Independent Bank (INDB) Upgraded to Buy at Compass Point

Independent Bank (NASDAQ:INDB) was upgraded by stock analysts at Compass Point from a “neutral” rating to a “buy” rating in a research report issued on Monday, Marketbeat.com reports.

A number of other analysts have also issued reports on INDB. Zacks Investment Research upgraded Independent Bank from a “hold” rating to a “buy” rating and set a $75.00 target price for the company in a report on Tuesday, August 22nd. Keefe, Bruyette & Woods restated a “hold” rating and issued a $73.00 target price on shares of Independent Bank in a report on Tuesday, October 3rd. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and one has issued a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and an average target price of $73.00.

Shares of Independent Bank (NASDAQ INDB) traded up $1.70 during trading hours on Monday, hitting $70.50. The stock had a trading volume of 309,100 shares, compared to its average volume of 91,333. Independent Bank has a one year low of $57.20 and a one year high of $76.30. The firm has a market cap of $1,934.73, a P/E ratio of 21.83 and a beta of 0.96. The company has a debt-to-equity ratio of 0.17, a current ratio of 0.95 and a quick ratio of 0.95.

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

In other news, CFO Robert D. Cozzone sold 3,250 shares of the company’s stock in a transaction on Thursday, November 2nd. The shares were sold at an average price of $72.50, for a total value of $235,625.00. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Carl Ribeiro sold 700 shares of the company’s stock in a transaction on Tuesday, December 12th. The stock was sold at an average price of $69.25, for a total transaction of $48,475.00. The disclosure for this sale can be found here. Insiders sold 6,150 shares of company stock valued at $439,814 in the last 90 days. Corporate insiders own 2.67% of the company’s stock.

Hedge funds and other institutional investors have recently bought and sold shares of the company. BlackRock Inc. increased its stake in shares of Independent Bank by 0.8% in the second quarter. BlackRock Inc. now owns 3,308,074 shares of the bank’s stock worth $220,483,000 after acquiring an additional 26,356 shares during the last quarter. Rockland Trust Co. increased its stake in shares of Independent Bank by 12.8% in the third quarter. Rockland Trust Co. now owns 565,848 shares of the bank’s stock worth $24,468,000 after acquiring an additional 64,150 shares during the last quarter. US Bancorp DE increased its stake 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 acquiring an additional 49 shares during the last quarter. Macquarie Group Ltd. increased its stake in shares of Independent Bank by 5.8% in the second quarter. Macquarie Group Ltd. now owns 732,463 shares of the bank’s stock worth $48,819,000 after acquiring an additional 40,066 shares during the last quarter. Finally, BNP Paribas Arbitrage SA increased its stake in shares of Independent Bank by 77.7% in the third quarter. BNP Paribas Arbitrage SA now owns 15,018 shares of the bank’s stock worth $1,121,000 after acquiring an additional 6,565 shares during the last quarter. 79.75% of the stock is currently owned by institutional investors and hedge funds.

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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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