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

StockNews.com cut shares of Independent Bank (NASDAQ:INDB) from a hold rating to a sell rating in a report published on Sunday morning.

Separately, Seaport Res Ptn raised shares of Independent Bank from a hold rating to a strong-buy rating in a research note on Monday, July 22nd.

Independent Bank Stock Performance

Independent Bank stock opened at $62.38 on Friday. The firm’s fifty day moving average price is $57.51 and its 200-day moving average price is $52.97. The company has a debt-to-equity ratio of 0.24, a quick ratio of 0.95 and a current ratio of 0.95. The stock has a market cap of $2.65 billion, a P/E ratio of 12.04 and a beta of 0.77. Independent Bank has a fifty-two week low of $44.63 and a fifty-two week high of $68.75.

Independent Bank (NASDAQ:INDB) last issued its earnings results on Thursday, July 18th. The bank reported $1.21 EPS for the quarter, topping analysts’ consensus estimates of $1.11 by $0.10. The company had revenue of $244.19 million for the quarter, compared to analysts’ expectations of $169.07 million. Independent Bank had a net margin of 22.42% and a return on equity of 7.41%. During the same quarter last year, the company earned $1.42 EPS. On average, equities research analysts expect that Independent Bank will post 4.75 earnings per share for the current fiscal year.

Independent Bank Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, July 8th. Investors of record on Monday, July 1st were paid a dividend of $0.57 per share. This represents a $2.28 annualized dividend and a yield of 3.66%. The ex-dividend date was Monday, July 1st. Independent Bank’s payout ratio is currently 44.02%.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the company. Point72 Asset Management L.P. raised its holdings in Independent Bank by 26.5% in the second quarter. Point72 Asset Management L.P. now owns 8,600 shares of the bank’s stock worth $436,000 after buying an additional 1,800 shares during the last quarter. Algert Global LLC increased its holdings in Independent Bank by 9.2% during the second quarter. Algert Global LLC now owns 50,706 shares of the bank’s stock valued at $2,572,000 after buying an additional 4,277 shares during the last quarter. Millennium Management LLC increased its holdings in Independent Bank by 258.9% during the second quarter. Millennium Management LLC now owns 299,234 shares of the bank’s stock valued at $15,177,000 after buying an additional 215,860 shares during the last quarter. Dark Forest Capital Management LP bought a new position in shares of Independent Bank in the second quarter worth approximately $478,000. Finally, AQR Capital Management LLC boosted its position in shares of Independent Bank by 123.4% in the second quarter. AQR Capital Management LLC now owns 46,615 shares of the bank’s stock worth $2,364,000 after purchasing an additional 25,749 shares during the period. 83.40% of the stock is owned by hedge funds and other 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 in the United States. The company provides interest checking, money market, and savings accounts, as well as demand deposits and time certificates of deposit.