Independent Bank Corp. (NASDAQ:INDB) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued on Wednesday. The firm presently has a $81.00 price target on the bank’s stock. Zacks Investment Research‘s target price indicates a potential upside of 12.89% from the company’s current price.

According to Zacks, “Independent Bank Corp. is a bank holding company for Rockland Trust Company. They are a community-oriented commercial bank. The community banking business consists of commercial banking, retail banking and trust services and is managed as a single strategic unit. The community banking business derives its revenues from a wide range of banking services, including lending activities, acceptance of demand, savings and time deposits, trust and investment management, and mortgage servicing income from investors. “

Other equities research analysts have also issued reports about the company. BidaskClub upgraded Independent Bank Corp. from a “hold” rating to a “buy” rating in a report on Tuesday, June 13th. Compass Point raised Independent Bank Corp. from a “neutral” rating to a “buy” rating and set a $72.00 price target on the stock in a research report on Friday, July 21st. Keefe, Bruyette & Woods reaffirmed a “hold” rating and issued a $71.00 price target on shares of Independent Bank Corp. in a research report on Wednesday, June 28th. Sandler O’Neill raised Independent Bank Corp. from a “sell” rating to a “hold” rating in a research report on Monday, May 15th. Finally, Piper Jaffray Companies began coverage on Independent Bank Corp. in a research report on Monday, May 15th. They issued a “neutral” rating and a $63.00 price target on the stock. Four analysts have rated the stock with a hold rating and two have given a buy rating to the company. The stock has an average rating of “Hold” and a consensus price target of $67.60.

Shares of Independent Bank Corp. (INDB) traded down 0.90% on Wednesday, hitting $71.75. 87,964 shares of the stock traded hands. The stock has a market cap of $1.97 billion, a price-to-earnings ratio of 24.40 and a beta of 0.97. Independent Bank Corp. has a one year low of $46.75 and a one year high of $72.50. The company’s 50 day moving average is $66.18 and its 200 day moving average is $64.36.

Independent Bank Corp. (NASDAQ:INDB) last posted its earnings results on Thursday, July 20th. The bank reported $0.82 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.81 by $0.01. Independent Bank Corp. had a return on equity of 9.70% and a net margin of 23.17%. The firm had revenue of $85.15 million during the quarter, compared to analyst estimates of $85.20 million. During the same period in the previous year, the company earned $0.78 EPS. On average, equities analysts forecast that Independent Bank Corp. will post $3.31 EPS for the current year.

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In other Independent Bank Corp. news, Director Carl Ribeiro sold 1,000 shares of Independent Bank Corp. stock in a transaction that occurred on Thursday, May 25th. The stock was sold at an average price of $62.24, for a total value of $62,240.00. Following the transaction, the director now directly owns 14,647 shares of the company’s stock, valued at approximately $911,629.28. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director Kevin J. Jones sold 9,630 shares of Independent Bank Corp. stock in a transaction that occurred on Friday, April 28th. The stock was sold at an average price of $64.11, for a total value of $617,379.30. Following the completion of the transaction, the director now directly owns 77,534 shares in the company, valued at $4,970,704.74. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 19,983 shares of company stock worth $1,302,951. Company insiders own 2.67% of the company’s stock.

A number of hedge funds and other institutional investors have recently modified their holdings of INDB. US Bancorp DE increased its position 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 in the last quarter. Ameritas Investment Partners Inc. acquired a new position in shares of Independent Bank Corp. during the first quarter valued at approximately $145,000. State of Alaska Department of Revenue increased its position 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 in the last quarter. Bank of Montreal Can increased its position 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 in the last quarter. Finally, SG Americas Securities LLC boosted its stake in Independent Bank Corp. by 47.3% in the first quarter. SG Americas Securities LLC now owns 3,032 shares of the bank’s stock worth $197,000 after buying an additional 973 shares in the last quarter. 76.91% of the stock is currently owned by institutional investors.

Independent Bank Corp. Company Profile

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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