Zacks Investment Research downgraded shares of Independent Bank Corp. (NASDAQ:INDB) from a buy rating to a hold rating in a research report released on Thursday morning.

According to Zacks, “Independent Bank Corp. is a bank holding company for Rockland Trust Company. They are a community-oriented commercial bank. The community banking business consists of commercial banking, retail banking and trust services and is managed as a single strategic unit. The community banking business derives its revenues from a wide range of banking services, including lending activities, acceptance of demand, savings and time deposits, trust and investment management, and mortgage servicing income from investors. “

A number of other equities analysts have also weighed in on the company. Compass Point upgraded Independent Bank Corp. from a neutral rating to a buy rating and set a $72.00 price target for the company in a research report on Friday, July 21st. Keefe, Bruyette & Woods reiterated a hold rating and issued a $71.00 price target on shares of Independent Bank Corp. in a research report on Wednesday, June 28th. BidaskClub lowered Independent Bank Corp. from a buy rating to a hold rating in a research report on Wednesday, June 21st. Sandler O’Neill upgraded Independent Bank Corp. from a sell rating to a hold rating in a research report on Monday, May 15th. Finally, Piper Jaffray Companies began coverage on Independent Bank Corp. in a research report on Monday, May 15th. They issued a neutral rating and a $63.00 price target for the company. Five analysts have rated the stock with a hold rating and one has issued a buy rating to the company’s stock. The company presently has a consensus rating of Hold and an average target price of $66.40.

Independent Bank Corp. (NASDAQ INDB) opened at 70.35 on Thursday. The firm’s 50-day moving average is $69.06 and its 200 day moving average is $65.17. The stock has a market capitalization of $1.93 billion, a P/E ratio of 23.92 and a beta of 0.98. Independent Bank Corp. has a 12-month low of $47.50 and a 12-month high of $73.15.

Independent Bank Corp. (NASDAQ:INDB) last released its quarterly earnings results on Thursday, July 20th. The bank reported $0.82 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.81 by $0.01. Independent Bank Corp. had a return on equity of 9.70% and a net margin of 23.17%. The business had revenue of $85.15 million during the quarter, compared to analyst estimates of $85.20 million. During the same quarter last year, the company posted $0.78 EPS. Equities analysts expect that Independent Bank Corp. will post $3.33 EPS for the current year.

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In other Independent Bank Corp. news, Director Eileen C. Miskell sold 1,100 shares of the firm’s stock in a transaction dated Tuesday, July 25th. The stock was sold at an average price of $72.05, for a total transaction of $79,255.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Mark J. Ruggiero sold 400 shares of the firm’s stock in a transaction dated Tuesday, July 25th. The stock was sold at an average price of $73.05, for a total value of $29,220.00. Following the sale, the insider now owns 2,852 shares of the company’s stock, valued at $208,338.60. The disclosure for this sale can be found here. Insiders have sold a total of 8,443 shares of company stock valued at $607,108 over the last 90 days. Corporate insiders own 2.67% of the company’s stock.

Large investors have recently made changes to their positions in the company. Wasatch Advisors Inc. raised its stake in shares of Independent Bank Corp. by 5.4% in the second quarter. Wasatch Advisors Inc. now owns 555,346 shares of the bank’s stock worth $37,014,000 after buying an additional 28,319 shares during the last quarter. Piedmont Investment Advisors LLC acquired a new stake in shares of Independent Bank Corp. during the second quarter worth approximately $392,000. The Manufacturers Life Insurance Company raised its stake in shares of Independent Bank Corp. by 2.9% in the second quarter. The Manufacturers Life Insurance Company now owns 770,690 shares of the bank’s stock worth $51,367,000 after buying an additional 21,629 shares during the last quarter. Moors & Cabot Inc. raised its stake in shares of Independent Bank Corp. by 8.4% in the second quarter. Moors & Cabot Inc. now owns 38,319 shares of the bank’s stock worth $2,555,000 after buying an additional 2,984 shares during the last quarter. Finally, Janus Henderson Group PLC acquired a new stake in shares of Independent Bank Corp. during the second quarter worth approximately $45,593,000. Hedge funds and other institutional investors own 76.45% of the company’s stock.

Independent Bank Corp. 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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