Independent Bank (NASDAQ:INDB) Rating Lowered 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 note issued to investors on Saturday.

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

Independent Bank Price Performance

Shares of NASDAQ INDB opened at $58.04 on Friday. Independent Bank has a 52 week low of $45.11 and a 52 week 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 firm has a market cap of $2.47 billion, a P/E ratio of 12.84 and a beta of 0.84. The business's 50 day moving average price is $61.48 and its 200 day moving average price is $65.22.

Independent Bank (NASDAQ:INDB - Get Free Report) last released its quarterly earnings data on Thursday, April 17th. The bank reported $1.06 EPS for the quarter, missing the consensus estimate of $1.18 by ($0.12). Independent Bank had a net margin of 19.58% and a return on equity of 6.57%. The business had revenue of $178.04 million during the quarter, compared to analysts' expectations of $175.03 million. On average, sell-side analysts expect that Independent Bank will post 5.41 earnings per share for the current year.

Insider Transactions at Independent Bank

In other news, Director Donna L. Abelli sold 640 shares of the company's stock in a transaction that occurred on Tuesday, February 11th. The stock was sold at an average price of $70.03, for a total transaction of $44,819.20. Following the completion of the transaction, the director now directly owns 12,516 shares of the company's stock, valued at $876,495.48. This represents a 4.86 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. Corporate insiders own 0.81% of the company's stock.

Institutional Investors Weigh In On Independent Bank

A number of institutional investors have recently added to or reduced their stakes in the stock. Dimensional Fund Advisors LP increased its stake in shares of Independent Bank by 1.6% during the fourth quarter. Dimensional Fund Advisors LP now owns 2,318,650 shares of the bank's stock worth $148,835,000 after purchasing an additional 36,335 shares in the last quarter. Deprince Race & Zollo Inc. lifted its position in shares of Independent Bank by 687.2% in the fourth quarter. Deprince Race & Zollo Inc. now owns 948,244 shares of the bank's stock valued at $60,868,000 after acquiring an additional 827,793 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its stake in shares of Independent Bank by 4.1% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 544,948 shares of the bank's stock worth $34,980,000 after acquiring an additional 21,289 shares during the last quarter. American Century Companies Inc. increased its position in shares of Independent Bank by 10.9% during the fourth quarter. American Century Companies Inc. now owns 469,359 shares of the bank's stock worth $30,128,000 after purchasing an additional 46,046 shares in the last quarter. Finally, Norges Bank acquired a new position in Independent Bank in the 4th quarter valued at $28,810,000. 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.

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