Independent Bank (NASDAQ:INDB) Rating Increased to Hold at StockNews.com

StockNews.com upgraded shares of Independent Bank (NASDAQ:INDB) from a sell rating to a hold rating in a research report released on Saturday morning.

A number of other brokerages have also weighed in on INDB. Raymond James reiterated a “strong-buy” rating and set a $78.00 target price (up previously from $74.00) on shares of Independent Bank in a research note on Tuesday, January 21st. Keefe, Bruyette & Woods dropped their target price on Independent Bank from $82.00 to $80.00 and set a “market perform” rating for the company in a report on Tuesday, January 21st.

Independent Bank Stock Up 3.7 %

INDB opened at $63.66 on Friday. The company has a current ratio of 0.95, a quick ratio of 0.95 and a debt-to-equity ratio of 0.23. The stock’s fifty day simple moving average is $66.20 and its 200 day simple moving average is $65.51. Independent Bank has a 1-year low of $45.11 and a 1-year high of $77.23. The stock has a market cap of $2.71 billion, a PE ratio of 14.08 and a beta of 0.77.

Independent Bank (NASDAQ:INDB) last posted its earnings results on Thursday, January 16th. The bank reported $1.21 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.16 by $0.05. Independent Bank had a net margin of 19.58% and a return on equity of 6.57%. As a group, research analysts expect that Independent Bank will post 5.41 earnings per share for the current year.

Insider Activity

In other Independent Bank news, Director Donna L. Abelli sold 640 shares of the firm’s stock in a transaction on Tuesday, February 11th. The stock was sold at an average price of $70.03, for a total transaction of $44,819.20. Following the transaction, the director now owns 12,516 shares in the company, valued at $876,495.48. This trade represents a 4.86 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 0.97% of the stock is owned by company insiders.

Institutional Trading of Independent Bank

Institutional investors have recently modified their holdings of the stock. Venturi Wealth Management LLC acquired a new position in Independent Bank in the fourth quarter valued at about $62,000. Smartleaf Asset Management LLC increased its holdings in Independent Bank by 105.4% in the 4th quarter. Smartleaf Asset Management LLC now owns 1,056 shares of the bank’s stock valued at $68,000 after buying an additional 542 shares during the period. Sterling Capital Management LLC raised its position in shares of Independent Bank by 810.2% in the 4th quarter. Sterling Capital Management LLC now owns 1,338 shares of the bank’s stock valued at $86,000 after buying an additional 1,191 shares in the last quarter. KBC Group NV lifted its holdings in shares of Independent Bank by 34.5% during the 4th quarter. KBC Group NV now owns 1,911 shares of the bank’s stock worth $123,000 after acquiring an additional 490 shares during the period. Finally, ST Germain D J Co. Inc. boosted its position in shares of Independent Bank by 364.9% during the 4th quarter. ST Germain D J Co. Inc. now owns 2,213 shares of the bank’s stock worth $142,000 after acquiring an additional 1,737 shares in the last quarter. 83.40% of the stock is currently owned by institutional investors.

About Independent Bank

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 in the United States. The company provides interest checking, money market, and savings accounts, as well as demand deposits and time certificates of deposit.