Independent Bank (INDB) Downgraded by BidaskClub
Independent Bank (NASDAQ:INDB) was downgraded by analysts at BidaskClub from a “hold” rating to a “sell” rating in a research note issued on Friday.
Other research analysts have also issued research reports about the stock. Zacks Investment Research upgraded shares of Independent Bank from a “hold” rating to a “buy” rating and set a $80.00 target price on the stock in a research report on Wednesday, September 20th. Compass Point upgraded shares of Independent Bank from a “neutral” rating to a “buy” rating in a research report on Monday, December 18th. Finally, Keefe, Bruyette & Woods restated a “hold” rating and set a $73.00 target price on shares of Independent Bank in a research report on Tuesday, October 3rd. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and one has assigned a buy rating to the stock. Independent Bank currently has an average rating of “Hold” and a consensus price target of $73.00.
Independent Bank (NASDAQ INDB) opened at $69.60 on Friday. Independent Bank has a 52-week low of $57.20 and a 52-week high of $76.30. The stock has a market cap of $1,910.04, a P/E ratio of 23.05 and a beta of 0.97. The company has a current ratio of 0.95, a quick ratio of 0.95 and a debt-to-equity ratio of 0.17.
In related news, CFO Robert D. Cozzone sold 3,250 shares of the stock in a transaction that occurred on Thursday, November 2nd. The shares were sold at an average price of $72.50, for a total value of $235,625.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Carl Ribeiro sold 700 shares of the stock in a transaction that occurred on Tuesday, December 12th. The shares were sold at an average price of $69.25, for a total transaction of $48,475.00. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 6,150 shares of company stock valued at $439,814. 2.67% of the stock is currently owned by insiders.
A number of large investors have recently modified their holdings of the stock. Oppenheimer Asset Management Inc. raised its stake in shares of Independent Bank by 8.3% during the second quarter. Oppenheimer Asset Management Inc. now owns 1,566 shares of the bank’s stock valued at $104,000 after acquiring an additional 120 shares during the last quarter. D.A. Davidson & CO. increased its position in shares of Independent Bank by 12.9% during the second quarter. D.A. Davidson & CO. now owns 1,995 shares of the bank’s stock worth $132,000 after buying an additional 228 shares during the period. Sei Investments Co. increased its position in shares of Independent Bank by 134,750.0% during the third quarter. Sei Investments Co. now owns 2,697 shares of the bank’s stock worth $202,000 after buying an additional 2,695 shares during the period. Penobscot Investment Management Company Inc. acquired a new stake in shares of Independent Bank during the third quarter worth $215,000. Finally, Amalgamated Bank increased its position in shares of Independent Bank by 3.6% during the second quarter. Amalgamated Bank now owns 3,640 shares of the bank’s stock worth $243,000 after buying an additional 126 shares during the period. 79.74% of the stock is owned by institutional investors and hedge funds.
About Independent Bank
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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