Independent Bank (NASDAQ:INDB) Lowered to "Sell" Rating by StockNews.com

StockNews.com lowered shares of Independent Bank (NASDAQ:INDB - Free Report) from a hold rating to a sell rating in a research report report published on Friday morning.

INDB has been the subject of a number of other reports. Raymond James reiterated a "strong-buy" rating and issued a $78.00 target price (up from $74.00) on shares of Independent Bank in a research note on Tuesday, January 21st. Keefe, Bruyette & Woods reduced their price objective on shares of Independent Bank from $82.00 to $80.00 and set a "market perform" rating for the company in a research note on Tuesday, January 21st. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating and two have assigned a strong buy rating to the company's stock. According to data from MarketBeat, Independent Bank currently has a consensus rating of "Moderate Buy" and a consensus price target of $79.00.

Independent Bank Stock Down 2.0 %

Shares of Independent Bank stock traded down $1.29 on Friday, hitting $61.79. 117,400 shares of the company traded hands, compared to its average volume of 248,858. Independent Bank has a 12-month low of $45.11 and a 12-month high of $77.23. The company has a quick ratio of 0.95, a current ratio of 0.95 and a debt-to-equity ratio of 0.23. The company has a market cap of $2.63 billion, a PE ratio of 13.64 and a beta of 0.77. The company has a 50-day moving average price of $66.43 and a 200 day moving average price of $65.54.

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Independent Bank (NASDAQ:INDB - Get Free Report) last issued its earnings results on Thursday, January 16th. The bank reported $1.21 earnings per share for the quarter, topping the consensus estimate of $1.16 by $0.05. Independent Bank had a return on equity of 6.57% and a net margin of 19.58%. Sell-side analysts predict that Independent Bank will post 5.41 earnings per share for the current year.

Independent Bank Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, January 6th. Stockholders of record on Monday, December 30th were given a $0.57 dividend. This represents a $2.28 dividend on an annualized basis and a dividend yield of 3.69%. The ex-dividend date of this dividend was Monday, December 30th. Independent Bank's dividend payout ratio is 50.44%.

Insider Transactions at Independent Bank

In related news, Director Donna L. Abelli sold 640 shares of Independent Bank stock in a transaction on Tuesday, February 11th. The shares were sold at an average price of $70.03, for a total value of $44,819.20. Following the transaction, the director now owns 12,516 shares in the company, valued at $876,495.48. This trade represents a 4.86 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. 0.87% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Independent Bank

Several large investors have recently made changes to their positions in INDB. US Bancorp DE increased its position in Independent Bank by 45.1% in the 3rd quarter. US Bancorp DE now owns 10,001 shares of the bank's stock worth $591,000 after buying an additional 3,107 shares during the period. Los Angeles Capital Management LLC bought a new position in Independent Bank during the third quarter worth $257,000. Entropy Technologies LP acquired a new position in Independent Bank during the 3rd quarter valued at $435,000. Aigen Investment Management LP boosted its holdings in Independent Bank by 54.1% in the 3rd quarter. Aigen Investment Management LP now owns 9,008 shares of the bank's stock valued at $533,000 after purchasing an additional 3,161 shares during the period. Finally, Empowered Funds LLC grew its position in Independent Bank by 5.4% in the 3rd quarter. Empowered Funds LLC now owns 117,223 shares of the bank's stock worth $6,931,000 after purchasing an additional 5,974 shares during the last quarter. Institutional investors and hedge funds own 83.40% 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 in the United States. The company provides interest checking, money market, and savings accounts, as well as demand deposits and time certificates of deposit.