Independent Bank (NASDAQ:INDB) PT Lowered to $60.00

Independent Bank (NASDAQ:INDB) had its price target cut by equities researchers at Keefe, Bruyette & Woods from $64.00 to $60.00 in a report issued on Monday, Benzinga reports. The firm presently has a “market perform” rating on the bank’s stock. Keefe, Bruyette & Woods’ target price would suggest a potential upside of 14.90% from the stock’s current price.

Separately, TheStreet cut Independent Bank from a “b-” rating to a “c+” rating in a research report on Wednesday, March 13th.

Independent Bank Trading Up 2.8 %

INDB opened at $52.22 on Monday. Independent Bank has a 12 month low of $43.28 and a 12 month high of $68.75. The stock has a market capitalization of $2.22 billion, a price-to-earnings ratio of 10.08 and a beta of 0.83. The company has a debt-to-equity ratio of 0.36, a current ratio of 0.96 and a quick ratio of 0.96. The business has a fifty day moving average price of $50.87 and a 200 day moving average price of $54.97.

Insider Transactions at Independent Bank

In other news, Director Donna L. Abelli sold 800 shares of the business’s stock in a transaction dated Thursday, February 29th. The stock was sold at an average price of $52.83, for a total value of $42,264.00. Following the completion of the sale, the director now directly owns 11,640 shares of the company’s stock, valued at approximately $614,941.20. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 0.87% of the company’s stock.

Institutional Trading of Independent Bank

Institutional investors and hedge funds have recently made changes to their positions in the company. Sachetta LLC purchased a new stake in Independent Bank during the 4th quarter valued at approximately $56,000. Covestor Ltd raised its stake in Independent Bank by 13.5% during the 3rd quarter. Covestor Ltd now owns 2,598 shares of the bank’s stock valued at $128,000 after acquiring an additional 310 shares during the last quarter. Eastern Bank purchased a new stake in Independent Bank during the 3rd quarter valued at approximately $206,000. Janney Montgomery Scott LLC purchased a new stake in Independent Bank during the 3rd quarter valued at approximately $217,000. Finally, Vanguard Personalized Indexing Management LLC purchased a new stake in Independent Bank during the 4th quarter valued at approximately $217,000. 83.40% of the stock is 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.