Wall Street Zen Upgrades Independent Bank (NASDAQ:INDB) to “Hold”

Independent Bank (NASDAQ:INDB) was upgraded by stock analysts at Wall Street Zen from a “sell” rating to a “hold” rating in a research note issued to investors on Sunday.

Other equities research analysts have also issued research reports about the company. Keefe, Bruyette & Woods decreased their price objective on Independent Bank from $80.00 to $72.00 and set a “market perform” rating for the company in a report on Monday, April 21st. Piper Sandler decreased their price objective on Independent Bank from $74.00 to $63.00 and set a “neutral” rating for the company in a report on Monday, April 21st.

Independent Bank Trading Up 0.8%

Shares of Independent Bank stock opened at $64.34 on Friday. Independent Bank has a 1 year low of $52.15 and a 1 year high of $77.23. The firm has a market cap of $3.21 billion, a PE ratio of 14.52 and a beta of 0.87. The stock has a fifty day moving average price of $64.56 and a 200-day moving average price of $63.48. The company has a debt-to-equity ratio of 0.25, a current ratio of 0.96 and a quick ratio of 0.96.

Independent Bank (NASDAQ:INDB) last announced its earnings results on Thursday, July 17th. The bank reported $1.25 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.20 by $0.05. Independent Bank had a return on equity of 6.39% and a net margin of 18.93%. The firm had revenue of $181.80 million during the quarter, compared to analyst estimates of $179.47 million. Equities research analysts anticipate that Independent Bank will post 5.41 EPS for the current year.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in the stock. Nisa Investment Advisors LLC grew its holdings in Independent Bank by 1.5% during the 2nd quarter. Nisa Investment Advisors LLC now owns 10,705 shares of the bank’s stock valued at $680,000 after buying an additional 162 shares in the last quarter. Vanguard Personalized Indexing Management LLC grew its holdings in Independent Bank by 2.9% during the 2nd quarter. Vanguard Personalized Indexing Management LLC now owns 7,862 shares of the bank’s stock valued at $495,000 after buying an additional 218 shares in the last quarter. HighTower Advisors LLC grew its holdings in Independent Bank by 3.3% during the 1st quarter. HighTower Advisors LLC now owns 7,049 shares of the bank’s stock valued at $442,000 after buying an additional 226 shares in the last quarter. PNC Financial Services Group Inc. grew its holdings in Independent Bank by 3.6% during the 1st quarter. PNC Financial Services Group Inc. now owns 6,616 shares of the bank’s stock valued at $414,000 after buying an additional 232 shares in the last quarter. Finally, GAMMA Investing LLC grew its holdings in Independent Bank by 156.9% during the 1st quarter. GAMMA Investing LLC now owns 429 shares of the bank’s stock valued at $27,000 after buying an additional 262 shares in the last quarter. Hedge funds and other institutional investors own 83.40% of the company’s stock.

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