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

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

Separately, Seaport Res Ptn upgraded shares of Independent Bank from a “hold” rating to a “strong-buy” rating in a report on Monday, July 22nd.

Independent Bank Stock Performance

INDB opened at $63.31 on Friday. The company has a debt-to-equity ratio of 0.24, a current ratio of 0.95 and a quick ratio of 0.95. The company has a market capitalization of $2.69 billion, a price-to-earnings ratio of 12.22 and a beta of 0.77. The business’s 50-day moving average price is $56.87 and its two-hundred day moving average price is $52.83. Independent Bank has a 1 year low of $44.63 and a 1 year high of $68.75.

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

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the stock. Goldman Sachs Group Inc. grew its stake in shares of Independent Bank by 5.3% in the fourth quarter. Goldman Sachs Group Inc. now owns 509,236 shares of the bank’s stock valued at $33,513,000 after buying an additional 25,664 shares in the last quarter. Quantbot Technologies LP bought a new stake in shares of Independent Bank in the 1st quarter valued at about $1,169,000. BNP Paribas Financial Markets raised its holdings in shares of Independent Bank by 89.8% in the 1st quarter. BNP Paribas Financial Markets now owns 23,769 shares of the bank’s stock valued at $1,236,000 after purchasing an additional 11,244 shares during the period. Edgestream Partners L.P. lifted its stake in Independent Bank by 462.0% in the 1st quarter. Edgestream Partners L.P. now owns 52,784 shares of the bank’s stock valued at $2,746,000 after purchasing an additional 43,391 shares during the last quarter. Finally, Virtu Financial LLC bought a new position in Independent Bank during the first quarter worth about $461,000. Institutional investors and hedge funds own 83.40% of the company’s stock.

Independent Bank Company Profile

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.