Independent Bank’s (INDB) Hold Rating Reaffirmed at Keefe, Bruyette & Woods

Independent Bank (NASDAQ:INDB)‘s stock had its “hold” rating restated by equities researchers at Keefe, Bruyette & Woods in a report released on Sunday.

INDB has been the topic of a number of other research reports. Compass Point lowered Independent Bank from a “buy” rating to a “neutral” rating and set a $76.00 target price on the stock. in a research report on Wednesday, October 11th. They noted that the move was a valuation call. Zacks Investment Research raised Independent Bank from a “sell” rating to a “hold” rating in a research report on Friday, December 22nd. Finally, BidaskClub raised Independent Bank from a “sell” rating to a “hold” rating in a research report on Thursday. Five research analysts have rated the stock with a hold rating and one has assigned a buy rating to the company’s stock. The company currently has an average rating of “Hold” and a consensus price target of $73.00.

Shares of Independent Bank (INDB) opened at $73.55 on Friday. Independent Bank has a 1 year low of $57.20 and a 1 year high of $76.30. The stock has a market capitalization of $2,018.43, a P/E ratio of 23.13 and a beta of 0.97. 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 earnings results on Thursday, January 18th. The bank reported $0.89 earnings per share (EPS) for the quarter, meeting the Zacks’ consensus estimate of $0.89. Independent Bank had a return on equity of 10.10% and a net margin of 24.21%. The business had revenue of $89.70 million for the quarter, compared to analyst estimates of $88.31 million. During the same quarter last year, the firm earned $0.76 EPS. Independent Bank’s revenue for the quarter was up 17.2% compared to the same quarter last year. equities analysts expect that Independent Bank will post 3.75 earnings per share for the current year.

In other Independent Bank news, Director Carl Ribeiro sold 700 shares of the business’s stock in a transaction that occurred on Tuesday, December 12th. The stock was sold at an average price of $69.25, for a total transaction of $48,475.00. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Daniel F. Obrien sold 1,000 shares of the business’s stock in a transaction that occurred 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 transaction, the director now directly owns 22,912 shares in the company, valued at approximately $1,608,193.28. The disclosure for this sale can be found here. Insiders have sold a total of 6,150 shares of company stock worth $439,814 in the last ninety days. Insiders own 2.67% of the company’s stock.

Several large investors have recently bought and sold shares of INDB. Oppenheimer Asset Management Inc. increased its position in shares of Independent Bank by 8.3% during the 2nd 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 last quarter. US Bancorp DE increased its position in shares of Independent Bank by 4.7% during the 1st quarter. US Bancorp DE now owns 1,844 shares of the bank’s stock worth $120,000 after purchasing an additional 82 shares during the last quarter. Elkfork Partners LLC acquired a new position in shares of Independent Bank during the 4th quarter worth approximately $124,000. D.A. Davidson & CO. increased its position in shares of Independent Bank by 12.9% during the 2nd 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 last quarter. Finally, Ameritas Investment Partners Inc. acquired a new position in shares of Independent Bank during the 1st quarter worth approximately $145,000. 79.75% of the stock is currently owned by hedge funds and other institutional investors.

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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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