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.
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.
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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