Independent Bank (NASDAQ:INDB) Upgraded to Hold by StockNews.com

Independent Bank (NASDAQ:INDB) was upgraded by StockNews.com from a “sell” rating to a “hold” rating in a note issued to investors on Monday.

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

Independent Bank Stock Performance

Independent Bank stock traded down $0.16 during mid-day trading on Monday, reaching $59.81. The company’s stock had a trading volume of 148,563 shares, compared to its average volume of 274,877. The firm has a market cap of $2.54 billion, a price-to-earnings ratio of 11.55 and a beta of 0.75. The business has a 50 day moving average price of $58.25 and a 200-day moving average price of $53.13. 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 has a twelve month low of $44.63 and a twelve month high of $68.75.

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

Institutional Investors Weigh In On Independent Bank

Several hedge funds have recently made changes to their positions in the company. Sachetta LLC acquired a new stake in shares of Independent Bank in the fourth quarter worth $56,000. EntryPoint Capital LLC acquired a new stake in Independent Bank during the 1st quarter worth about $47,000. Innealta Capital LLC acquired a new stake in Independent Bank during the 2nd quarter worth about $73,000. Vanguard Personalized Indexing Management LLC acquired a new stake in Independent Bank during the 4th quarter worth about $217,000. Finally, TFO Wealth Partners LLC boosted its position in Independent Bank by 215,100.0% during the 4th quarter. TFO Wealth Partners LLC now owns 4,304 shares of the bank’s stock worth $283,000 after acquiring an additional 4,302 shares during the period. Hedge funds and other institutional investors 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.