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

StockNews.com cut shares of Independent Bank (NASDAQ:INDB) from a hold rating to a sell rating in a report published on Friday morning.

Several other equities research analysts also recently issued reports on INDB. Keefe, Bruyette & Woods cut their price target on Independent Bank from $82.00 to $80.00 and set a “market perform” rating for the company in a report on Tuesday, January 21st. Raymond James restated a “strong-buy” rating and set a $78.00 target price (up previously from $74.00) on shares of Independent Bank in a research note on Tuesday, January 21st. One investment analyst has rated the stock with a sell rating, one has issued a hold rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $79.00.

Independent Bank Stock Down 0.7 %

Independent Bank stock opened at $63.08 on Friday. The company has a debt-to-equity ratio of 0.23, a current ratio of 0.95 and a quick ratio of 0.95. The company’s 50-day moving average is $66.43 and its 200-day moving average is $65.45. The firm has a market capitalization of $2.69 billion, a PE ratio of 13.96 and a beta of 0.77. Independent Bank has a fifty-two week low of $45.11 and a fifty-two week high of $77.23.

Independent Bank (NASDAQ:INDB) last announced its quarterly earnings results on Thursday, January 16th. The bank reported $1.21 earnings per share for the quarter, topping analysts’ consensus estimates of $1.16 by $0.05. Independent Bank had a return on equity of 6.57% and a net margin of 19.58%. Sell-side analysts anticipate that Independent Bank will post 5.41 earnings per share for the current year.

Independent Bank Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, January 6th. Investors of record on Monday, December 30th were paid a $0.57 dividend. The ex-dividend date of this dividend was Monday, December 30th. This represents a $2.28 annualized dividend and a yield of 3.61%. Independent Bank’s dividend payout ratio (DPR) is presently 50.44%.

Insider Buying and Selling at Independent Bank

In related news, Director Donna L. Abelli sold 640 shares of the company’s stock in a transaction dated Tuesday, February 11th. The shares were sold at an average price of $70.03, for a total value of $44,819.20. Following the transaction, the director now directly owns 12,516 shares in the company, valued at approximately $876,495.48. This represents a 4.86 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders own 0.87% of the company’s stock.

Institutional Trading of Independent Bank

Several hedge funds and other institutional investors have recently bought and sold shares of INDB. Venturi Wealth Management LLC bought a new position in shares of Independent Bank during the fourth quarter worth approximately $62,000. Smartleaf Asset Management LLC grew its position in Independent Bank by 105.4% during the fourth quarter. Smartleaf Asset Management LLC now owns 1,056 shares of the bank’s stock worth $68,000 after buying an additional 542 shares in the last quarter. Sterling Capital Management LLC increased its stake in Independent Bank by 810.2% during the 4th quarter. Sterling Capital Management LLC now owns 1,338 shares of the bank’s stock worth $86,000 after acquiring an additional 1,191 shares during the period. KBC Group NV raised its holdings in Independent Bank by 34.5% in the 4th quarter. KBC Group NV now owns 1,911 shares of the bank’s stock valued at $123,000 after acquiring an additional 490 shares in the last quarter. Finally, ST Germain D J Co. Inc. lifted its position in shares of Independent Bank by 364.9% during the 4th quarter. ST Germain D J Co. Inc. now owns 2,213 shares of the bank’s stock valued at $142,000 after acquiring an additional 1,737 shares during the period. 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.