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.
ILLEGAL ACTIVITY NOTICE: This report was first reported by BBNS and is the property of of BBNS. If you are accessing this report on another website, it was copied illegally and reposted in violation of US & international trademark & copyright legislation. The original version of this report can be accessed at https://baseballnewssource.com/markets/independent-bank-corp-indb-cut-to-sell-at-zacks-investment-research/1736129.html.
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.
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for Independent Bank Corp. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Independent Bank Corp. and related companies with our FREE daily email newsletter.