Independent Bank (NASDAQ:INDB) Downgraded by StockNews.com

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

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

Independent Bank Price Performance

Shares of Independent Bank stock opened at $60.59 on Tuesday. The firm has a market cap of $2.57 billion, a PE ratio of 11.70 and a beta of 0.75. The stock has a 50 day moving average of $60.46 and a 200 day moving average of $53.74. 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 has a 12 month low of $44.63 and a 12 month high of $68.75.

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

Institutional Trading of Independent Bank

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Sachetta LLC purchased a new stake in Independent Bank in the fourth quarter worth $56,000. EntryPoint Capital LLC bought a new position in shares of Independent Bank during the 1st quarter worth $47,000. Innealta Capital LLC bought a new position in shares of Independent Bank during the 2nd quarter worth $73,000. Vanguard Personalized Indexing Management LLC bought a new position in shares of Independent Bank during the 4th quarter worth $217,000. Finally, TFO Wealth Partners LLC grew its position in shares of Independent Bank by 215,100.0% during the 4th quarter. TFO Wealth Partners LLC now owns 4,304 shares of the bank’s stock worth $283,000 after buying an additional 4,302 shares in the last quarter. Hedge funds and other institutional investors 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.