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.
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.
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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