Independent Bank Receives Upgrade from StockNews.com

Independent Bank (NASDAQ:INDB) has recently received an upgrade from analysts at StockNews.com, moving its rating from "sell" to "hold." The upgrade was announced in a research note released on Friday.

Recent Analyst Ratings

In addition to StockNews.com, other research firms have also provided updates on Independent Bank. Raymond James upgraded the bank’s shares from a "market perform" rating to a "strong-buy" rating, establishing a target price of $74.00 in a report dated Monday, October 21st. Meanwhile, Keefe, Bruyette & Woods raised their target price for Independent Bank from $77.00 to $82.00, advising a "market perform" rating in a report on Thursday, December 12th. Overall, two investment analysts have assigned a hold rating to the stock, while two others have given it a strong buy rating. According to data collected by MarketBeat.com, the current consensus rating for Independent Bank is "Buy," with a target price of around $78.00.

Independent Bank Stock Performance

On Friday, Independent Bank's stock saw an increase of 4.9%, trading up $3.12 to reach $67.04. The trading volume for the day was 468,693 shares, which surpasses the average volume of 253,872 shares. The bank's 50-day moving average stands at $68.49, while the two-hundred day moving average is at $62.88. Independent Bank's ratios show a current ratio of 0.95, a quick ratio of 0.95, and a debt-to-equity ratio of 0.22. Over the past year, the stock has reached a low of $45.11 and a high of $77.23, while it now holds a market cap of approximately $2.85 billion and a price-to-earnings ratio of 14.57.

Recent Earnings Report

Independent Bank announced its quarterly earnings data on Thursday, January 16th, reporting earnings per share (EPS) of $1.21 for the quarter. This figure exceeds the analysts' consensus estimate of $1.16 by $0.05. The bank’s net margin is noted at 20.26%, along with a return on equity of 6.74%. Analysts are forecasting that Independent Bank will achieve an EPS of 4.5 for the current year.

Institutional Investor Activity

There have been notable purchases and sales of Independent Bank shares by institutional investors recently. For instance, ST Germain D J Co. Inc. boosted its position in Independent Bank by 364.9% in the fourth quarter, now holding 2,213 shares following the acquisition of an additional 1,737 shares. In addition, Connor Clark & Lunn Investment Management Ltd. entered into a new position in the bank’s shares in the third quarter with an investment of around $222,000. Various other firms, including Profund Advisors LLC, Relyea Zuckerberg Hanson LLC, and Los Angeles Capital Management LLC, also acquired new stakes in the bank. Currently, institutional investors and hedge funds collectively own 83.40% of Independent Bank shares.

About Independent Bank

Independent Bank Corp. serves as the holding company for Rockland Trust Company, providing a wide range of commercial banking products and services targeting individuals and small-to-medium sized businesses across the United States. Products offered by the bank include interest checking accounts, money market accounts, savings accounts, demand deposits, and time certificates of deposit.

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