Independent Bank (NASDAQ:INDB) Downgraded by BidaskClub to “Strong Sell”

Independent Bank (NASDAQ:INDB) was downgraded by analysts at BidaskClub from a “sell” rating to a “strong sell” rating in a report released on Tuesday, BidAskClub reports.

Other analysts also recently issued research reports about the company. G.Research reiterated a “hold” rating on shares of Independent Bank in a research report on Monday, December 9th. ValuEngine cut shares of Independent Bank from a “hold” rating to a “sell” rating in a research report on Friday, January 10th. Zacks Investment Research raised shares of Independent Bank from a “sell” rating to a “hold” rating in a research note on Saturday, January 4th. Finally, Gabelli initiated coverage on shares of Independent Bank in a research note on Monday, December 9th. They issued a “hold” rating and a $98.00 target price on the stock. Two investment analysts have rated the stock with a sell rating, four have given a hold rating and two have given a buy rating to the company. The company has an average rating of “Hold” and an average price target of $87.33.

Shares of Independent Bank stock traded up $0.91 during trading on Tuesday, hitting $81.17. The stock had a trading volume of 1,794 shares, compared to its average volume of 143,218. The company has a current ratio of 0.98, a quick ratio of 0.97 and a debt-to-equity ratio of 0.17. Independent Bank has a 12 month low of $62.33 and a 12 month high of $87.64. The firm has a market cap of $2.80 billion, a price-to-earnings ratio of 17.28, a P/E/G ratio of 2.38 and a beta of 1.20. The business’s 50-day moving average is $83.72 and its 200 day moving average is $77.49.

Independent Bank (NASDAQ:INDB) last posted its earnings results on Thursday, October 17th. The bank reported $1.49 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $1.40 by $0.09. The business had revenue of $136.41 million during the quarter. Independent Bank had a return on equity of 12.60% and a net margin of 28.03%. As a group, equities analysts expect that Independent Bank will post 5.62 EPS for the current year.

In related news, Director William M. Parent sold 22,500 shares of the firm’s stock in a transaction that occurred on Friday, October 18th. The shares were sold at an average price of $80.00, for a total value of $1,800,000.00. Following the sale, the director now directly owns 25,557 shares of the company’s stock, valued at $2,044,560. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, President Gerard F. Nadeau sold 1,449 shares of the firm’s stock in a transaction that occurred on Friday, December 13th. The shares were sold at an average price of $84.55, for a total transaction of $122,512.95. Following the completion of the sale, the president now directly owns 16,342 shares in the company, valued at $1,381,716.10. The disclosure for this sale can be found here. Insiders sold 47,873 shares of company stock worth $3,930,442 over the last ninety days. 1.60% of the stock is currently owned by insiders.

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Price T Rowe Associates Inc. MD boosted its stake in shares of Independent Bank by 4,551.1% in the 2nd quarter. Price T Rowe Associates Inc. MD now owns 865,621 shares of the bank’s stock valued at $65,917,000 after purchasing an additional 847,010 shares in the last quarter. BlackRock Inc. boosted its position in Independent Bank by 9.9% during the second quarter. BlackRock Inc. now owns 4,988,765 shares of the bank’s stock valued at $379,894,000 after buying an additional 450,532 shares during the period. Vanguard Group Inc. grew its stake in shares of Independent Bank by 13.3% during the second quarter. Vanguard Group Inc. now owns 3,500,059 shares of the bank’s stock valued at $266,529,000 after buying an additional 409,987 shares during the last quarter. Nuveen Asset Management LLC purchased a new position in shares of Independent Bank in the second quarter worth about $13,928,000. Finally, Morgan Stanley increased its holdings in shares of Independent Bank by 644.9% in the second quarter. Morgan Stanley now owns 164,964 shares of the bank’s stock worth $12,562,000 after buying an additional 142,817 shares during the period. 78.63% of the stock is currently owned by institutional investors and hedge funds.

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 primarily in Massachusetts. Its products and services include demand deposits and time certificates of deposit, as well as checking, money market, and savings accounts.

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Analyst Recommendations for Independent Bank (NASDAQ:INDB)

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