Independent Bank (NASDAQ:INDB) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research report issued to clients and investors on Tuesday.
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. “
Several other brokerages have also recently commented on INDB. BidaskClub cut shares of Independent Bank from a “buy” rating to a “hold” rating in a research report on Wednesday, August 8th. Sandler O’Neill restated a “hold” rating and issued a $88.00 target price on shares of Independent Bank in a research report on Friday, July 20th. Keefe, Bruyette & Woods upgraded shares of Independent Bank from a “market perform” rating to an “outperform” rating in a research report on Sunday, July 22nd. Finally, ValuEngine upgraded shares of Independent Bank from a “hold” rating to a “buy” rating in a research report on Friday, July 20th. One research analyst has rated the stock with a sell rating, three have issued a hold rating and three have issued a buy rating to the stock. The stock currently has an average rating of “Hold” and a consensus price target of $82.60.
Independent Bank (NASDAQ:INDB) last issued its quarterly earnings data on Thursday, July 19th. The bank reported $1.14 earnings per share for the quarter, topping the consensus estimate of $1.11 by $0.03. The business had revenue of $95.06 million during the quarter, compared to analysts’ expectations of $92.60 million. Independent Bank had a net margin of 27.38% and a return on equity of 11.27%. equities research analysts expect that Independent Bank will post 4.68 EPS for the current fiscal year.
In other news, Director Carl Ribeiro sold 1,000 shares of the business’s stock in a transaction that occurred on Tuesday, July 24th. The shares were sold at an average price of $90.10, for a total value of $90,100.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 2.67% of the stock is currently owned by insiders.
Several institutional investors have recently made changes to their positions in INDB. SG Americas Securities LLC bought a new stake in shares of Independent Bank during the 1st quarter valued at approximately $125,000. Oppenheimer Asset Management Inc. bought a new stake in shares of Independent Bank during the 2nd quarter valued at approximately $215,000. Profund Advisors LLC grew its holdings in shares of Independent Bank by 22.9% during the 1st quarter. Profund Advisors LLC now owns 5,248 shares of the bank’s stock valued at $375,000 after purchasing an additional 978 shares during the last quarter. Xact Kapitalforvaltning AB grew its holdings in shares of Independent Bank by 55.1% during the 1st quarter. Xact Kapitalforvaltning AB now owns 5,351 shares of the bank’s stock valued at $383,000 after purchasing an additional 1,900 shares during the last quarter. Finally, Russell Investments Group Ltd. bought a new stake in shares of Independent Bank during the 2nd quarter valued at approximately $407,000. 81.50% of the stock is currently owned by institutional investors.
Independent Bank Company Profile
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. The company's products and services include demand deposits and time certificates of deposit, as well as checking, money market, and savings accounts.
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