Independent Bank Corp. (INDB) Upgraded to Buy at Zacks Investment Research

Zacks Investment Research upgraded shares of Independent Bank Corp. (NASDAQ:INDB) from a hold rating to a buy rating in a research note released on Wednesday morning. The brokerage currently has $80.00 price objective on the bank’s stock.

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 brokerages have also weighed in on INDB. BidaskClub upgraded shares of Independent Bank Corp. from a hold rating to a buy rating in a report on Tuesday, June 13th. Compass Point upgraded shares of Independent Bank Corp. from a neutral rating to a buy rating and set a $72.00 price target on the stock in a research note on Friday, July 21st. Finally, Keefe, Bruyette & Woods reiterated a hold rating and set a $71.00 price target on shares of Independent Bank Corp. in a research note on Wednesday, June 28th. Four analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. The stock presently has a consensus rating of Hold and a consensus price target of $71.50.

Independent Bank Corp. (NASDAQ:INDB) opened at 72.05 on Wednesday. Independent Bank Corp. has a 12 month low of $47.50 and a 12 month high of $73.15. The firm has a market capitalization of $1.98 billion, a P/E ratio of 24.50 and a beta of 1.00. The stock’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 announced its quarterly earnings data on Thursday, July 20th. The bank reported $0.82 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.81 by $0.01. Independent Bank Corp. had a net margin of 23.17% and a return on equity of 9.70%. The business had revenue of $85.15 million for the quarter, compared to analyst estimates of $85.20 million. During the same period last year, the business earned $0.78 EPS. Equities analysts forecast that Independent Bank Corp. will post $3.33 earnings per share for the current year.

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In related news, insider Christopher Oddleifson sold 1,750 shares of Independent Bank Corp. stock in a transaction on Wednesday, July 26th. The shares were sold at an average price of $72.02, for a total transaction of $126,035.00. Following the sale, the insider now directly owns 92,143 shares in the company, valued at approximately $6,636,138.86. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Gerard F. Nadeau sold 5,193 shares of Independent Bank Corp. stock in a transaction on Monday, July 31st. The stock was sold at an average price of $71.75, for a total transaction of $372,597.75. The disclosure for this sale can be found here. Insiders have sold a total of 8,443 shares of company stock worth $607,108 over the last quarter. 2.67% of the stock is owned by company insiders.

Institutional investors have recently modified their holdings of the business. Oppenheimer Asset Management Inc. grew its position 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 worth $104,000 after purchasing an additional 120 shares during the last quarter. US Bancorp DE grew its position in Independent Bank Corp. 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. D.A. Davidson & CO. grew its position 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 worth $132,000 after purchasing an additional 228 shares during the last quarter. Ameritas Investment Partners Inc. purchased a new position in Independent Bank Corp. during the 1st quarter worth $145,000. Finally, Bank of Montreal Can grew its position 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 worth $197,000 after purchasing an additional 899 shares during the last quarter. 76.45% of the stock is currently owned by institutional investors.

About Independent Bank Corp.

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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