Independent Bank (NASDAQ:INDB) Upgraded at StockNews.com

StockNews.com upgraded shares of Independent Bank (NASDAQ:INDB) from a sell rating to a hold rating in a research report released on Saturday morning.

Several other equities analysts have also weighed in on the company. Keefe, Bruyette & Woods decreased their target price on 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 reissued a “strong-buy” rating and issued a $78.00 price objective (up previously from $74.00) on shares of Independent Bank in a report on Tuesday, January 21st.

Independent Bank Price Performance

Shares of NASDAQ:INDB opened at $64.13 on Friday. The company has a market capitalization of $2.73 billion, a P/E ratio of 14.19 and a beta of 0.77. The company’s 50-day moving average is $66.22 and its 200 day moving average is $65.53. 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 has a fifty-two week low of $45.11 and a fifty-two week high of $77.23.

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

Insider Buying and Selling at Independent Bank

In other Independent Bank news, Director Donna L. Abelli sold 640 shares of the firm’s stock in a transaction dated Tuesday, February 11th. The stock was 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 in the company, valued at $876,495.48. This trade represents a 4.86 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 0.87% of the company’s stock.

Institutional Investors Weigh In On Independent Bank

A number of institutional investors and hedge funds have recently modified their holdings of the company. Los Angeles Capital Management LLC purchased a new stake in Independent Bank in the 3rd quarter worth approximately $257,000. Entropy Technologies LP purchased a new stake in shares of Independent Bank in the third quarter worth $435,000. Empowered Funds LLC boosted its stake in Independent Bank by 5.4% during the third quarter. Empowered Funds LLC now owns 117,223 shares of the bank’s stock valued at $6,931,000 after buying an additional 5,974 shares during the period. LMR Partners LLP purchased a new position in Independent Bank during the third quarter worth about $351,000. Finally, Connor Clark & Lunn Investment Management Ltd. bought a new position in Independent Bank in the 3rd quarter worth about $222,000. 83.40% of the stock is owned by hedge funds and other 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.