Independent Bank (NASDAQ:INDB) Stock Rating Lowered by StockNews.com

Independent Bank (NASDAQ:INDB – Get Rating) was downgraded by stock analysts at StockNews.com from a “hold” rating to a “sell” rating in a research note issued on Friday.

Several other brokerages also recently weighed in on INDB. Keefe, Bruyette & Woods downgraded Independent Bank from an “outperform” rating to a “market perform” rating and set a $100.00 target price on the stock. in a research note on Monday, December 12th. Raymond James initiated coverage on shares of Independent Bank in a research note on Tuesday, December 20th. They set a “market perform” rating on the stock.

Independent Bank Price Performance

Independent Bank stock opened at $70.59 on Friday. Independent Bank has a 1 year low of $67.61 and a 1 year high of $91.65. The firm has a 50 day moving average price of $79.54 and a 200 day moving average price of $81.62. The company has a market cap of $3.18 billion, a price-to-earnings ratio of 12.38 and a beta of 0.83. The company has a debt-to-equity ratio of 0.04, a quick ratio of 0.89 and a current ratio of 0.89.

Insider Transactions at Independent Bank

In related news, CEO Christopher Oddleifson sold 1,200 shares of the firm’s stock in a transaction that occurred on Monday, January 30th. The shares were sold at an average price of $77.80, for a total transaction of $93,360.00. Following the completion of the sale, the chief executive officer now directly owns 95,817 shares in the company, valued at $7,454,562.60. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. 1.02% of the stock is currently owned by insiders.

Institutional Trading of Independent Bank

A number of institutional investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. lifted its stake in shares of Independent Bank by 4.1% in the first quarter. Vanguard Group Inc. now owns 5,422,075 shares of the bank’s stock worth $442,929,000 after buying an additional 215,685 shares during the last quarter. State Street Corp increased its position in Independent Bank by 2.4% during the first quarter. State Street Corp now owns 2,325,701 shares of the bank’s stock worth $191,187,000 after acquiring an additional 54,624 shares during the period. Morgan Stanley increased its position in Independent Bank by 251.3% during the fourth quarter. Morgan Stanley now owns 961,843 shares of the bank’s stock worth $81,208,000 after acquiring an additional 688,062 shares during the period. Geode Capital Management LLC increased its position in Independent Bank by 2.6% during the fourth quarter. Geode Capital Management LLC now owns 872,644 shares of the bank’s stock worth $73,677,000 after acquiring an additional 22,220 shares during the period. Finally, Macquarie Group Ltd. increased its holdings in Independent Bank by 2.6% in the 4th quarter. Macquarie Group Ltd. now owns 795,430 shares of the bank’s stock valued at $67,158,000 after buying an additional 20,507 shares during the period. 81.28% of the stock is currently owned by institutional investors and hedge funds.

About Independent Bank

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Independent Bank Corp. operates as a bank holding company. The company provides commercial banking, retail banking, and wealth management services and is engaged in the sale of retail investments and insurance products in Massachusetts. It offers deposit products, including demand deposits, interest checking, money market accounts, savings accounts, and time certificates of deposit.