Independent Bank Corp. (NASDAQ:INDB) has received an average rating of “Hold” from the six analysts that are covering the firm, Marketbeat reports. One investment analyst has rated the stock with a sell recommendation and five have assigned a hold recommendation to the company. The average 1 year price objective among brokers that have issued ratings on the stock in the last year is $70.67.

A number of research firms have recently weighed in on INDB. Zacks Investment Research raised Independent Bank from a “hold” rating to a “buy” rating and set a $80.00 target price for the company in a report on Wednesday, September 20th. Compass Point downgraded Independent Bank from a “buy” rating to a “neutral” rating and set a $76.00 target price for the company. in a report on Wednesday, October 11th. They noted that the move was a valuation call. Finally, Keefe, Bruyette & Woods reissued a “hold” rating and set a $73.00 target price on shares of Independent Bank in a report on Tuesday, October 3rd.

In related news, Director Eileen C. Miskell sold 1,200 shares of the firm’s stock in a transaction on Wednesday, October 25th. The stock was sold at an average price of $71.27, for a total value of $85,524.00. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Daniel F. Obrien sold 1,000 shares of the firm’s stock in a transaction on Tuesday, November 21st. The stock was sold at an average price of $70.19, for a total value of $70,190.00. Following the completion of the transaction, the director now owns 22,912 shares in the company, valued at approximately $1,608,193.28. The disclosure for this sale can be found here. Insiders sold 5,450 shares of company stock worth $391,339 in the last 90 days. 2.67% of the stock is owned by company insiders.

Several hedge funds and other institutional investors have recently modified their holdings of INDB. Oppenheimer Asset Management Inc. increased its position in shares of Independent Bank by 8.3% in the second quarter. Oppenheimer Asset Management Inc. now owns 1,566 shares of the bank’s stock worth $104,000 after purchasing an additional 120 shares during the period. US Bancorp DE increased its position in shares of Independent Bank by 2.7% in the second quarter. US Bancorp DE now owns 1,893 shares of the bank’s stock worth $126,000 after purchasing an additional 49 shares during the period. D.A. Davidson & CO. increased its position in shares of Independent Bank by 12.9% in the second quarter. D.A. Davidson & CO. now owns 1,995 shares of the bank’s stock worth $132,000 after purchasing an additional 228 shares during the period. Sei Investments Co. increased its position in shares of Independent Bank by 134,750.0% in the third quarter. Sei Investments Co. now owns 2,697 shares of the bank’s stock worth $202,000 after purchasing an additional 2,695 shares during the period. Finally, Penobscot Investment Management Company Inc. bought a new position in shares of Independent Bank in the third quarter worth $215,000. Institutional investors own 78.63% of the company’s stock.

Shares of Independent Bank (NASDAQ:INDB) opened at $69.50 on Monday. Independent Bank has a twelve month low of $57.20 and a twelve month high of $76.30. The company has a current ratio of 0.95, a quick ratio of 0.95 and a debt-to-equity ratio of 0.17. The firm has a market capitalization of $1,907.29, a price-to-earnings ratio of 21.52 and a beta of 0.98.

Independent Bank (NASDAQ:INDB) last posted its earnings results on Thursday, October 19th. The bank reported $0.87 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.91 by ($0.04). Independent Bank had a return on equity of 9.76% and a net margin of 23.48%. The firm had revenue of $87.84 million for the quarter, compared to analyst estimates of $88.57 million. During the same period in the prior year, the business posted $0.78 EPS. The firm’s quarterly revenue was up 12.5% compared to the same quarter last year. research analysts forecast that Independent Bank will post 3.41 EPS for the current fiscal year.

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About Independent Bank

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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