Independent Bank Corp. (NASDAQ:INDB) Downgraded by Zacks Investment Research

Independent Bank Corp. (NASDAQ:INDB) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a note issued to investors on Wednesday, October 25th.

According to Zacks, “Independent Bank Corp. is a bank holding company for Rockland Trust Company. They are a community-oriented commercial bank. The community banking business consists of commercial banking, retail banking and trust services and is managed as a single strategic unit. The community banking business derives its revenues from a wide range of banking services, including lending activities, acceptance of demand, savings and time deposits, trust and investment management, and mortgage servicing income from investors. “

INDB has been the subject of several other reports. Compass Point downgraded Independent Bank Corp. from a “buy” rating to a “neutral” rating and set a $76.00 price objective for the company. in a research report on Wednesday, October 11th. They noted that the move was a valuation call. Keefe, Bruyette & Woods restated a “hold” rating and set a $73.00 price objective on shares of Independent Bank Corp. in a research report on Tuesday, October 3rd. One investment analyst has rated the stock with a sell rating and five have assigned a hold rating to the company. The stock currently has a consensus rating of “Hold” and a consensus target price of $73.00.

Shares of Independent Bank Corp. (NASDAQ INDB) opened at $68.85 on Wednesday. The company has a quick ratio of 0.95, a current ratio of 0.95 and a debt-to-equity ratio of 0.17. Independent Bank Corp. has a 52 week low of $57.20 and a 52 week high of $76.30. The firm has a market capitalization of $1,867.51, a price-to-earnings ratio of 21.07 and a beta of 0.98.

Independent Bank Corp. (NASDAQ:INDB) last posted its quarterly earnings results on Thursday, October 19th. The bank reported $0.87 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.91 by ($0.04). Independent Bank Corp. had a net margin of 23.48% and a return on equity of 9.76%. The company had revenue of $87.84 million for the quarter, compared to analyst estimates of $88.57 million. During the same quarter in the previous year, the business posted $0.78 earnings per share. Independent Bank Corp.’s revenue was up 12.5% on a year-over-year basis. equities research analysts predict that Independent Bank Corp. will post 3.41 EPS for the current year.

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In other Independent Bank Corp. news, Director Eileen C. Miskell sold 1,200 shares of the company’s stock in a transaction dated Wednesday, October 25th. The shares were sold at an average price of $71.27, for a total value of $85,524.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Robert D. Cozzone sold 3,250 shares of the company’s stock in a transaction dated Thursday, November 2nd. The shares were sold at an average price of $72.50, for a total transaction of $235,625.00. The disclosure for this sale can be found here. 2.67% of the stock is owned by insiders.

Large investors have recently bought and sold shares of the business. BlackRock Inc. raised its stake in shares of Independent Bank Corp. by 49,979.6% in the 1st quarter. BlackRock Inc. now owns 3,281,718 shares of the bank’s stock valued at $213,310,000 after purchasing an additional 3,275,165 shares in the last quarter. Janus Henderson Group PLC acquired a new stake in shares of Independent Bank Corp. in the 2nd quarter valued at about $45,593,000. State Street Corp raised its stake in shares of Independent Bank Corp. by 15.2% in the 1st quarter. State Street Corp now owns 841,085 shares of the bank’s stock valued at $54,681,000 after purchasing an additional 111,161 shares in the last quarter. Vanguard Group Inc. raised its stake in shares of Independent Bank Corp. by 4.3% in the 1st quarter. Vanguard Group Inc. now owns 2,362,266 shares of the bank’s stock valued at $153,548,000 after purchasing an additional 96,358 shares in the last quarter. Finally, Denver Investment Advisors LLC raised its stake in Independent Bank Corp. by 48.2% during the second quarter. Denver Investment Advisors LLC now owns 279,749 shares of the bank’s stock worth $18,645,000 after acquiring an additional 90,999 shares during the period. 76.33% of the stock is owned by institutional investors.

About Independent Bank Corp.

Independent Bank Corp. is a bank holding company. The Company operates through its subsidiary, Rockland Trust Company (the Bank). The Bank is a community-oriented commercial bank. Its community banking business provides a range of banking services, including lending activities, acceptance of demand, savings, and time deposits, and investment management.

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