Independent Bank (NASDAQ:INDB) Downgraded by BidaskClub to “Sell”

BidaskClub downgraded shares of Independent Bank (NASDAQ:INDB) from a hold rating to a sell rating in a research report released on Saturday morning, BidAskClub reports.

Other equities analysts have also issued reports about the company. Zacks Investment Research lowered Independent Bank from a hold rating to a strong sell rating in a research report on Friday, July 26th. DA Davidson reiterated a neutral rating on shares of Independent Bank in a research report on Monday, July 22nd. ValuEngine lowered Independent Bank from a hold rating to a sell rating in a research report on Thursday, August 1st. Finally, Compass Point upgraded Independent Bank from a neutral rating to a buy rating and increased their price objective for the company from $77.00 to $83.00 in a research report on Friday, July 19th. Three analysts have rated the stock with a sell rating, one has issued a hold rating and two have assigned a buy rating to the company. The stock has a consensus rating of Hold and an average price target of $84.33.

Shares of Independent Bank stock traded down $0.89 during trading on Friday, hitting $71.33. 66,409 shares of the stock traded hands, compared to its average volume of 119,317. The company has a debt-to-equity ratio of 0.31, a quick ratio of 0.98 and a current ratio of 0.99. The company has a market capitalization of $2.48 billion, a PE ratio of 15.21 and a beta of 1.13. The business has a fifty day simple moving average of $74.54. Independent Bank has a 52 week low of $66.12 and a 52 week high of $92.75.

Independent Bank (NASDAQ:INDB) last announced its quarterly earnings data on Thursday, July 18th. The bank reported $1.42 EPS for the quarter, beating the consensus estimate of $1.33 by $0.09. The firm had revenue of $134.67 million for the quarter, compared to analyst estimates of $129.20 million. Independent Bank had a return on equity of 12.99% and a net margin of 26.75%. As a group, sell-side analysts expect that Independent Bank will post 5.45 earnings per share for the current year.

The business also recently declared a quarterly dividend, which was paid on Friday, July 12th. Investors of record on Monday, July 1st were given a dividend of $0.44 per share. The ex-dividend date of this dividend was Friday, June 28th. This represents a $1.76 annualized dividend and a yield of 2.47%. Independent Bank’s payout ratio is 37.53%.

In related news, Director Daniel F. Obrien sold 1,712 shares of the firm’s stock in a transaction that occurred on Wednesday, May 29th. The stock was sold at an average price of $72.75, for a total transaction of $124,548.00. Following the transaction, the director now directly owns 21,492 shares in the company, valued at approximately $1,563,543. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. 1.60% of the stock is owned by company insiders.

Institutional investors and hedge funds have recently bought and sold shares of the stock. LPL Financial LLC purchased a new position in shares of Independent Bank in the 2nd quarter valued at approximately $294,000. Isthmus Partners LLC purchased a new position in shares of Independent Bank in the 2nd quarter valued at approximately $1,195,000. Charles Schwab Investment Management Inc. raised its stake in Independent Bank by 13.0% during the second quarter. Charles Schwab Investment Management Inc. now owns 212,617 shares of the bank’s stock valued at $16,191,000 after buying an additional 24,536 shares during the last quarter. Jennison Associates LLC raised its stake in Independent Bank by 2.1% during the second quarter. Jennison Associates LLC now owns 9,442 shares of the bank’s stock valued at $719,000 after buying an additional 192 shares during the last quarter. Finally, Bank of Montreal Can raised its stake in Independent Bank by 109.2% during the second quarter. Bank of Montreal Can now owns 5,838 shares of the bank’s stock valued at $445,000 after buying an additional 3,047 shares during the last quarter. Institutional investors and hedge funds own 70.56% of the company’s stock.

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 primarily in Massachusetts. Its products and services include demand deposits and time certificates of deposit, as well as checking, money market, and savings accounts.

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