Independent Bank (NASDAQ:INDB) Upgraded to “Buy” by Zacks Investment Research

Independent Bank (NASDAQ:INDBGet Rating) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report released on Wednesday, Zacks.com reports. The firm currently has a $88.00 price target on the bank’s stock. Zacks Investment Research‘s price target would indicate a potential upside of 14.78% from the company’s previous close.

According to Zacks, “Independent Bank Corp. is a bank holding company for Rockland Trust Company. They are a community-oriented commercial bank. The community banking business consists of commercial banking, retail banking and trust services and is managed as a single strategic unit. The community banking business derives its revenues from a wide range of banking services, including lending activities, acceptance of demand, savings and time deposits, trust and investment management, and mortgage servicing income from investors. “

Separately, StockNews.com started coverage on Independent Bank in a report on Thursday, March 31st. They issued a “hold” rating on the stock.

INDB stock opened at $76.67 on Wednesday. The company has a quick ratio of 0.93, a current ratio of 0.93 and a debt-to-equity ratio of 0.05. The company has a market cap of $3.63 billion, a PE ratio of 21.84 and a beta of 0.88. Independent Bank has a 52 week low of $68.14 and a 52 week high of $93.52. The business has a 50-day simple moving average of $82.29 and a 200 day simple moving average of $83.36.

Independent Bank (NASDAQ:INDBGet Rating) last released its quarterly earnings data on Thursday, April 21st. The bank reported $1.23 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $1.26 by ($0.03). Independent Bank had a net margin of 23.51% and a return on equity of 9.40%. During the same period last year, the company posted $1.26 earnings per share. On average, analysts anticipate that Independent Bank will post 4.93 EPS for the current fiscal year.

In related news, President Gerard F. Nadeau sold 1,500 shares of the stock in a transaction on Tuesday, March 15th. The stock was sold at an average price of $84.94, for a total value of $127,410.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Scott Smith sold 900 shares of the stock in a transaction on Tuesday, February 8th. The shares were sold at an average price of $86.10, for a total value of $77,490.00. The disclosure for this sale can be found here. Insiders have sold a total of 3,450 shares of company stock worth $289,425 over the last 90 days. Company insiders own 1.02% of the company’s stock.

Hedge funds and other institutional investors have recently modified their holdings of the business. Parallel Advisors LLC bought a new stake in shares of Independent Bank during the 4th quarter valued at about $28,000. Quadrant Capital Group LLC boosted its position in shares of Independent Bank by 851.0% during the 4th quarter. Quadrant Capital Group LLC now owns 485 shares of the bank’s stock valued at $40,000 after acquiring an additional 434 shares during the last quarter. Allworth Financial LP bought a new stake in shares of Independent Bank during the 3rd quarter valued at about $42,000. Signaturefd LLC bought a new stake in shares of Independent Bank during the 4th quarter valued at about $62,000. Finally, Point72 Hong Kong Ltd boosted its position in shares of Independent Bank by 104.6% during the 4th quarter. Point72 Hong Kong Ltd now owns 1,254 shares of the bank’s stock valued at $102,000 after acquiring an additional 641 shares during the last quarter. Institutional investors and hedge funds own 99.27% of the company’s stock.

About Independent Bank (Get Rating)

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 accepts interest checking, money market, and savings accounts, as well as demand deposits and time certificates of deposit.

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