Independent Bank (INDB) Stock Rating Lowered by BidaskClub
BidaskClub downgraded shares of Independent Bank (NASDAQ:INDB) from a hold rating to a sell rating in a research report released on Wednesday.
Several other brokerages also recently issued reports on INDB. Keefe, Bruyette & Woods reissued a hold rating on shares of Independent Bank in a research report on Sunday, January 21st. Zacks Investment Research raised shares of Independent Bank from a sell rating to a hold rating in a research report on Friday, December 22nd. Finally, Compass Point raised shares of Independent Bank from a neutral rating to a buy rating in a research report on Monday, December 18th. One analyst has rated the stock with a sell rating, four have given a hold rating and one has issued a buy rating to the stock. Independent Bank presently has an average rating of Hold and an average target price of $73.00.
Shares of Independent Bank (NASDAQ INDB) traded up $1.60 during mid-day trading on Wednesday, hitting $71.20. 43,836 shares of the stock traded hands, compared to its average volume of 62,092. The company has a debt-to-equity ratio of 0.17, a current ratio of 0.95 and a quick ratio of 0.94. Independent Bank has a 52 week low of $58.30 and a 52 week high of $76.30. The company has a market capitalization of $1,914.40, a P/E ratio of 22.39 and a beta of 0.91.
In related news, insider Christopher Oddleifson sold 1,200 shares of the firm’s stock in a transaction on Friday, February 2nd. The shares were sold at an average price of $72.60, for a total value of $87,120.00. Following the completion of the transaction, the insider now owns 86,643 shares of the company’s stock, valued at $6,290,281.80. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, Director Donna L. Abelli sold 601 shares of the firm’s stock in a transaction on Thursday, January 25th. The shares were sold at an average price of $72.05, for a total transaction of $43,302.05. The disclosure for this sale can be found here. In the last ninety days, insiders sold 2,501 shares of company stock valued at $178,897. 2.67% of the stock is owned by insiders.
A number of institutional investors have recently added to or reduced their stakes in INDB. Stone Ridge Asset Management LLC bought a new position in Independent Bank in the fourth quarter valued at $200,000. Sei Investments Co. lifted its stake in Independent Bank by 134,750.0% in the third quarter. Sei Investments Co. now owns 2,697 shares of the bank’s stock valued at $202,000 after acquiring an additional 2,695 shares during the last quarter. Millennium Management LLC acquired a new stake in Independent Bank in the fourth quarter valued at $205,000. Penobscot Investment Management Company Inc. acquired a new stake in Independent Bank in the third quarter valued at $215,000. Finally, Ellington Management Group LLC acquired a new stake in Independent Bank in the fourth quarter valued at $231,000. 79.67% of the stock is owned by institutional investors and hedge funds.
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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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