Independent Bank (NASDAQ:INDB) Rating Lowered to Sell at StockNews.com

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

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

Independent Bank Price Performance

NASDAQ INDB opened at $62.11 on Tuesday. The business’s fifty day moving average is $60.10 and its 200 day moving average is $53.60. Independent Bank has a fifty-two week low of $44.63 and a fifty-two week high of $68.75. The company has a debt-to-equity ratio of 0.24, a quick ratio of 0.95 and a current ratio of 0.95. The company has a market capitalization of $2.64 billion, a PE ratio of 11.99 and a beta of 0.75.

Independent Bank (NASDAQ:INDB) last posted its quarterly earnings data on Thursday, July 18th. The bank reported $1.21 earnings per share for the quarter, beating analysts’ consensus estimates of $1.11 by $0.10. The firm had revenue of $244.19 million for the quarter, compared to analysts’ expectations of $169.07 million. Independent Bank had a return on equity of 7.41% and a net margin of 22.42%. During the same period in the previous year, the firm earned $1.42 EPS. Sell-side analysts predict that Independent Bank will post 4.75 earnings per share for the current year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in INDB. EntryPoint Capital LLC bought a new stake in shares of Independent Bank during the first quarter valued at approximately $47,000. Sachetta LLC bought a new stake in Independent Bank in the 4th quarter valued at $56,000. Innealta Capital LLC purchased a new stake in Independent Bank in the 2nd quarter worth $73,000. Vanguard Personalized Indexing Management LLC bought a new position in shares of Independent Bank during the 4th quarter valued at about $217,000. Finally, Profund Advisors LLC bought a new position in shares of Independent Bank during the 2nd quarter valued at about $229,000. 83.40% of the stock is currently owned by 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.