Independent Bank (NASDAQ:INDB) Upgraded to Hold by StockNews.com

Independent Bank (NASDAQ:INDB) was upgraded by stock analysts at StockNews.com from a “sell” rating to a “hold” rating in a report issued on Monday.

Separately, Seaport Res Ptn upgraded shares of Independent Bank from a “hold” rating to a “strong-buy” rating in a report on Monday, July 22nd.

Independent Bank Stock Down 0.3 %

INDB traded down $0.16 during trading hours on Monday, hitting $59.81. 148,563 shares of the company’s stock were exchanged, compared to its average volume of 274,877. Independent Bank has a 12-month low of $44.63 and a 12-month high of $68.75. The firm has a 50 day moving average of $58.25 and a 200 day moving average of $53.13. The firm has a market cap of $2.54 billion, a P/E ratio of 11.55 and a beta of 0.75. The company has a current ratio of 0.95, a quick ratio of 0.95 and a debt-to-equity ratio of 0.24.

Independent Bank (NASDAQ:INDB) last announced its earnings results on Thursday, July 18th. The bank reported $1.21 earnings per share for the quarter, topping the consensus estimate of $1.11 by $0.10. Independent Bank had a net margin of 22.42% and a return on equity of 7.41%. The firm had revenue of $244.19 million for the quarter, compared to the consensus estimate of $169.07 million. During the same period in the prior year, the firm earned $1.42 EPS. Analysts predict that Independent Bank will post 4.75 EPS for the current fiscal year.

Institutional Trading of Independent Bank

Large investors have recently bought and sold shares of the business. Russell Investments Group Ltd. grew its stake in Independent Bank by 16.2% in the 4th quarter. Russell Investments Group Ltd. now owns 21,985 shares of the bank’s stock valued at $1,447,000 after acquiring an additional 3,059 shares during the last quarter. M&T Bank Corp boosted its stake in shares of Independent Bank by 10.6% during the 4th quarter. M&T Bank Corp now owns 5,344 shares of the bank’s stock worth $352,000 after purchasing an additional 514 shares during the last quarter. Charles Schwab Investment Management Inc. boosted its position in shares of Independent Bank by 5.8% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 465,220 shares of the bank’s stock worth $30,616,000 after acquiring an additional 25,460 shares during the last quarter. Dimensional Fund Advisors LP boosted its position in shares of Independent Bank by 10.3% in the fourth quarter. Dimensional Fund Advisors LP now owns 1,753,697 shares of the bank’s stock worth $115,415,000 after acquiring an additional 164,254 shares during the last quarter. Finally, Vanguard Personalized Indexing Management LLC acquired a new stake in shares of Independent Bank in the fourth quarter worth approximately $217,000. Institutional investors and hedge funds own 83.40% of the company’s stock.

Independent Bank Company Profile

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 in the United States. The company provides interest checking, money market, and savings accounts, as well as demand deposits and time certificates of deposit.