StockNews.com lowered shares of Independent Bank (NASDAQ:INDB – Free Report) from a hold rating to a sell rating in a report released on Tuesday.
Separately, Seaport Res Ptn upgraded Independent Bank from a hold rating to a strong-buy rating in a research note on Monday, July 22nd.
Get Our Latest Stock Report on INDB
Independent Bank Price Performance
Independent Bank (NASDAQ:INDB – Get Free Report) last issued its quarterly earnings results on Thursday, July 18th. The bank reported $1.21 earnings per share for the quarter, topping the consensus estimate of $1.11 by $0.10. The business had revenue of $244.19 million during the quarter, compared to the consensus estimate of $169.07 million. Independent Bank had a return on equity of 7.41% and a net margin of 22.42%. During the same quarter last year, the company earned $1.42 earnings per share. Research analysts predict that Independent Bank will post 4.75 earnings per share for the current fiscal year.
Institutional Inflows and Outflows
Institutional investors have recently modified their holdings of the company. Charles Schwab Investment Management Inc. raised its position in Independent Bank by 5.8% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 465,220 shares of the bank’s stock valued at $30,616,000 after acquiring an additional 25,460 shares in the last quarter. Dimensional Fund Advisors LP raised its position in Independent Bank by 10.3% during the fourth quarter. Dimensional Fund Advisors LP now owns 1,753,697 shares of the bank’s stock valued at $115,415,000 after acquiring an additional 164,254 shares in the last quarter. Vanguard Personalized Indexing Management LLC purchased a new position in Independent Bank during the fourth quarter valued at approximately $217,000. Norges Bank purchased a new position in Independent Bank during the fourth quarter valued at approximately $32,784,000. Finally, Clearbridge Investments LLC raised its position in Independent Bank by 0.6% during the fourth quarter. Clearbridge Investments LLC now owns 303,905 shares of the bank’s stock valued at $20,000,000 after acquiring an additional 1,917 shares in the last quarter. 83.40% of the stock is currently 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.
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