A number of other research analysts have also commented on the company. Zacks Investment Research lowered Independent Bank from a hold rating to a strong sell rating in a report on Friday, July 26th. ValuEngine lowered Independent Bank from a hold rating to a sell rating in a report on Thursday, August 1st. Compass Point raised Independent Bank from a neutral rating to a buy rating and increased their price objective for the company from $77.00 to $83.00 in a report on Friday, July 19th. Finally, DA Davidson reissued a neutral rating on shares of Independent Bank in a report on Monday, July 22nd. Three analysts have rated the stock with a sell rating, one has given a hold rating and two have given a buy rating to the stock. The company presently has an average rating of Hold and an average target price of $84.33.
INDB opened at $71.43 on Friday. The company has a debt-to-equity ratio of 0.31, a current ratio of 0.99 and a quick ratio of 0.98. The stock has a market cap of $2.45 billion, a P/E ratio of 15.23 and a beta of 1.13. The business’s 50-day moving average price is $74.25. Independent Bank has a fifty-two week low of $66.12 and a fifty-two week high of $92.75.
Independent Bank (NASDAQ:INDB) last issued its quarterly earnings data on Thursday, July 18th. The bank reported $1.42 EPS for the quarter, beating the Zacks’ consensus estimate of $1.33 by $0.09. The business had revenue of $134.67 million for the quarter, compared to analyst estimates of $129.20 million. Independent Bank had a return on equity of 12.99% and a net margin of 26.75%. Equities analysts forecast that Independent Bank will post 5.45 earnings per share for the current year.
In other news, Director Daniel F. Obrien sold 1,712 shares of the stock in a transaction dated Wednesday, May 29th. The stock was sold at an average price of $72.75, for a total transaction of $124,548.00. Following the transaction, the director now owns 21,492 shares of the company’s stock, valued at approximately $1,563,543. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Corporate insiders own 1.60% of the company’s stock.
A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Raymond James & Associates boosted its stake in Independent Bank by 7.8% during the fourth quarter. Raymond James & Associates now owns 3,394 shares of the bank’s stock worth $239,000 after buying an additional 245 shares during the period. Bank of America Corp DE boosted its stake in Independent Bank by 64.8% during the fourth quarter. Bank of America Corp DE now owns 126,671 shares of the bank’s stock worth $8,906,000 after buying an additional 49,811 shares during the period. Amalgamated Bank boosted its stake in Independent Bank by 5.2% during the fourth quarter. Amalgamated Bank now owns 3,933 shares of the bank’s stock worth $277,000 after buying an additional 195 shares during the period. FMR LLC boosted its stake in Independent Bank by 34.0% during the fourth quarter. FMR LLC now owns 723,649 shares of the bank’s stock worth $50,879,000 after buying an additional 183,447 shares during the period. Finally, Norges Bank purchased a new position in Independent Bank during the fourth quarter worth about $8,050,000. 70.55% of the stock is currently 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 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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