StockNews.com Upgrades Independent Bank (NASDAQ:INDB) to “Hold”

StockNews.com upgraded shares of Independent Bank (NASDAQ:INDB) from a sell rating to a hold rating in a report released on Monday morning.

Several other research analysts have also recently weighed in on the company. Keefe, Bruyette & Woods reduced their price target on Independent Bank from $64.00 to $60.00 and set a market perform rating for the company in a research report on Monday, April 22nd. TheStreet cut Independent Bank from a b- rating to a c+ rating in a research report on Wednesday, March 13th.

Independent Bank Trading Up 1.6 %

Shares of NASDAQ:INDB opened at $47.80 on Monday. Independent Bank has a 52-week low of $44.27 and a 52-week high of $68.75. The stock has a market cap of $2.03 billion, a price-to-earnings ratio of 9.23 and a beta of 0.80. The company has a quick ratio of 0.96, a current ratio of 0.96 and a debt-to-equity ratio of 0.36. The business has a 50-day moving average price of $50.20 and a 200-day moving average price of $54.07.

Independent Bank (NASDAQ:INDB) last announced its quarterly earnings data on Thursday, April 18th. The bank reported $1.12 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.15 by ($0.03). Independent Bank had a return on equity of 7.85% and a net margin of 23.97%. The firm had revenue of $167.38 million during the quarter, compared to analysts’ expectations of $171.80 million. Equities analysts predict that Independent Bank will post 4.46 EPS for the current year.

Independent Bank Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, July 8th. Shareholders of record on Monday, July 1st will be issued a $0.57 dividend. This represents a $2.28 annualized dividend and a yield of 4.77%. The ex-dividend date is Monday, July 1st. Independent Bank’s payout ratio is currently 44.02%.

Institutional Trading of Independent Bank

Institutional investors have recently bought and sold shares of the business. Boston Trust Walden Corp grew its holdings in Independent Bank by 22.1% in the fourth quarter. Boston Trust Walden Corp now owns 518,119 shares of the bank’s stock valued at $34,097,000 after purchasing an additional 93,901 shares during the period. Goldman Sachs Group Inc. grew its holdings in Independent Bank by 5.3% in the fourth quarter. Goldman Sachs Group Inc. now owns 509,236 shares of the bank’s stock valued at $33,513,000 after purchasing an additional 25,664 shares during the period. Charles Schwab Investment Management Inc. grew its holdings in Independent Bank by 5.8% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 465,220 shares of the bank’s stock valued at $30,616,000 after purchasing an additional 25,460 shares during the period. Crestwood Advisors Group LLC acquired a new stake in Independent Bank in the third quarter valued at approximately $4,663,000. Finally, Assenagon Asset Management S.A. acquired a new stake in Independent Bank in the fourth quarter valued at approximately $3,463,000. 83.40% of the stock is 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 in the United States. The company provides interest checking, money market, and savings accounts, as well as demand deposits and time certificates of deposit.