Independent Bank (NASDAQ:INDB) Rating Increased to Hold at StockNews.com

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

Several other equities research analysts have also recently commented on the stock. Keefe, Bruyette & Woods lowered their price target on shares of Independent Bank from $82.00 to $80.00 and set a “market perform” rating for the company in a research report on Tuesday, January 21st. Raymond James reaffirmed a “strong-buy” rating and set a $78.00 target price (up previously from $74.00) on shares of Independent Bank in a report on Tuesday, January 21st.

Independent Bank Stock Up 3.3 %

Shares of INDB opened at $65.15 on Tuesday. The business’s fifty day moving average price is $66.42 and its two-hundred day moving average price is $65.59. The firm has a market capitalization of $2.78 billion, a price-to-earnings ratio of 14.41 and a beta of 0.77. Independent Bank has a 52 week low of $45.11 and a 52 week high of $77.23. The company has a debt-to-equity ratio of 0.23, a quick ratio of 0.95 and a current ratio of 0.95.

Independent Bank (NASDAQ:INDB) last posted its quarterly earnings results on Thursday, January 16th. The bank reported $1.21 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.16 by $0.05. Independent Bank had a return on equity of 6.57% and a net margin of 19.58%. On average, analysts predict that Independent Bank will post 5.41 earnings per share for the current year.

Insider Activity

In other news, Director Donna L. Abelli sold 640 shares of the business’s stock in a transaction on Tuesday, February 11th. The shares were sold at an average price of $70.03, for a total value of $44,819.20. Following the completion of the transaction, the director now owns 12,516 shares of the company’s stock, valued at $876,495.48. The trade was a 4.86 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.87% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in INDB. Venturi Wealth Management LLC bought a new stake in shares of Independent Bank in the fourth quarter worth about $62,000. Smartleaf Asset Management LLC grew its position in shares of Independent Bank by 105.4% in the 4th quarter. Smartleaf Asset Management LLC now owns 1,056 shares of the bank’s stock valued at $68,000 after purchasing an additional 542 shares during the period. Sterling Capital Management LLC increased its stake in Independent Bank by 810.2% during the 4th quarter. Sterling Capital Management LLC now owns 1,338 shares of the bank’s stock worth $86,000 after purchasing an additional 1,191 shares in the last quarter. KBC Group NV increased its stake in Independent Bank by 34.5% during the 4th quarter. KBC Group NV now owns 1,911 shares of the bank’s stock worth $123,000 after purchasing an additional 490 shares in the last quarter. Finally, ST Germain D J Co. Inc. raised its holdings in Independent Bank by 364.9% during the 4th quarter. ST Germain D J Co. Inc. now owns 2,213 shares of the bank’s stock worth $142,000 after buying an additional 1,737 shares during the period. 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.