Independent Bank (NASDAQ:INDB) Downgraded by Zacks Research to Hold

Independent Bank (NASDAQ:INDB) was downgraded by investment analysts at Zacks Research from a “strong-buy” rating to a “hold” rating in a report issued on Tuesday,Zacks.com reports.

INDB has been the topic of several other reports. Wall Street Zen upgraded shares of Independent Bank from a “sell” rating to a “hold” rating in a research report on Sunday, August 10th. Keefe, Bruyette & Woods decreased their price objective on Independent Bank from $80.00 to $72.00 and set a “market perform” rating on the stock in a research report on Monday, April 21st. Finally, Piper Sandler lowered their price objective on Independent Bank from $74.00 to $63.00 and set a “neutral” rating for the company in a research note on Monday, April 21st. One equities research analyst has rated the stock with a Strong Buy rating and three have given a Hold rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $71.00.

Independent Bank Stock Performance

NASDAQ:INDB opened at $67.24 on Tuesday. The company has a market cap of $3.36 billion, a price-to-earnings ratio of 15.18 and a beta of 0.87. Independent Bank has a 1 year low of $52.15 and a 1 year high of $77.23. The stock’s 50 day simple moving average is $65.06 and its two-hundred day simple moving average is $63.53. The company has a debt-to-equity ratio of 0.25, a current ratio of 0.96 and a quick ratio of 0.96.

Independent Bank (NASDAQ:INDB) last posted its earnings results on Thursday, July 17th. The bank reported $1.25 earnings per share for the quarter, beating analysts’ consensus estimates of $1.20 by $0.05. The firm had revenue of $181.80 million during the quarter, compared to analyst estimates of $179.47 million. Independent Bank had a net margin of 18.93% and a return on equity of 6.39%. As a group, equities analysts anticipate that Independent Bank will post 5.41 earnings per share for the current fiscal year.

Institutional Trading of Independent Bank

A number of hedge funds and other institutional investors have recently bought and sold shares of INDB. GAMMA Investing LLC grew its holdings in shares of Independent Bank by 156.9% in the first quarter. GAMMA Investing LLC now owns 429 shares of the bank’s stock worth $27,000 after purchasing an additional 262 shares during the last quarter. EverSource Wealth Advisors LLC boosted its position in Independent Bank by 233.3% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 550 shares of the bank’s stock valued at $35,000 after buying an additional 385 shares during the period. Private Trust Co. NA grew its stake in Independent Bank by 296.8% in the 2nd quarter. Private Trust Co. NA now owns 619 shares of the bank’s stock worth $39,000 after acquiring an additional 463 shares in the last quarter. Bessemer Group Inc. raised its stake in shares of Independent Bank by 95.1% during the second quarter. Bessemer Group Inc. now owns 638 shares of the bank’s stock valued at $40,000 after acquiring an additional 311 shares in the last quarter. Finally, LRI Investments LLC bought a new position in Independent Bank in the second quarter worth approximately $59,000. Hedge funds and other institutional investors own 83.40% of the company’s stock.

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.