Independent Bank (INDB) Lowered to “Hold” at Zacks Investment Research

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

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 research analysts have also issued reports on INDB. Keefe, Bruyette & Woods raised Independent Bank from a market perform rating to an outperform rating in a research report on Sunday, July 22nd. BidaskClub raised Independent Bank from a hold rating to a buy rating in a research report on Wednesday, July 25th. Sandler O’Neill reaffirmed a hold rating and issued a $88.00 price target on shares of Independent Bank in a research report on Friday, July 20th. Finally, ValuEngine raised Independent Bank from a hold rating to a buy rating in a research report on Friday, July 20th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and two have given a buy rating to the company. The company has a consensus rating of Hold and a consensus target price of $85.67.

INDB stock opened at $79.13 on Friday. The company has a current ratio of 0.95, a quick ratio of 0.94 and a debt-to-equity ratio of 0.16. The stock has a market capitalization of $2.20 billion, a price-to-earnings ratio of 23.62 and a beta of 0.97. Independent Bank has a 1 year low of $66.85 and a 1 year high of $95.00.

Independent Bank (NASDAQ:INDB) last posted its quarterly earnings results on Thursday, October 18th. The bank reported $1.14 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.20 by ($0.06). The company had revenue of $99.50 million during the quarter, compared to analyst estimates of $99.40 million. Independent Bank had a net margin of 28.75% and a return on equity of 12.21%. Equities analysts forecast that Independent Bank will post 4.67 EPS for the current fiscal year.

Hedge funds and other institutional investors have recently modified their holdings of the company. Flagship Harbor Advisors LLC raised its position in shares of Independent Bank by 132.5% during the 3rd quarter. Flagship Harbor Advisors LLC now owns 2,571 shares of the bank’s stock worth $209,000 after acquiring an additional 1,465 shares in the last quarter. Oppenheimer Asset Management Inc. acquired a new stake in shares of Independent Bank during the 2nd quarter worth about $215,000. Xact Kapitalforvaltning AB raised its position 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 worth $383,000 after acquiring an additional 1,900 shares in the last quarter. Russell Investments Group Ltd. acquired a new stake in shares of Independent Bank during the 2nd quarter worth about $407,000. Finally, Penobscot Investment Management Company Inc. raised its position in shares of Independent Bank by 33.6% during the 2nd quarter. Penobscot Investment Management Company Inc. now owns 5,525 shares of the bank’s stock worth $433,000 after acquiring an additional 1,390 shares in the last quarter. 81.40% of the stock is currently owned by institutional investors and hedge funds.

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 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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