Independent Bank (INDB) Downgraded by BidaskClub to Sell
A number of other research firms have also issued reports on INDB. Sandler O’Neill upgraded shares of Independent Bank from a “hold” rating to a “buy” rating in a report on Wednesday, April 3rd. Zacks Investment Research lowered shares of Independent Bank from a “hold” rating to a “sell” rating in a report on Thursday, April 25th. Two equities research analysts have rated the stock with a sell rating, three have assigned a hold rating and two have assigned a buy rating to the company. The stock presently has an average rating of “Hold” and an average price target of $85.67.
Independent Bank stock opened at $73.53 on Wednesday. Independent Bank has a 52 week low of $66.12 and a 52 week high of $95.00. The company has a debt-to-equity ratio of 0.28, a quick ratio of 0.97 and a current ratio of 0.97. The stock has a market capitalization of $2.62 billion, a P/E ratio of 15.68 and a beta of 1.04.
In other Independent Bank news, President Gerard F. Nadeau sold 2,500 shares of the company’s stock in a transaction dated Monday, March 11th. The shares were sold at an average price of $81.69, for a total value of $204,225.00. Following the transaction, the president now directly owns 19,227 shares in the company, valued at approximately $1,570,653.63. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director Kevin J. Jones sold 4,000 shares of the company’s stock in a transaction dated Tuesday, May 7th. The shares were sold at an average price of $79.46, for a total transaction of $317,840.00. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 11,721 shares of company stock worth $943,311. 1.60% of the stock is owned by insiders.
Several hedge funds and other institutional investors have recently bought and sold shares of INDB. Morgan Stanley increased its stake in shares of Independent Bank by 3.2% during the 3rd quarter. Morgan Stanley now owns 66,191 shares of the bank’s stock valued at $5,466,000 after acquiring an additional 2,051 shares during the last quarter. State of Alaska Department of Revenue increased its stake in shares of Independent Bank by 3.3% during the 4th quarter. State of Alaska Department of Revenue now owns 9,386 shares of the bank’s stock valued at $659,000 after acquiring an additional 300 shares during the last quarter. Virtu Financial LLC acquired a new position in shares of Independent Bank during the 4th quarter valued at about $252,000. Bank of Montreal Can increased its stake in shares of Independent Bank by 7.8% during the 4th quarter. Bank of Montreal Can now owns 2,716 shares of the bank’s stock valued at $190,000 after acquiring an additional 197 shares during the last quarter. Finally, Strs Ohio acquired a new position in shares of Independent Bank during the 4th quarter valued at about $35,000. 69.96% of the stock is owned by institutional investors.
About Independent Bank
Independent Bank Corp. operates as the bank holding company for Rockland Trust Company that provides commercial banking products and services to individuals and small-to-medium sized businesses primarily in Massachusetts. Its products and services include demand deposits and time certificates of deposit, as well as checking, money market, and savings accounts.
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