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

Independent Bank (NASDAQ:INDB) was downgraded by stock analysts at StockNews.com from a “hold” rating to a “sell” rating in a note issued to investors on Tuesday.

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

Independent Bank Price Performance

INDB traded up $0.68 during trading on Tuesday, hitting $62.12. The company’s stock had a trading volume of 182,324 shares, compared to its average volume of 273,638. 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. The firm has a market capitalization of $2.64 billion, a price-to-earnings ratio of 11.99 and a beta of 0.75. The business’s fifty day simple moving average is $59.85 and its 200 day simple moving average is $53.54.

Independent Bank (NASDAQ:INDB) last announced its quarterly earnings results on Thursday, July 18th. The bank reported $1.21 earnings per share for the quarter, beating analysts’ consensus estimates of $1.11 by $0.10. Independent Bank had a net margin of 22.42% and a return on equity of 7.41%. The business had revenue of $244.19 million during the quarter, compared to analysts’ expectations of $169.07 million. During the same period last year, the business earned $1.42 earnings per share. On average, equities research analysts forecast that Independent Bank will post 4.75 EPS for the current fiscal year.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the company. Goldman Sachs Group Inc. increased its position in Independent Bank by 5.3% during the fourth quarter. Goldman Sachs Group Inc. now owns 509,236 shares of the bank’s stock worth $33,513,000 after buying an additional 25,664 shares during the last quarter. Quantbot Technologies LP acquired a new stake in shares of Independent Bank during the first quarter valued at about $1,169,000. BNP Paribas Financial Markets grew its stake in shares of Independent Bank by 89.8% in the first quarter. BNP Paribas Financial Markets now owns 23,769 shares of the bank’s stock worth $1,236,000 after purchasing an additional 11,244 shares during the last quarter. Edgestream Partners L.P. lifted its position in shares of Independent Bank by 462.0% in the 1st quarter. Edgestream Partners L.P. now owns 52,784 shares of the bank’s stock worth $2,746,000 after purchasing an additional 43,391 shares during the period. Finally, Virtu Financial LLC acquired a new stake in Independent Bank during the first quarter worth approximately $461,000. Institutional investors and hedge funds 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.