Independent Bank (NASDAQ:INDB) Raised to “Hold” at StockNews.com

Independent Bank (NASDAQ:INDB) was upgraded by investment analysts at StockNews.com from a “sell” rating to a “hold” rating in a research note issued to investors on Tuesday.

Several other equities analysts have also commented on the stock. Keefe, Bruyette & Woods dropped their price target on shares of Independent Bank from $82.00 to $80.00 and set a “market perform” rating for the company in a research report on Tuesday, January 21st. Raymond James reissued a “strong-buy” rating and set a $78.00 price objective (up from $74.00) on shares of Independent Bank in a research note on Tuesday, January 21st.

Independent Bank Price Performance

INDB stock opened at $65.15 on Tuesday. The stock has a market capitalization of $2.78 billion, a price-to-earnings ratio of 14.41 and a beta of 0.77. The company has a quick ratio of 0.95, a current ratio of 0.95 and a debt-to-equity ratio of 0.23. Independent Bank has a 52-week low of $45.11 and a 52-week high of $77.23. The stock’s fifty day simple moving average is $66.46 and its 200-day simple moving average is $65.62.

Independent Bank (NASDAQ:INDB) last issued its quarterly earnings results on Thursday, January 16th. The bank reported $1.21 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.16 by $0.05. Independent Bank had a return on equity of 6.57% and a net margin of 19.58%. Equities research analysts expect that Independent Bank will post 5.41 EPS for the current year.

Insider Buying and Selling at Independent Bank

In other news, Director Donna L. Abelli sold 640 shares of the firm’s stock in a transaction on Tuesday, February 11th. The shares were sold at an average price of $70.03, for a total value of $44,819.20. Following the transaction, the director now owns 12,516 shares of the company’s stock, valued at approximately $876,495.48. This trade represents a 4.86 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. 0.87% of the stock is currently owned by corporate insiders.

Institutional Trading of Independent Bank

A number of institutional investors have recently added to or reduced their stakes in INDB. Connor Clark & Lunn Investment Management Ltd. acquired a new position in shares of Independent Bank during the third quarter worth about $222,000. Intech Investment Management LLC lifted its position in Independent Bank by 60.3% during the 3rd quarter. Intech Investment Management LLC now owns 26,231 shares of the bank’s stock worth $1,551,000 after acquiring an additional 9,871 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its holdings in Independent Bank by 4.6% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 523,659 shares of the bank’s stock worth $30,964,000 after acquiring an additional 22,919 shares during the period. Citigroup Inc. grew its position in Independent Bank by 3.2% in the third quarter. Citigroup Inc. now owns 83,159 shares of the bank’s stock valued at $4,917,000 after acquiring an additional 2,585 shares in the last quarter. Finally, Cerity Partners LLC raised its stake in shares of Independent Bank by 46.0% during the third quarter. Cerity Partners LLC now owns 15,248 shares of the bank’s stock valued at $902,000 after purchasing an additional 4,805 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.