Independent Bank (NASDAQ:INDB) Rating Lowered to Sell at BidaskClub
Several other research analysts have also recently issued reports on the company. ValuEngine cut Independent Bank from a hold rating to a sell rating in a research note on Thursday, August 1st. Zacks Investment Research cut Independent Bank from a hold rating to a strong sell rating in a research note on Friday, July 26th. Compass Point raised Independent Bank from a neutral rating to a buy rating and increased their price target for the stock from $77.00 to $83.00 in a research note on Friday, July 19th. Finally, DA Davidson reissued a neutral rating on shares of Independent Bank in a research note on Monday, July 22nd. Three equities research analysts have rated the stock with a sell rating, one has issued a hold rating and two have issued a buy rating to the company. The company currently has a consensus rating of Hold and a consensus price target of $84.33.
NASDAQ:INDB opened at $71.43 on Friday. Independent Bank has a 1 year low of $66.12 and a 1 year high of $92.75. The company has a market capitalization of $2.45 billion, a PE ratio of 15.23 and a beta of 1.13. The stock has a fifty day simple moving average of $74.25. The company has a debt-to-equity ratio of 0.31, a quick ratio of 0.98 and a current ratio of 0.99.
In related news, Director Daniel F. Obrien sold 1,712 shares of the firm’s stock in a transaction dated Wednesday, May 29th. The stock was sold at an average price of $72.75, for a total transaction of $124,548.00. Following the completion of the transaction, the director now owns 21,492 shares of the company’s stock, valued at $1,563,543. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Company insiders own 1.60% of the company’s stock.
Hedge funds have recently made changes to their positions in the stock. Toronto Dominion Bank bought a new position in Independent Bank during the second quarter valued at about $27,000. Huntington National Bank bought a new position in Independent Bank during the first quarter valued at about $34,000. Meeder Asset Management Inc. bought a new position in Independent Bank during the second quarter valued at about $38,000. Strs Ohio boosted its stake in Independent Bank by 40.0% during the first quarter. Strs Ohio now owns 700 shares of the bank’s stock valued at $56,000 after buying an additional 200 shares in the last quarter. Finally, Steward Partners Investment Advisory LLC bought a new position in Independent Bank during the second quarter valued at about $80,000. 70.55% of the stock is owned by institutional investors and hedge funds.
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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