Independent Bank Corp. (NASDAQ:INDB) Downgraded to “Hold” at Zacks Investment Research

Zacks Investment Research lowered shares of Independent Bank Corp. (NASDAQ:INDB) from a buy rating to a hold rating in a research report released on Monday, September 4th.

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. “

Other equities research analysts also recently issued reports about the company. Keefe, Bruyette & Woods reiterated a hold rating and issued a $71.00 target price on shares of Independent Bank Corp. in a report on Wednesday, June 28th. BidaskClub downgraded Independent Bank Corp. from a buy rating to a hold rating in a report on Wednesday, June 21st. Compass Point raised Independent Bank Corp. from a neutral rating to a buy rating and set a $72.00 price objective for the company in a research note on Friday, July 21st. Piper Jaffray Companies started coverage on Independent Bank Corp. in a research note on Monday, May 15th. They issued a neutral rating and a $63.00 price objective for the company. Finally, Sandler O’Neill raised Independent Bank Corp. from a sell rating to a hold rating in a research note on Monday, May 15th. Five equities research analysts have rated the stock with a hold rating and one has assigned a buy rating to the company. Independent Bank Corp. has an average rating of Hold and a consensus target price of $70.25.

Shares of Independent Bank Corp. (INDB) traded up 0.35% on Monday, hitting $71.45. 110,293 shares of the company’s stock traded hands. The firm’s 50-day moving average price is $69.35 and its 200 day moving average price is $65.81. The company has a market cap of $1.96 billion, a price-to-earnings ratio of 24.29 and a beta of 1.00. Independent Bank Corp. has a 1-year low of $47.50 and a 1-year high of $73.15.

Independent Bank Corp. (NASDAQ:INDB) last issued its quarterly earnings data on Thursday, July 20th. The bank reported $0.82 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.81 by $0.01. The company had revenue of $85.15 million during the quarter, compared to the consensus estimate of $85.20 million. Independent Bank Corp. had a return on equity of 9.70% and a net margin of 23.17%. During the same period last year, the company earned $0.78 earnings per share. On average, equities research analysts expect that Independent Bank Corp. will post $3.33 earnings per share for the current year.

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In other Independent Bank Corp. news, insider Gerard F. Nadeau sold 5,193 shares of the business’s stock in a transaction on Monday, July 31st. The stock was sold at an average price of $71.75, for a total value of $372,597.75. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Christopher Oddleifson sold 1,750 shares of the business’s stock in a transaction on Wednesday, July 26th. The stock was sold at an average price of $72.02, for a total value of $126,035.00. Following the completion of the transaction, the insider now directly owns 92,143 shares in the company, valued at approximately $6,636,138.86. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 8,443 shares of company stock worth $607,108. 2.67% of the stock is owned by insiders.

Several institutional investors and hedge funds have recently modified their holdings of INDB. Teachers Advisors LLC raised its stake in shares of Independent Bank Corp. by 4.2% in the fourth quarter. Teachers Advisors LLC now owns 42,451 shares of the bank’s stock valued at $2,991,000 after buying an additional 1,710 shares during the period. Bank of Montreal Can raised its stake in shares of Independent Bank Corp. by 42.1% in the first quarter. Bank of Montreal Can now owns 3,036 shares of the bank’s stock valued at $197,000 after buying an additional 899 shares during the period. Louisiana State Employees Retirement System raised its stake in shares of Independent Bank Corp. by 0.9% in the first quarter. Louisiana State Employees Retirement System now owns 11,000 shares of the bank’s stock valued at $715,000 after buying an additional 100 shares during the period. State of Alaska Department of Revenue raised its stake in shares of Independent Bank Corp. by 2.4% in the first quarter. State of Alaska Department of Revenue now owns 3,000 shares of the bank’s stock valued at $195,000 after buying an additional 70 shares during the period. Finally, Jennison Associates LLC bought a new stake in shares of Independent Bank Corp. in the first quarter valued at $264,000. Hedge funds and other 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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