Zacks Investment Research cut shares of Independent Bank Corp. (NASDAQ:INDB) from a buy rating to a hold rating in a report issued on Monday.
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 a number of other research reports. BidaskClub upgraded shares of Independent Bank Corp. from a hold rating to a buy rating in a report on Tuesday, June 13th. Sandler O’Neill raised shares of Independent Bank Corp. from a sell rating to a hold rating in a research report on Monday, May 15th. Piper Jaffray Companies assumed coverage on shares of Independent Bank Corp. in a research report on Monday, May 15th. They set a neutral rating and a $63.00 target price on the stock. Compass Point raised shares of Independent Bank Corp. from a neutral rating to a buy rating and set a $72.00 target price on the stock in a research report on Friday, July 21st. Finally, Keefe, Bruyette & Woods reissued a hold rating and set a $71.00 target price on shares of Independent Bank Corp. in a research report on Wednesday, June 28th. Five investment analysts have rated the stock with a hold rating and one has given a buy rating to the company. Independent Bank Corp. currently has a consensus rating of Hold and a consensus target price of $70.25.
Shares of Independent Bank Corp. (NASDAQ INDB) traded down 1.00% during trading on Monday, hitting $69.05. 33,084 shares of the company traded hands. The company has a market capitalization of $1.89 billion, a price-to-earnings ratio of 23.48 and a beta of 1.00. Independent Bank Corp. has a 52 week low of $47.50 and a 52 week high of $73.15. The company has a 50 day moving average price of $69.40 and a 200 day moving average price of $65.46.
Independent Bank Corp. (NASDAQ:INDB) last announced its quarterly earnings data on Thursday, July 20th. The bank reported $0.82 earnings per share for the quarter, beating analysts’ consensus estimates of $0.81 by $0.01. Independent Bank Corp. had a net margin of 23.17% and a return on equity of 9.70%. The company had revenue of $85.15 million during the quarter, compared to analyst estimates of $85.20 million. During the same quarter last year, the business posted $0.78 EPS. On average, analysts expect that Independent Bank Corp. will post $3.33 earnings per share for the current year.
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In related news, Director Eileen C. Miskell sold 1,100 shares of Independent Bank Corp. stock in a transaction that occurred on Tuesday, July 25th. The shares were sold at an average price of $72.05, for a total value of $79,255.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Mark J. Ruggiero sold 400 shares of Independent Bank Corp. stock in a transaction that occurred on Tuesday, July 25th. The stock was sold at an average price of $73.05, for a total transaction of $29,220.00. Following the completion of the sale, the insider now owns 2,852 shares of the company’s stock, valued at $208,338.60. The disclosure for this sale can be found here. In the last ninety days, insiders sold 8,443 shares of company stock worth $607,108. Insiders own 2.67% of the company’s stock.
A number of hedge funds have recently added to or reduced their stakes in INDB. BlackRock Inc. boosted its stake in Independent Bank Corp. by 49,979.6% in the 1st quarter. BlackRock Inc. now owns 3,281,718 shares of the bank’s stock worth $213,310,000 after purchasing an additional 3,275,165 shares in the last quarter. Janus Henderson Group PLC acquired a new stake in Independent Bank Corp. in the 2nd quarter worth approximately $45,593,000. Denver Investment Advisors LLC acquired a new stake in Independent Bank Corp. in the 1st quarter worth approximately $12,268,000. Bank of New York Mellon Corp boosted its stake in Independent Bank Corp. by 26.8% in the 1st quarter. Bank of New York Mellon Corp now owns 555,720 shares of the bank’s stock worth $36,122,000 after purchasing an additional 117,428 shares in the last quarter. Finally, State Street Corp boosted its stake in Independent Bank Corp. by 15.2% in the 1st quarter. State Street Corp now owns 841,085 shares of the bank’s stock worth $54,681,000 after purchasing an additional 111,161 shares in the last quarter. Institutional investors own 76.45% of the company’s stock.
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.
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