Independent Bank (NASDAQ:INDB) Upgraded to Sell at BidaskClub

BidaskClub upgraded shares of Independent Bank (NASDAQ:INDB) from a strong sell rating to a sell rating in a report published on Saturday morning, BidAskClub reports.

INDB has been the subject of several other research reports. Zacks Investment Research raised shares of Independent Bank from a sell rating to a hold rating in a report on Friday, September 6th. DA Davidson reaffirmed a neutral rating on shares of Independent Bank in a report on Monday, July 22nd. ValuEngine lowered shares of Independent Bank from a hold rating to a sell rating in a report on Thursday, August 1st. Finally, Compass Point raised shares of Independent Bank from a neutral rating to a buy rating and raised their price objective for the stock from $77.00 to $83.00 in a report on Friday, July 19th. Two research analysts have rated the stock with a sell rating, two have given a hold rating and two have issued a buy rating to the stock. Independent Bank presently has an average rating of Hold and a consensus target price of $84.33.

Shares of INDB opened at $74.65 on Friday. The stock has a market cap of $2.61 billion, a price-to-earnings ratio of 15.92 and a beta of 1.19. The company has a quick ratio of 0.98, a current ratio of 0.99 and a debt-to-equity ratio of 0.31. Independent Bank has a 12 month low of $64.68 and a 12 month high of $90.85. The company has a 50-day moving average price of $70.75 and a two-hundred day moving average price of $76.11.



Independent Bank (NASDAQ:INDB) last announced its quarterly earnings results on Thursday, July 18th. The bank reported $1.42 EPS for the quarter, topping analysts’ consensus estimates of $1.33 by $0.09. The firm had revenue of $134.67 million during the quarter, compared to analysts’ expectations of $129.20 million. Independent Bank had a net margin of 26.75% and a return on equity of 12.99%. Equities research analysts expect that Independent Bank will post 5.47 EPS for the current fiscal year.

In other news, Director William M. Parent sold 7,500 shares of the firm’s stock in a transaction that occurred on Wednesday, September 11th. The shares were sold at an average price of $75.00, for a total transaction of $562,500.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 1.60% of the company’s stock.

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Geode Capital Management LLC increased its holdings in shares of Independent Bank by 7.4% in the fourth quarter. Geode Capital Management LLC now owns 319,369 shares of the bank’s stock valued at $22,454,000 after purchasing an additional 21,991 shares in the last quarter. Rhumbline Advisers increased its holdings in shares of Independent Bank by 11.9% in the first quarter. Rhumbline Advisers now owns 98,967 shares of the bank’s stock valued at $8,017,000 after purchasing an additional 10,491 shares in the last quarter. Comerica Bank increased its holdings in shares of Independent Bank by 2.1% in the first quarter. Comerica Bank now owns 27,878 shares of the bank’s stock valued at $2,396,000 after purchasing an additional 562 shares in the last quarter. Texas Permanent School Fund increased its holdings in shares of Independent Bank by 26.9% in the first quarter. Texas Permanent School Fund now owns 23,309 shares of the bank’s stock valued at $1,888,000 after purchasing an additional 4,934 shares in the last quarter. Finally, American International Group Inc. increased its holdings in shares of Independent Bank by 2.5% in the first quarter. American International Group Inc. now owns 21,752 shares of the bank’s stock valued at $1,762,000 after purchasing an additional 528 shares in the last quarter. 78.28% of the stock is owned by 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 primarily in Massachusetts. Its products and services include demand deposits and time certificates of deposit, as well as checking, money market, and savings accounts.

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