Independent Bank (NASDAQ:INDB) Raised to "Hold" at StockNews.com

StockNews.com upgraded shares of Independent Bank (NASDAQ:INDB - Free Report) from a sell rating to a hold rating in a research note issued to investors on Saturday.

Other research analysts have also recently issued reports about the stock. Keefe, Bruyette & Woods decreased 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 report on Tuesday, January 21st. Raymond James reiterated a "strong-buy" rating and issued a $78.00 price objective (up from $74.00) on shares of Independent Bank in a report on Tuesday, January 21st.

Independent Bank Stock Performance

NASDAQ INDB traded down $0.52 on Friday, hitting $63.61. The stock had a trading volume of 315,175 shares, compared to its average volume of 245,261. Independent Bank has a one year low of $45.11 and a one year 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 stock has a market cap of $2.71 billion, a price-to-earnings ratio of 14.07 and a beta of 0.77. The company's 50-day moving average is $66.22 and its two-hundred day moving average is $65.53.

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

Insider Buying and Selling

In related news, Director Donna L. Abelli sold 640 shares of the firm's stock in a transaction that occurred on 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 directly 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 sale was disclosed in a filing with the SEC, which is available at the SEC website. 0.87% of the stock is currently owned by insiders.

Institutional Trading of Independent Bank

A number of large investors have recently added to or reduced their stakes in the business. Jefferies Financial Group Inc. bought a new stake in Independent Bank during the fourth quarter worth approximately $2,157,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its position in shares of Independent Bank by 17.1% in the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 97,284 shares of the bank's stock valued at $6,245,000 after acquiring an additional 14,236 shares in the last quarter. Voloridge Investment Management LLC lifted its position in shares of Independent Bank by 2.3% in the 4th quarter. Voloridge Investment Management LLC now owns 209,963 shares of the bank's stock valued at $13,478,000 after acquiring an additional 4,798 shares in the last quarter. Squarepoint Ops LLC purchased a new stake in shares of Independent Bank in the 4th quarter valued at approximately $3,207,000. Finally, Twinbeech Capital LP purchased a new stake in shares of Independent Bank in the 4th quarter valued at approximately $503,000. 83.40% of the stock is currently owned by institutional investors.

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 in the United States. The company provides interest checking, money market, and savings accounts, as well as demand deposits and time certificates of deposit.