Independent Bank (NASDAQ:INDB) Upgraded to Sell at BidaskClub

BidaskClub upgraded shares of Independent Bank (NASDAQ:INDB) from a strong sell rating to a sell rating in a research note released on Saturday morning, BidAskClub reports.

INDB has been the topic of a number of other research reports. ValuEngine downgraded shares of Independent Bank from a hold rating to a sell rating in a research report on Friday, June 7th. Zacks Investment Research downgraded shares of Independent Bank from a hold rating to a sell rating in a research report on Thursday, April 25th. Finally, Sandler O’Neill upgraded shares of Independent Bank from a hold rating to a buy rating in a research report on Wednesday, April 3rd. Two research analysts have rated the stock with a sell rating, two have issued a hold rating and two have issued a buy rating to the company. Independent Bank has an average rating of Hold and a consensus price target of $88.50.

Shares of NASDAQ INDB opened at $74.12 on Friday. The firm has a market cap of $2.58 billion, a P/E ratio of 15.80 and a beta of 1.13. Independent Bank has a 52-week low of $66.12 and a 52-week high of $95.00. The company has a quick ratio of 0.97, a current ratio of 0.97 and a debt-to-equity ratio of 0.28. The stock has a 50 day moving average price of $74.41.

Independent Bank (NASDAQ:INDB) last issued its quarterly earnings results on Thursday, April 18th. The bank reported $1.30 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $1.33 by ($0.03). The firm had revenue of $104.06 million during the quarter, compared to analyst estimates of $106.30 million. Independent Bank had a return on equity of 13.38% and a net margin of 29.95%. On average, sell-side analysts expect that Independent Bank will post 5.5 earnings per share for the current year.

The firm also recently declared a quarterly dividend, which will be paid on Friday, July 12th. Shareholders of record on Monday, July 1st will be paid a dividend of $0.44 per share. The ex-dividend date of this dividend is Friday, June 28th. This represents a $1.76 dividend on an annualized basis and a yield of 2.37%. Independent Bank’s dividend payout ratio (DPR) is presently 37.53%.

In other Independent Bank news, President Gerard F. Nadeau sold 1,215 shares of the business’s stock in a transaction on Tuesday, April 30th. The shares were sold at an average price of $80.27, for a total transaction of $97,528.05. Following the completion of the sale, the president now owns 17,791 shares in the company, valued at approximately $1,428,083.57. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Daniel F. Obrien sold 1,712 shares of the business’s stock in a transaction on Wednesday, May 29th. The shares were sold at an average price of $72.75, for a total transaction of $124,548.00. Following the sale, the director now owns 21,492 shares of the company’s stock, valued at approximately $1,563,543. The disclosure for this sale can be found here. Insiders have sold a total of 7,727 shares of company stock valued at $603,916 in the last 90 days. 1.60% of the stock is currently owned by company insiders.

Several hedge funds and other institutional investors have recently bought and sold shares of INDB. Doyle Wealth Management bought a new stake in shares of Independent Bank in the 4th quarter worth $27,000. Huntington National Bank bought a new position in Independent Bank during the first quarter valued at about $34,000. Strs Ohio grew its position in Independent Bank by 40.0% during the first quarter. Strs Ohio now owns 700 shares of the bank’s stock valued at $56,000 after buying an additional 200 shares during the period. Truehand Inc bought a new position in Independent Bank during the fourth quarter valued at about $70,000. Finally, PNC Financial Services Group Inc. grew its position in Independent Bank by 16.1% during the fourth quarter. PNC Financial Services Group Inc. now owns 1,155 shares of the bank’s stock valued at $81,000 after buying an additional 160 shares during the period. Hedge funds and other institutional investors own 70.75% of the company’s stock.

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 primarily in Massachusetts. Its products and services include demand deposits and time certificates of deposit, as well as checking, money market, and savings accounts.

Recommended Story: Return On Assets

Receive News & Ratings for Independent Bank Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Independent Bank and related companies with MarketBeat.com's FREE daily email newsletter.