Independent Bank (NASDAQ:INDB) Stock Rating Upgraded by BidaskClub

Independent Bank (NASDAQ:INDB) was upgraded by stock analysts at BidaskClub from a “strong sell” rating to a “sell” rating in a note issued to investors on Saturday, June 22nd, BidAskClub reports.

Several other equities analysts have also issued reports on the stock. ValuEngine upgraded shares of YY from a “sell” rating to a “hold” rating in a report on Friday, June 7th. Zacks Investment Research upgraded shares of Green Brick Partners from a “sell” rating to a “hold” rating in a report on Thursday, April 25th. Finally, Sandler O’Neill upgraded shares of Independent Bank from a “hold” rating to a “buy” rating in a report on Wednesday, April 3rd. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and two have assigned a buy rating to the stock. The company currently has a consensus rating of “Hold” and a consensus target price of $86.00.

Shares of Independent Bank stock traded down $0.96 during trading on Friday, hitting $73.36. The company’s stock had a trading volume of 148,422 shares, compared to its average volume of 120,483. The stock has a market capitalization of $2.52 billion, a PE ratio of 15.64 and a beta of 1.14. The company has a debt-to-equity ratio of 0.28, a quick ratio of 0.97 and a current ratio of 0.97. Independent Bank has a 52 week low of $66.12 and a 52 week high of $95.00. The firm’s 50-day moving average is $73.25.

Independent Bank (NASDAQ:INDB) last released its earnings results on Thursday, April 18th. The bank reported $1.30 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.33 by ($0.03). The firm had revenue of $104.06 million during the quarter, compared to analyst estimates of $106.30 million. Independent Bank had a net margin of 29.95% and a return on equity of 13.38%. Analysts predict that Independent Bank will post 5.5 EPS for the current fiscal year.

In related news, Director Donna L. Abelli sold 800 shares of the company’s stock in a transaction dated Friday, April 26th. The shares were sold at an average price of $80.00, for a total value of $64,000.00. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, President Gerard F. Nadeau sold 1,215 shares of the company’s stock in a transaction dated Tuesday, April 30th. The stock was sold at an average price of $80.27, for a total transaction of $97,528.05. Following the completion of the sale, the president now owns 17,791 shares in the company, valued at approximately $1,428,083.57. The disclosure for this sale can be found here. Insiders have sold 7,727 shares of company stock worth $603,916 in the last quarter. Company insiders own 1.60% of the company’s stock.

Several institutional investors and hedge funds have recently bought and sold shares of the stock. PNC Financial Services Group Inc. raised its holdings in shares of Independent Bank by 16.1% in the 4th quarter. PNC Financial Services Group Inc. now owns 1,155 shares of the bank’s stock worth $81,000 after acquiring an additional 160 shares during the last quarter. Amalgamated Bank grew its position in Independent Bank by 5.2% in the 4th quarter. Amalgamated Bank now owns 3,933 shares of the bank’s stock worth $277,000 after purchasing an additional 195 shares in the last quarter. Oregon Public Employees Retirement Fund grew its position in Independent Bank by 1.8% in the 1st quarter. Oregon Public Employees Retirement Fund now owns 10,875 shares of the bank’s stock worth $881,000 after purchasing an additional 196 shares in the last quarter. Bank of Montreal Can grew its position in Independent Bank by 7.8% in the 4th quarter. Bank of Montreal Can now owns 2,716 shares of the bank’s stock worth $190,000 after purchasing an additional 197 shares in the last quarter. Finally, Strs Ohio grew its position in Independent Bank by 40.0% in the 1st quarter. Strs Ohio now owns 700 shares of the bank’s stock worth $56,000 after purchasing an additional 200 shares in the last quarter. Institutional investors own 70.75% of the company’s stock.

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 primarily in Massachusetts. Its products and services include demand deposits and time certificates of deposit, as well as checking, money market, and savings accounts.

Read More: Price-Sales Ratio

Receive News & Ratings for Independent Bank Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Independent Bank and related companies with MarketBeat.com's FREE daily email newsletter.