Independent Bank (NASDAQ:INDB) Upgraded at StockNews.com

Independent Bank (NASDAQ:INDB - Get Free Report) was upgraded by stock analysts at StockNews.com from a "sell" rating to a "hold" rating in a report released on Friday.

Several other research analysts have also recently issued reports on the stock. Raymond James upgraded shares of Independent Bank from a "market perform" rating to a "strong-buy" rating and set a $74.00 target price for the company in a report on Monday, October 21st. Keefe, Bruyette & Woods lifted their target price on Independent Bank from $77.00 to $82.00 and gave the stock a "market perform" rating in a research report on Thursday, December 12th. Two investment analysts have rated the stock with a hold rating and two have given a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Buy" and a consensus target price of $78.00.

Independent Bank Stock Up 4.9 %

INDB traded up $3.12 on Friday, hitting $67.04. 468,693 shares of the company were exchanged, compared to its average volume of 253,872. The firm has a 50-day moving average price of $68.49 and a two-hundred day moving average price of $62.88. The company has a current ratio of 0.95, a quick ratio of 0.95 and a debt-to-equity ratio of 0.22. Independent Bank has a twelve month low of $45.11 and a twelve month high of $77.23. The company has a market cap of $2.85 billion, a price-to-earnings ratio of 14.57 and a beta of 0.78.

Independent Bank (NASDAQ:INDB - Get Free Report) last announced its quarterly earnings data on Thursday, January 16th. The bank reported $1.21 EPS for the quarter, beating analysts' consensus estimates of $1.16 by $0.05. Independent Bank had a net margin of 20.26% and a return on equity of 6.74%. On average, equities analysts predict that Independent Bank will post 4.5 earnings per share for the current year.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of the business. ST Germain D J Co. Inc. increased its position in Independent Bank by 364.9% in the 4th quarter. ST Germain D J Co. Inc. now owns 2,213 shares of the bank's stock valued at $142,000 after acquiring an additional 1,737 shares during the period. Connor Clark & Lunn Investment Management Ltd. purchased a new position in shares of Independent Bank in the 3rd quarter valued at approximately $222,000. Profund Advisors LLC acquired a new position in shares of Independent Bank in the second quarter valued at approximately $229,000. Relyea Zuckerberg Hanson LLC acquired a new stake in shares of Independent Bank in the 4th quarter worth $250,000. Finally, Los Angeles Capital Management LLC purchased a new stake in shares of Independent Bank in the third quarter valued at about $257,000. 83.40% of the stock is currently owned by institutional investors and hedge funds.

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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