Independent Bank (NASDAQ:INDB) Cut to Strong Sell at BidaskClub

BidaskClub downgraded shares of Independent Bank (NASDAQ:INDB) from a sell rating to a strong sell rating in a research note released on Tuesday, BidAskClub reports.

Several other equities analysts have also commented on the company. ValuEngine lowered Independent Bank from a hold rating to a sell rating in a research report on Friday, January 10th. Gabelli assumed coverage on shares of Independent Bank in a research report on Monday, December 9th. They issued a hold rating and a $98.00 price objective for the company. G.Research reissued a hold rating on shares of Independent Bank in a research report on Monday, December 9th. Finally, Zacks Investment Research raised shares of Independent Bank from a sell rating to a hold rating in a report on Saturday, January 4th. Two research analysts have rated the stock with a sell rating, four have given a hold rating and two have assigned a buy rating to the stock. Independent Bank currently has an average rating of Hold and an average price target of $87.33.

NASDAQ:INDB traded down $1.42 during mid-day trading on Tuesday, hitting $80.05. The company had a trading volume of 334,190 shares, compared to its average volume of 160,599. The business has a fifty day simple moving average of $83.66 and a 200-day simple moving average of $77.52. The company has a current ratio of 0.98, a quick ratio of 0.97 and a debt-to-equity ratio of 0.17. Independent Bank has a 1 year low of $62.33 and a 1 year high of $87.64. The firm has a market capitalization of $2.80 billion, a price-to-earnings ratio of 17.07, a PEG ratio of 2.38 and a beta of 1.20.

Independent Bank (NASDAQ:INDB) last issued its earnings results on Thursday, October 17th. The bank reported $1.49 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $1.40 by $0.09. Independent Bank had a return on equity of 12.60% and a net margin of 28.03%. The company had revenue of $136.41 million during the quarter. As a group, research analysts anticipate that Independent Bank will post 5.62 earnings per share for the current year.

The firm also recently disclosed a quarterly dividend, which was paid on Friday, January 10th. Shareholders of record on Monday, December 30th were issued a dividend of $0.44 per share. The ex-dividend date of this dividend was Friday, December 27th. This represents a $1.76 annualized dividend and a yield of 2.20%. Independent Bank’s dividend payout ratio is presently 37.53%.

In other Independent Bank news, Director William M. Parent sold 9,831 shares of the firm’s stock in a transaction on Monday, December 2nd. The shares were sold at an average price of $83.54, for a total transaction of $821,281.74. Following the completion of the transaction, the director now directly owns 20,058 shares of the company’s stock, valued at approximately $1,675,645.32. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Thomas R. Venables sold 1,280 shares of the firm’s stock in a transaction on Wednesday, October 23rd. The stock was sold at an average price of $82.50, for a total transaction of $105,600.00. Following the transaction, the director now directly owns 21,377 shares of the company’s stock, valued at $1,763,602.50. The disclosure for this sale can be found here. Insiders have sold a total of 25,373 shares of company stock worth $2,130,442 over the last 90 days. 1.60% of the stock is owned by company insiders.

Hedge funds have recently modified their holdings of the company. Toronto Dominion Bank bought a new stake in shares of Independent Bank in the 2nd quarter valued at approximately $27,000. Doyle Wealth Management acquired a new position in Independent Bank in the second quarter worth $29,000. Public Employees Retirement System of Ohio increased its stake in Independent Bank by 51.3% during the third quarter. Public Employees Retirement System of Ohio now owns 410 shares of the bank’s stock valued at $31,000 after purchasing an additional 139 shares during the last quarter. Point72 Asset Management L.P. bought a new stake in Independent Bank during the second quarter valued at $38,000. Finally, Tower Research Capital LLC TRC increased its stake in Independent Bank by 704.3% during the third quarter. Tower Research Capital LLC TRC now owns 1,303 shares of the bank’s stock valued at $97,000 after purchasing an additional 1,141 shares during the last quarter. 78.63% of the stock is currently owned by institutional investors and hedge funds.

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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Analyst Recommendations for Independent Bank (NASDAQ:INDB)

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