Independent Bank Corp. (INDB) Downgraded by Zacks Investment Research

Zacks Investment Research lowered shares of Independent Bank Corp. (NASDAQ:INDB) from a buy rating to a hold rating in a research note published on Monday morning.

According to Zacks, “Independent Bank Corp. is a bank holding company for Rockland Trust Company. They are a community-oriented commercial bank. The community banking business consists of commercial banking, retail banking and trust services and is managed as a single strategic unit. The community banking business derives its revenues from a wide range of banking services, including lending activities, acceptance of demand, savings and time deposits, trust and investment management, and mortgage servicing income from investors. “

A number of other equities analysts have also recently issued reports on INDB. BidaskClub raised Independent Bank Corp. from a hold rating to a buy rating in a report on Tuesday, June 13th. Keefe, Bruyette & Woods reissued a hold rating and issued a $71.00 target price on shares of Independent Bank Corp. in a report on Wednesday, June 28th. Finally, Compass Point raised Independent Bank Corp. from a neutral rating to a buy rating and set a $72.00 target price for the company in a report on Friday, July 21st. Four analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. The company currently has a consensus rating of Hold and a consensus price target of $71.50.

Independent Bank Corp. (NASDAQ INDB) opened at 72.05 on Monday. The firm has a market cap of $1.98 billion, a price-to-earnings ratio of 24.50 and a beta of 1.00. Independent Bank Corp. has a 52-week low of $47.50 and a 52-week high of $73.15. The company’s 50-day moving average price is $69.35 and its 200-day moving average price is $65.85.

Independent Bank Corp. (NASDAQ:INDB) last issued its earnings results on Thursday, July 20th. The bank reported $0.82 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.81 by $0.01. Independent Bank Corp. had a return on equity of 9.70% and a net margin of 23.17%. The business had revenue of $85.15 million during the quarter, compared to analysts’ expectations of $85.20 million. During the same period in the prior year, the firm posted $0.78 EPS. Analysts predict that Independent Bank Corp. will post $3.33 EPS for the current year.

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In related news, insider Christopher Oddleifson sold 1,750 shares of the firm’s stock in a transaction on Wednesday, July 26th. The stock was sold at an average price of $72.02, for a total transaction of $126,035.00. Following the completion of the sale, the insider now directly owns 92,143 shares of the company’s stock, valued at approximately $6,636,138.86. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Mark J. Ruggiero sold 400 shares of the firm’s stock in a transaction on Tuesday, July 25th. The shares were sold at an average price of $73.05, for a total value of $29,220.00. Following the sale, the insider now directly owns 2,852 shares of the company’s stock, valued at $208,338.60. The disclosure for this sale can be found here. Insiders have sold a total of 8,443 shares of company stock valued at $607,108 over the last ninety days. Insiders own 2.67% of the company’s stock.

A number of hedge funds have recently added to or reduced their stakes in INDB. Oppenheimer Asset Management Inc. increased its holdings in Independent Bank Corp. by 8.3% during the 2nd quarter. Oppenheimer Asset Management Inc. now owns 1,566 shares of the bank’s stock valued at $104,000 after purchasing an additional 120 shares in the last quarter. US Bancorp DE increased its holdings in Independent Bank Corp. by 4.7% during the 1st quarter. US Bancorp DE now owns 1,844 shares of the bank’s stock valued at $120,000 after purchasing an additional 82 shares in the last quarter. D.A. Davidson & CO. increased its holdings in Independent Bank Corp. by 12.9% during the 2nd quarter. D.A. Davidson & CO. now owns 1,995 shares of the bank’s stock valued at $132,000 after purchasing an additional 228 shares in the last quarter. Ameritas Investment Partners Inc. acquired a new stake in Independent Bank Corp. during the 1st quarter valued at $145,000. Finally, Bank of Montreal Can increased its holdings in Independent Bank Corp. by 42.1% during the 1st quarter. Bank of Montreal Can now owns 3,036 shares of the bank’s stock valued at $197,000 after purchasing an additional 899 shares in the last quarter. 76.45% of the stock is owned by hedge funds and other institutional investors.

Independent Bank Corp. Company Profile

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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