Independent Bank (INDB) Upgraded by BidaskClub to “Buy”

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.

How to Become a New Pot Stock Millionaire

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.

Independent Bank (NASDAQ:INDB) last posted its quarterly earnings results on Thursday, January 18th. The bank reported $0.89 earnings per share for the quarter, meeting the Zacks’ consensus estimate of $0.89. The company had revenue of $89.70 million for the quarter, compared to the consensus estimate of $88.31 million. Independent Bank had a return on equity of 10.00% and a net margin of 24.21%. The firm’s quarterly revenue was up 17.2% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.76 EPS. analysts expect that Independent Bank will post 4.38 earnings per share for the current fiscal year.

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.

COPYRIGHT VIOLATION WARNING: “Independent Bank (INDB) Upgraded by BidaskClub to “Buy”” was posted by WKRB News and is the property of of WKRB News. If you are reading this news story on another website, it was copied illegally and republished in violation of U.S. and international trademark & copyright legislation. The legal version of this news story can be read at https://www.wkrb13.com/2018/04/01/independent-bank-indb-upgraded-by-bidaskclub-to-buy.html.

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.

Receive News & Ratings for Independent Bank Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Independent Bank and related companies with MarketBeat.com's FREE daily email newsletter.

Leave a Reply