Independent Bank (NASDAQ:INDB) Stock Lifted to Strong-Buy by Piper Sandler

Independent Bank (NASDAQ:INDB) was upgraded by equities research analysts at Piper Sandler from a “hold” rating to a “strong-buy” rating in a research report issued on Friday, Zacks reports.

Other equities research analysts also recently issued reports about the company. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Independent Bank in a report on Wednesday, August 5th. Keefe, Bruyette & Woods cut their target price on Independent Bank from $99.00 to $96.00 and set an “outperform” rating for the company in a research report on Monday, July 20th. Two analysts have rated the stock with a Strong Buy rating, four have issued a Buy rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the company has a consensus rating of “Buy” and a consensus price target of $91.86.

Independent Bank Trading Up 1.4%

Shares of Independent Bank stock opened at $80.06 on Friday. Independent Bank has a 52-week low of $63.33 and a 52-week high of $87.50. The firm has a market capitalization of $3.79 billion, a PE ratio of 14.45 and a beta of 0.78. The company has a debt-to-equity ratio of 0.20, a current ratio of 0.94 and a quick ratio of 0.94. The company’s fifty day moving average price is $82.89 and its two-hundred day moving average price is $80.84.

Independent Bank (NASDAQ:INDB) last issued its earnings results on Thursday, July 16th. The bank reported $1.70 earnings per share for the quarter, missing the consensus estimate of $1.79 by ($0.09). The business had revenue of $253.32 million for the quarter, compared to analyst estimates of $257.50 million. Independent Bank had a net margin of 20.31% and a return on equity of 9.19%. On average, analysts expect that Independent Bank will post 7.14 EPS for the current year.

Insider Activity at Independent Bank

In related news, Director Thomas R. Venables sold 3,750 shares of the firm’s stock in a transaction on Tuesday, August 25th. The stock was sold at an average price of $83.00, for a total transaction of $311,250.00. Following the completion of the sale, the director directly owned 17,649 shares of the company’s stock, valued at $1,464,867. This trade represents a 17.52% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Gerard F. Nadeau sold 5,307 shares of Independent Bank stock in a transaction on Monday, August 3rd. The shares were sold at an average price of $84.69, for a total value of $449,449.83. Following the completion of the transaction, the director owned 16,907 shares of the company’s stock, valued at approximately $1,431,853.83. The trade was a 23.89% decrease in their position. The SEC filing for this sale provides additional information. Company insiders own 1.60% of the company’s stock.

Institutional Trading of Independent Bank

Several large investors have recently made changes to their positions in the business. BlackRock Inc. acquired a new stake in shares of Independent Bank in the second quarter valued at $584,333,000. Geode Capital Management LLC lifted its position in Independent Bank by 1.7% during the 4th quarter. Geode Capital Management LLC now owns 1,232,467 shares of the bank’s stock worth $90,082,000 after buying an additional 20,278 shares in the last quarter. Reinhart Partners LLC. lifted its position in Independent Bank by 1.3% during the 2nd quarter. Reinhart Partners LLC. now owns 657,871 shares of the bank’s stock worth $55,078,000 after buying an additional 8,575 shares in the last quarter. Norges Bank bought a new stake in Independent Bank during the 4th quarter worth about $46,117,000. Finally, Bank of America Corp DE increased its position in Independent Bank by 16.6% in the 1st quarter. Bank of America Corp DE now owns 592,665 shares of the bank’s stock valued at $44,574,000 after acquiring an additional 84,282 shares in the last quarter. Institutional investors own 83.40% of the company’s stock.

About Independent Bank

Independent Bank Corp. is the bank holding company for Rockland Trust Company, a full-service community bank headquartered in Rockland, Massachusetts. Through Rockland Trust, the company provides banking and financial services to individuals, families, businesses, nonprofits and municipalities.

Its products and services include checking and savings accounts, certificates of deposit, residential and commercial lending, home equity loans, mortgages, cash management, online and mobile banking, and other treasury management solutions.