Independent Bank Corp. (NASDAQ:INDB) was upgraded by stock analysts at Compass Point to a “buy” rating in a report issued on Friday.

INDB has been the topic of several other reports. BidaskClub raised Independent Bank Corp. from a “hold” rating to a “buy” rating in a research note on Tuesday, June 13th. Sandler O’Neill raised Independent Bank Corp. from a “sell” rating to a “hold” rating in a research note on Monday, May 15th. Piper Jaffray Companies initiated coverage on Independent Bank Corp. in a research note on Monday, May 15th. They issued a “neutral” rating and a $63.00 price objective on the stock. Finally, Keefe, Bruyette & Woods reaffirmed a “hold” rating and issued a $71.00 price objective on shares of Independent Bank Corp. in a research note on Wednesday, June 28th. Five equities research analysts have rated the stock with a hold rating and one has given a buy rating to the stock. Independent Bank Corp. has an average rating of “Hold” and a consensus target price of $61.00.

Shares of Independent Bank Corp. (NASDAQ INDB) opened at 66.35 on Friday. The stock has a market capitalization of $1.79 billion, a price-to-earnings ratio of 22.49 and a beta of 0.97. Independent Bank Corp. has a one year low of $46.75 and a one year high of $71.95. The company has a 50-day moving average of $65.64 and a 200 day moving average of $64.39.

Independent Bank Corp. (NASDAQ:INDB) last released its quarterly earnings data on Thursday, July 20th. The bank reported $0.82 earnings per share for the quarter, beating the consensus estimate of $0.81 by $0.01. Independent Bank Corp. had a return on equity of 9.80% and a net margin of 23.62%. During the same period last year, the company posted $0.78 EPS. Equities research analysts forecast that Independent Bank Corp. will post $3.28 earnings per share for the current fiscal year.

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In related news, insider Gerard F. Nadeau sold 6,103 shares of the firm’s stock in a transaction dated Monday, May 1st. The stock was sold at an average price of $63.71, for a total transaction of $388,822.13. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, Director Carl Ribeiro sold 1,000 shares of the firm’s stock in a transaction dated Thursday, May 25th. The shares were sold at an average price of $62.24, for a total value of $62,240.00. Following the sale, the director now owns 14,647 shares in the company, valued at $911,629.28. The disclosure for this sale can be found here. Insiders sold a total of 16,733 shares of company stock worth $1,068,441 over the last ninety days. Corporate insiders own 2.67% of the company’s stock.

Several large investors have recently made changes to their positions in INDB. US Bancorp DE increased its stake in shares of Independent Bank Corp. by 4.7% in the first quarter. US Bancorp DE now owns 1,844 shares of the bank’s stock valued at $120,000 after buying an additional 82 shares during the last quarter. Ameritas Investment Partners Inc. bought a new stake in shares of Independent Bank Corp. during the first quarter valued at approximately $145,000. State of Alaska Department of Revenue increased its stake in shares of Independent Bank Corp. by 2.4% in the first quarter. State of Alaska Department of Revenue now owns 3,000 shares of the bank’s stock valued at $195,000 after buying an additional 70 shares during the last quarter. Bank of Montreal Can increased its stake in shares of Independent Bank Corp. by 42.1% in the first quarter. Bank of Montreal Can now owns 3,036 shares of the bank’s stock valued at $197,000 after buying an additional 899 shares during the last quarter. Finally, SG Americas Securities LLC increased its stake in shares of Independent Bank Corp. by 47.3% in the first quarter. SG Americas Securities LLC now owns 3,032 shares of the bank’s stock valued at $197,000 after buying an additional 973 shares during the last quarter. Institutional investors and hedge funds own 76.87% of the company’s stock.

About Independent Bank Corp.

Independent Bank Corp. is a bank holding company. The Company operates through its subsidiary, Rockland Trust Company (the Bank). The Bank is a community-oriented commercial bank. Its community banking business provides a range of banking services, including lending activities, acceptance of demand, savings, and time deposits, and investment management.

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