Independent Bank Corp. (INDB) Rating Lowered to Neutral at Compass Point
Independent Bank Corp. (NASDAQ:INDB) was downgraded by research analysts at Compass Point from a “buy” rating to a “neutral” rating in a note issued to investors on Wednesday, Marketbeat.com reports. They currently have a $76.00 price objective on the bank’s stock. Compass Point’s price target points to a potential upside of 3.05% from the company’s previous close. The analysts noted that the move was a valuation call.
A number of other equities research analysts have also recently issued reports on INDB. Keefe, Bruyette & Woods reiterated a “hold” rating and set a $73.00 target price on shares of Independent Bank Corp. in a research report on Tuesday, October 3rd. Zacks Investment Research cut shares of Independent Bank Corp. from a “buy” rating to a “hold” rating in a research report on Thursday, August 24th. Finally, BidaskClub cut shares of Independent Bank Corp. from a “buy” rating to a “hold” rating in a research report on Wednesday, June 21st. Five investment analysts have rated the stock with a hold rating and one has given a buy rating to the company. The stock currently has an average rating of “Hold” and a consensus target price of $72.00.
Independent Bank Corp. (NASDAQ INDB) traded down 0.41% on Wednesday, reaching $73.45. 52,595 shares of the company’s stock were exchanged. The firm has a market capitalization of $2.02 billion, a price-to-earnings ratio of 24.97 and a beta of 1.01. The firm has a 50-day moving average of $71.82 and a 200-day moving average of $67.17. Independent Bank Corp. has a 12 month low of $47.50 and a 12 month high of $76.30.
Independent Bank Corp. (NASDAQ:INDB) last announced its earnings results on Thursday, July 20th. The bank reported $0.82 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.81 by $0.01. The business had revenue of $85.15 million during the quarter, compared to analysts’ expectations of $85.20 million. Independent Bank Corp. had a net margin of 23.17% and a return on equity of 9.70%. During the same quarter last year, the company posted $0.78 EPS. On average, equities analysts expect that Independent Bank Corp. will post $3.35 earnings per share 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 shares were sold at an average price of $72.05, for a total value of $79,255.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Gerard F. Nadeau sold 5,193 shares of the firm’s stock in a transaction dated Monday, July 31st. The shares were sold at an average price of $71.75, for a total transaction of $372,597.75. The disclosure for this sale can be found here. Insiders sold a total of 8,443 shares of company stock valued at $607,108 in the last 90 days. Corporate insiders own 2.67% of the company’s stock.
A number of institutional investors and hedge funds have recently bought and sold shares of INDB. BlackRock Inc. increased its position in Independent Bank Corp. by 49,979.6% in the 1st quarter. BlackRock Inc. now owns 3,281,718 shares of the bank’s stock valued at $213,310,000 after acquiring an additional 3,275,165 shares in the last quarter. Janus Henderson Group PLC bought a new position in shares of Independent Bank Corp. in the 2nd quarter valued at about $45,593,000. State Street Corp boosted its stake in shares of Independent Bank Corp. by 15.2% in the 1st quarter. State Street Corp now owns 841,085 shares of the bank’s stock valued at $54,681,000 after purchasing an additional 111,161 shares during the last quarter. Vanguard Group Inc. boosted its stake in shares of Independent Bank Corp. by 4.3% in the 1st quarter. Vanguard Group Inc. now owns 2,362,266 shares of the bank’s stock valued at $153,548,000 after purchasing an additional 96,358 shares during the last quarter. Finally, Denver Investment Advisors LLC boosted its stake in shares of Independent Bank Corp. by 48.2% in the 2nd quarter. Denver Investment Advisors LLC now owns 279,749 shares of the bank’s stock valued at $18,645,000 after purchasing an additional 90,999 shares during the last quarter. Hedge funds and other institutional investors own 76.45% of the company’s stock.
About Independent Bank Corp.
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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