. equities analysts predict that Independent Bank will post 4.43 earnings per share for the current year.

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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