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

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

INDB has been the subject of a number of other research reports. Keefe, Bruyette & Woods dropped their price target on Independent Bank from $82.00 to $80.00 and set a “market perform” rating for the company in a research note on Tuesday, January 21st. Raymond James reaffirmed a “strong-buy” rating and issued a $78.00 target price (up from $74.00) on shares of Independent Bank in a research report on Tuesday, January 21st.

Independent Bank Price Performance

Shares of Independent Bank stock opened at $55.84 on Friday. The company has a debt-to-equity ratio of 0.23, a current ratio of 0.95 and a quick ratio of 0.95. Independent Bank has a one year low of $45.11 and a one year high of $77.23. The business’s 50 day simple moving average is $62.66 and its two-hundred day simple moving average is $65.29. The stock has a market capitalization of $2.38 billion, a P/E ratio of 12.35 and a beta of 0.84.

Independent Bank (NASDAQ:INDB) last announced its quarterly earnings results on Thursday, April 17th. The bank reported $1.06 earnings per share for the quarter, missing the consensus estimate of $1.18 by ($0.12). The firm had revenue of $178.04 million for the quarter, compared to analysts’ expectations of $175.03 million. Independent Bank had a net margin of 19.58% and a return on equity of 6.57%. Analysts forecast that Independent Bank will post 5.41 EPS for the current year.

Insider Buying and Selling

In other Independent Bank news, Director Donna L. Abelli sold 640 shares of the firm’s stock in a transaction that occurred on Tuesday, February 11th. The shares were sold at an average price of $70.03, for a total transaction of $44,819.20. Following the completion of 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 ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 0.81% of the stock is owned by company insiders.

Institutional Trading of Independent Bank

Hedge funds have recently made changes to their positions in the stock. Wealth Enhancement Advisory Services LLC raised its stake in Independent Bank by 9.0% during the first quarter. Wealth Enhancement Advisory Services LLC now owns 25,359 shares of the bank’s stock valued at $1,589,000 after buying an additional 2,092 shares during the last quarter. SG Americas Securities LLC raised its position in shares of Independent Bank by 215.0% in the 1st quarter. SG Americas Securities LLC now owns 5,739 shares of the bank’s stock worth $360,000 after purchasing an additional 3,917 shares during the last quarter. GAMMA Investing LLC boosted its stake in Independent Bank by 156.9% in the 1st quarter. GAMMA Investing LLC now owns 429 shares of the bank’s stock worth $27,000 after purchasing an additional 262 shares in the last quarter. Vest Financial LLC purchased a new stake in Independent Bank during the 1st quarter valued at about $795,000. Finally, Jefferies Financial Group Inc. bought a new stake in Independent Bank during the 4th quarter valued at about $2,157,000. 83.40% of the stock is owned by institutional investors.

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.