Independent Bank (NASDAQ:INDB) Cut to “Sell” at StockNews.com

StockNews.com cut shares of Independent Bank (NASDAQ:INDB) from a hold rating to a sell rating in a research note published on Tuesday morning.

Separately, Seaport Res Ptn upgraded shares of Independent Bank from a hold rating to a strong-buy rating in a research note on Monday, July 22nd.

Independent Bank Trading Up 0.5 %

Shares of Independent Bank stock opened at $62.40 on Tuesday. The company has a market capitalization of $2.65 billion, a P/E ratio of 12.05 and a beta of 0.75. The stock has a fifty day simple moving average of $60.29 and a 200 day simple moving average of $53.66. Independent Bank has a 12-month low of $44.63 and a 12-month high of $68.75. The company has a current ratio of 0.95, a quick ratio of 0.95 and a debt-to-equity ratio of 0.24.

Independent Bank (NASDAQ:INDB) last posted its earnings results on Thursday, July 18th. The bank reported $1.21 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.11 by $0.10. Independent Bank had a net margin of 22.42% and a return on equity of 7.41%. The firm had revenue of $244.19 million during the quarter, compared to analyst estimates of $169.07 million. During the same quarter in the prior year, the business posted $1.42 EPS. On average, sell-side analysts anticipate that Independent Bank will post 4.75 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Independent Bank

Several large investors have recently made changes to their positions in INDB. Louisiana State Employees Retirement System grew its position in Independent Bank by 0.9% during the second quarter. Louisiana State Employees Retirement System now owns 21,400 shares of the bank’s stock valued at $1,085,000 after buying an additional 200 shares during the period. CWM LLC grew its position in shares of Independent Bank by 2.7% during the 2nd quarter. CWM LLC now owns 8,704 shares of the bank’s stock valued at $441,000 after acquiring an additional 232 shares during the period. Aries Wealth Management increased its stake in shares of Independent Bank by 1.5% during the 2nd quarter. Aries Wealth Management now owns 16,122 shares of the bank’s stock worth $818,000 after purchasing an additional 232 shares during the last quarter. Illinois Municipal Retirement Fund raised its holdings in shares of Independent Bank by 1.8% in the 1st quarter. Illinois Municipal Retirement Fund now owns 25,325 shares of the bank’s stock worth $1,317,000 after purchasing an additional 443 shares during the period. Finally, Plimoth Trust Co. LLC lifted its stake in Independent Bank by 6.0% in the first quarter. Plimoth Trust Co. LLC now owns 8,900 shares of the bank’s stock valued at $463,000 after purchasing an additional 500 shares during the last quarter. 83.40% of the stock is owned by hedge funds and other 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 in the United States. The company provides interest checking, money market, and savings accounts, as well as demand deposits and time certificates of deposit.