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

StockNews.com upgraded shares of Independent Bank (NASDAQ:INDB) from a sell rating to a hold rating in a research report sent to investors on Monday morning.

A number of other research analysts have also recently commented on INDB. Keefe, Bruyette & Woods dropped their price target on Independent Bank from $64.00 to $60.00 and set a market perform rating for the company in a research note on Monday, April 22nd. TheStreet cut Independent Bank from a b- rating to a c+ rating in a research note on Wednesday, March 13th.

Independent Bank Stock Up 0.9 %

NASDAQ INDB opened at $47.04 on Monday. The business has a fifty day moving average price of $50.24 and a two-hundred day moving average price of $54.12. The company has a debt-to-equity ratio of 0.36, a current ratio of 0.96 and a quick ratio of 0.96. Independent Bank has a fifty-two week low of $44.27 and a fifty-two week high of $68.75. The stock has a market capitalization of $2.00 billion, a PE ratio of 9.08 and a beta of 0.80.

Independent Bank (NASDAQ:INDB) last announced its quarterly earnings results on Thursday, April 18th. The bank reported $1.12 EPS for the quarter, missing analysts’ consensus estimates of $1.15 by ($0.03). Independent Bank had a net margin of 23.97% and a return on equity of 7.85%. The firm had revenue of $167.38 million during the quarter, compared to the consensus estimate of $171.80 million. Equities analysts expect that Independent Bank will post 4.46 earnings per share for the current fiscal year.

Independent Bank Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, July 8th. Shareholders of record on Monday, July 1st will be issued a dividend of $0.57 per share. The ex-dividend date of this dividend is Monday, July 1st. This represents a $2.28 dividend on an annualized basis and a yield of 4.85%. Independent Bank’s payout ratio is currently 44.02%.

Institutional Trading of Independent Bank

Large investors have recently bought and sold shares of the business. EntryPoint Capital LLC acquired a new stake in Independent Bank during the 1st quarter worth about $47,000. Sachetta LLC acquired a new stake in shares of Independent Bank in the 4th quarter valued at about $56,000. Janney Montgomery Scott LLC acquired a new stake in shares of Independent Bank in the 3rd quarter valued at about $217,000. Vanguard Personalized Indexing Management LLC acquired a new stake in shares of Independent Bank in the 4th quarter valued at about $217,000. Finally, SG Americas Securities LLC grew its stake in shares of Independent Bank by 102.6% in the 1st quarter. SG Americas Securities LLC now owns 5,305 shares of the bank’s stock valued at $276,000 after buying an additional 2,687 shares during the period. 83.40% of the stock is currently 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 in the United States. The company provides interest checking, money market, and savings accounts, as well as demand deposits and time certificates of deposit.