BidaskClub Downgrades Independent Bank (NASDAQ:INDB) to Strong Sell

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Independent Bank (NASDAQ:INDB) was downgraded by research analysts at BidaskClub from a “sell” rating to a “strong sell” rating in a report issued on Tuesday, BidAskClub reports.

INDB has been the subject of several other research reports. ValuEngine downgraded shares of Independent Bank from a “hold” rating to a “sell” rating in a research report on Friday, January 10th. Zacks Investment Research raised Independent Bank from a “sell” rating to a “hold” rating in a research report on Saturday, January 4th. G.Research reaffirmed a “hold” rating on shares of Independent Bank in a research report on Monday, December 9th. Finally, Gabelli initiated coverage on Independent Bank in a report on Monday, December 9th. They issued a “hold” rating and a $98.00 target price on the stock. Two research analysts have rated the stock with a sell rating, four have assigned a hold rating and two have assigned a buy rating to the stock. The company currently has a consensus rating of “Hold” and a consensus target price of $87.33.

Shares of INDB stock traded up $0.91 during trading hours on Tuesday, hitting $81.17. 1,794 shares of the company were exchanged, compared to its average volume of 143,218. The firm has a market cap of $2.80 billion, a P/E ratio of 17.28, a P/E/G ratio of 2.38 and a beta of 1.20. Independent Bank has a fifty-two week low of $62.33 and a fifty-two week high of $87.64. The company has a debt-to-equity ratio of 0.17, a quick ratio of 0.97 and a current ratio of 0.98. The company has a 50 day simple moving average of $83.72 and a two-hundred day simple moving average of $77.49.

Independent Bank (NASDAQ:INDB) last announced its quarterly earnings data on Thursday, October 17th. The bank reported $1.49 EPS for the quarter, topping the consensus estimate of $1.40 by $0.09. The company had revenue of $136.41 million during the quarter. Independent Bank had a net margin of 28.03% and a return on equity of 12.60%. As a group, sell-side analysts expect that Independent Bank will post 5.62 EPS for the current fiscal year.

In other Independent Bank news, CFO Mark J. Ruggiero sold 318 shares of Independent Bank stock in a transaction on Friday, November 1st. The shares were sold at an average price of $82.42, for a total transaction of $26,209.56. Following the transaction, the chief financial officer now directly owns 3,180 shares of the company’s stock, valued at approximately $262,095.60. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director William M. Parent sold 22,500 shares of the company’s stock in a transaction on Friday, October 18th. The stock was sold at an average price of $80.00, for a total transaction of $1,800,000.00. Following the completion of the sale, the director now owns 25,557 shares of the company’s stock, valued at approximately $2,044,560. The disclosure for this sale can be found here. In the last ninety days, insiders sold 47,873 shares of company stock worth $3,930,442. 1.60% of the stock is owned by insiders.

Several hedge funds have recently made changes to their positions in INDB. First Trust Advisors LP boosted its holdings in Independent Bank by 3.8% during the first quarter. First Trust Advisors LP now owns 54,466 shares of the bank’s stock worth $4,412,000 after purchasing an additional 1,998 shares during the last quarter. Bank of Montreal Can lifted its position in shares of Independent Bank by 109.2% during the 2nd quarter. Bank of Montreal Can now owns 5,838 shares of the bank’s stock worth $445,000 after buying an additional 3,047 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its position in shares of Independent Bank by 13.0% during the 2nd quarter. Charles Schwab Investment Management Inc. now owns 212,617 shares of the bank’s stock worth $16,191,000 after buying an additional 24,536 shares in the last quarter. LPL Financial LLC purchased a new position in shares of Independent Bank in the 2nd quarter worth approximately $294,000. Finally, Renaissance Technologies LLC boosted its stake in shares of Independent Bank by 1,047.6% in the 2nd quarter. Renaissance Technologies LLC now owns 79,182 shares of the bank’s stock worth $6,030,000 after buying an additional 72,282 shares during the last quarter. Institutional investors own 78.63% of the company’s stock.

About Independent Bank

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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Analyst Recommendations for Independent Bank (NASDAQ:INDB)

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