Zacks Research Downgrades Independent Bank (NASDAQ:INDB) to Hold

Independent Bank (NASDAQ:INDB) was downgraded by analysts at Zacks Research from a “strong-buy” rating to a “hold” rating in a research report issued to clients and investors on Tuesday,Zacks.com reports.

A number of other research firms have also recently issued reports on INDB. Piper Sandler cut their price target on Independent Bank from $74.00 to $63.00 and set a “neutral” rating on the stock in a report on Monday, April 21st. Wall Street Zen upgraded Independent Bank from a “sell” rating to a “hold” rating in a report on Sunday, August 10th. Finally, Keefe, Bruyette & Woods cut their price target on Independent Bank from $80.00 to $72.00 and set a “market perform” rating on the stock in a report on Monday, April 21st. One equities research analyst has rated the stock with a Strong Buy rating and three have issued a Hold rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $71.00.

Independent Bank Stock Up 0.8%

Shares of NASDAQ INDB opened at $67.24 on Tuesday. The company has a 50 day simple moving average of $65.06 and a 200 day simple moving average of $63.53. The firm has a market cap of $3.36 billion, a PE ratio of 15.18 and a beta of 0.87. Independent Bank has a 1 year low of $52.15 and a 1 year high of $77.23. The company has a debt-to-equity ratio of 0.25, a current ratio of 0.96 and a quick ratio of 0.96.

Independent Bank (NASDAQ:INDB) last released its earnings results on Thursday, July 17th. The bank reported $1.25 earnings per share for the quarter, beating analysts’ consensus estimates of $1.20 by $0.05. The business had revenue of $181.80 million during the quarter, compared to the consensus estimate of $179.47 million. Independent Bank had a net margin of 18.93% and a return on equity of 6.39%. On average, research analysts forecast that Independent Bank will post 5.41 EPS for the current year.

Institutional Investors Weigh In On Independent Bank

Institutional investors have recently bought and sold shares of the stock. Alliancebernstein L.P. boosted its position in Independent Bank by 910.4% in the first quarter. Alliancebernstein L.P. now owns 1,078,311 shares of the bank’s stock worth $67,556,000 after purchasing an additional 971,587 shares during the last quarter. Deprince Race & Zollo Inc. boosted its position in Independent Bank by 687.2% in the fourth quarter. Deprince Race & Zollo Inc. now owns 948,244 shares of the bank’s stock worth $60,868,000 after purchasing an additional 827,793 shares during the last quarter. FJ Capital Management LLC purchased a new position in Independent Bank in the first quarter worth $32,175,000. Reinhart Partners LLC. purchased a new position in Independent Bank in the second quarter worth $31,927,000. Finally, Norges Bank purchased a new position in Independent Bank in the second quarter worth $31,053,000. Institutional investors own 83.40% 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 in the United States. The company provides interest checking, money market, and savings accounts, as well as demand deposits and time certificates of deposit.