Independent Bank (NASDAQ:INDB) was upgraded by equities research analysts at BidaskClub from a “hold” rating to a “buy” rating in a report released on Friday.
A number of other analysts have also recently commented on the stock. Compass Point upgraded shares of Independent Bank from a “neutral” rating to a “buy” rating in a research report on Monday, December 18th. Zacks Investment Research upgraded shares of Independent Bank from a “sell” rating to a “hold” rating in a research report on Friday, December 22nd. Finally, Keefe, Bruyette & Woods restated a “hold” rating on shares of Independent Bank in a research report on Sunday, January 21st. Four research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. The company currently has a consensus rating of “Hold” and an average price target of $73.00.
INDB stock opened at $71.55 on Friday. The company has a debt-to-equity ratio of 0.17, a quick ratio of 0.94 and a current ratio of 0.95. The firm has a market capitalization of $1,968.05, a PE ratio of 21.36 and a beta of 0.91. Independent Bank has a twelve month low of $59.65 and a twelve month high of $76.35.
In other news, CFO Robert D. Cozzone bought 788 shares of the stock in a transaction on Friday, February 23rd. The stock was purchased at an average price of $71.25 per share, for a total transaction of $56,145.00. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, insider Christopher Oddleifson sold 1,200 shares of the stock in a transaction dated Friday, February 2nd. The stock was sold at an average price of $72.60, for a total value of $87,120.00. Following the transaction, the insider now owns 86,643 shares of the company’s stock, valued at approximately $6,290,281.80. The disclosure for this sale can be found here. 2.67% of the stock is owned by corporate insiders.
A number of hedge funds have recently added to or reduced their stakes in the business. BlackRock Inc. increased its holdings in Independent Bank by 3.7% during the 4th quarter. BlackRock Inc. now owns 3,532,683 shares of the bank’s stock worth $246,758,000 after purchasing an additional 125,757 shares in the last quarter. Goldman Sachs Group Inc. increased its holdings in Independent Bank by 3.1% during the 4th quarter. Goldman Sachs Group Inc. now owns 933,542 shares of the bank’s stock worth $65,208,000 after purchasing an additional 28,352 shares in the last quarter. Champlain Investment Partners LLC increased its holdings in Independent Bank by 2.3% during the 4th quarter. Champlain Investment Partners LLC now owns 664,165 shares of the bank’s stock worth $46,392,000 after purchasing an additional 15,115 shares in the last quarter. Rockland Trust Co. increased its holdings in Independent Bank by 7.2% during the 4th quarter. Rockland Trust Co. now owns 606,451 shares of the bank’s stock worth $26,376,000 after purchasing an additional 40,603 shares in the last quarter. Finally, Geode Capital Management LLC increased its holdings in Independent Bank by 4.3% during the 4th quarter. Geode Capital Management LLC now owns 250,455 shares of the bank’s stock worth $17,493,000 after purchasing an additional 10,335 shares in the last quarter. Hedge funds and other institutional investors own 79.79% of the company’s stock.
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Independent Bank Company Profile
Independent Bank Corp. is a bank holding company. The Company operates through its subsidiary, Rockland Trust Company (the Bank). The Bank is a community-oriented commercial bank. Its community banking business provides a range of banking services, including lending activities, acceptance of demand, savings, and time deposits, and investment management.
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