Independent Bank (NASDAQ:INDB) Cut to Sell at StockNews.com

Independent Bank (NASDAQ:INDB - Get Free Report) was downgraded by research analysts at StockNews.com from a "hold" rating to a "sell" rating in a research note issued to investors on Saturday.

Several other equities research analysts also recently issued reports on the company. Keefe, Bruyette & Woods decreased their price target on Independent Bank from $80.00 to $72.00 and set a "market perform" rating for the company in a report on Monday, April 21st. Raymond James reiterated a "strong-buy" rating and issued a $78.00 target price (up previously from $74.00) on shares of Independent Bank in a research note on Tuesday, January 21st. Finally, Piper Sandler dropped their price target on shares of Independent Bank from $74.00 to $63.00 and set a "neutral" rating on the stock in a research report on Monday, April 21st. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and two have issued a strong buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average target price of $71.00.

Independent Bank Stock Performance

Shares of INDB stock opened at $58.04 on Friday. Independent Bank has a 12 month low of $45.11 and a 12 month high of $77.23. The firm has a market capitalization of $2.47 billion, a PE ratio of 12.84 and a beta of 0.84. The firm has a fifty day simple moving average of $61.48 and a two-hundred day simple moving average of $65.22. The company has a current ratio of 0.95, a quick ratio of 0.95 and a debt-to-equity ratio of 0.23.

Independent Bank (NASDAQ:INDB - Get Free Report) last posted its earnings results on Thursday, April 17th. The bank reported $1.06 earnings per share for the quarter, missing analysts' consensus estimates of $1.18 by ($0.12). The business had revenue of $178.04 million during the quarter, compared to analyst estimates of $175.03 million. Independent Bank had a return on equity of 6.57% and a net margin of 19.58%. Analysts forecast that Independent Bank will post 5.41 EPS for the current fiscal year.

Insider Buying and Selling

In related news, Director Donna L. Abelli sold 640 shares of the firm's stock in a transaction dated Tuesday, February 11th. The shares were sold at an average price of $70.03, for a total transaction of $44,819.20. Following the completion of the sale, the director now owns 12,516 shares in the company, valued at approximately $876,495.48. This trade represents a 4.86 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. 0.81% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of the stock. New York State Teachers Retirement System lifted its stake in Independent Bank by 3.2% in the first quarter. New York State Teachers Retirement System now owns 35,706 shares of the bank's stock valued at $2,237,000 after purchasing an additional 1,121 shares during the last quarter. KBC Group NV lifted its position in shares of Independent Bank by 15.3% during the 1st quarter. KBC Group NV now owns 2,204 shares of the bank's stock valued at $138,000 after buying an additional 293 shares during the last quarter. Illinois Municipal Retirement Fund lifted its position in shares of Independent Bank by 4.2% during the 1st quarter. Illinois Municipal Retirement Fund now owns 23,867 shares of the bank's stock valued at $1,495,000 after buying an additional 953 shares during the last quarter. GHP Investment Advisors Inc. grew its stake in shares of Independent Bank by 3.8% during the 1st quarter. GHP Investment Advisors Inc. now owns 33,678 shares of the bank's stock worth $2,110,000 after acquiring an additional 1,220 shares during the period. Finally, Wealth Enhancement Advisory Services LLC increased its holdings in Independent Bank by 9.0% in the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 25,359 shares of the bank's stock worth $1,589,000 after acquiring an additional 2,092 shares during the last quarter. 83.40% of the stock is 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.

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