Independent Bank (NASDAQ:INDB) Lowered to Sell Rating by StockNews.com

StockNews.com downgraded shares of Independent Bank (NASDAQ:INDB) from a hold rating to a sell rating in a research note released on Friday.

Other equities analysts have also recently issued research reports about the company. Keefe, Bruyette & Woods reduced their target price on Independent Bank from $82.00 to $80.00 and set a “market perform” rating on the stock in a report on Tuesday, January 21st. Raymond James reissued a “strong-buy” rating and set a $78.00 price objective (up previously from $74.00) on shares of Independent Bank in a research note on Tuesday, January 21st. One equities research analyst has rated the stock with a sell rating, one has given a hold rating and two have given a strong buy rating to the company. According to MarketBeat.com, Independent Bank has a consensus rating of “Moderate Buy” and an average target price of $79.00.

Independent Bank Trading Down 0.7 %

Shares of NASDAQ INDB opened at $63.08 on Friday. Independent Bank has a fifty-two week low of $45.11 and a fifty-two week high of $77.23. The firm has a market capitalization of $2.69 billion, a P/E ratio of 13.96 and a beta of 0.77. The company has a debt-to-equity ratio of 0.23, a current ratio of 0.95 and a quick ratio of 0.95. The company’s 50 day simple moving average is $66.43 and its 200 day simple moving average is $65.45.

Independent Bank (NASDAQ:INDB) last posted its quarterly earnings results on Thursday, January 16th. The bank reported $1.21 earnings per share for the quarter, beating analysts’ consensus estimates of $1.16 by $0.05. Independent Bank had a return on equity of 6.57% and a net margin of 19.58%. On average, analysts predict that Independent Bank will post 5.41 EPS for the current year.

Independent Bank Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, January 6th. Stockholders of record on Monday, December 30th were given a dividend of $0.57 per share. This represents a $2.28 dividend on an annualized basis and a dividend yield of 3.61%. The ex-dividend date of this dividend was Monday, December 30th. Independent Bank’s dividend payout ratio is currently 50.44%.

Insider Activity

In other Independent Bank news, Director Donna L. Abelli sold 640 shares of the firm’s stock in a transaction that occurred on Tuesday, February 11th. The shares were sold at an average price of $70.03, for a total transaction of $44,819.20. Following the sale, the director now directly owns 12,516 shares in the company, valued at approximately $876,495.48. This trade represents a 4.86 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. 0.87% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the stock. Venturi Wealth Management LLC acquired a new position in Independent Bank in the 4th quarter worth $62,000. Smartleaf Asset Management LLC boosted its position in shares of Independent Bank by 105.4% during the fourth quarter. Smartleaf Asset Management LLC now owns 1,056 shares of the bank’s stock worth $68,000 after buying an additional 542 shares during the period. Sterling Capital Management LLC grew its holdings in shares of Independent Bank by 810.2% during the fourth quarter. Sterling Capital Management LLC now owns 1,338 shares of the bank’s stock worth $86,000 after buying an additional 1,191 shares in the last quarter. KBC Group NV grew its holdings in shares of Independent Bank by 34.5% during the fourth quarter. KBC Group NV now owns 1,911 shares of the bank’s stock worth $123,000 after buying an additional 490 shares in the last quarter. Finally, ST Germain D J Co. Inc. raised its position in Independent Bank by 364.9% in the 4th quarter. ST Germain D J Co. Inc. now owns 2,213 shares of the bank’s stock valued at $142,000 after buying an additional 1,737 shares during the last quarter. Institutional investors and hedge funds own 83.40% of the company’s stock.

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 in the United States. The company provides interest checking, money market, and savings accounts, as well as demand deposits and time certificates of deposit.