Independent Bank (NASDAQ:INDB) Stock Rating Upgraded by Piper Sandler

Key Points

• Piper Sandler upgraded Independent Bank from “hold” to “strong buy,” while the broader analyst consensus remains “buy” with an average price target of $91.86.
• Independent Bank shares opened at $80.06, with a $3.79 billion market capitalization; the stock is trading below its 12-month high of $87.50.
• The bank’s latest quarterly results fell short of expectations, reporting EPS of $1.70 versus the $1.79 consensus and revenue of $253.32 million versus $257.50 million expected. Two directors also recently sold shares, while institutional investors own 83.4% of the stock.

Independent Bank (NASDAQ:INDB - Get Free Report) was upgraded by stock analysts at Piper Sandler from a "hold" rating to a "strong-buy" rating in a report issued on Friday, Zacks reports.

A number of other research analysts also recently commented on INDB. Weiss Ratings restated a "buy (b)" rating on shares of Independent Bank in a research note on Wednesday, August 5th. Keefe, Bruyette & Woods lowered their price target on Independent Bank from $99.00 to $96.00 and set an "outperform" rating for the company in a research note on Monday, July 20th. Two equities research analysts have rated the stock with a Strong Buy rating, four have given a Buy rating and one has assigned a Sell rating to the company's stock. According to MarketBeat, the company currently has a consensus rating of "Buy" and an average target price of $91.86.

Independent Bank Stock Up 1.4%

INDB stock opened at $80.06 on Friday. The company has a 50 day moving average of $82.89 and a two-hundred day moving average of $80.84. The company has a market cap of $3.79 billion, a price-to-earnings ratio of 14.45 and a beta of 0.78. Independent Bank has a 12-month low of $63.33 and a 12-month high of $87.50. The company has a quick ratio of 0.94, a current ratio of 0.94 and a debt-to-equity ratio of 0.20.

Independent Bank (NASDAQ:INDB - Get Free Report) last posted its quarterly earnings results on Thursday, July 16th. The bank reported $1.70 EPS for the quarter, missing the consensus estimate of $1.79 by ($0.09). Independent Bank had a net margin of 20.31% and a return on equity of 9.19%. The company had revenue of $253.32 million for the quarter, compared to analysts' expectations of $257.50 million. On average, equities analysts anticipate that Independent Bank will post 7.14 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, Director Thomas R. Venables sold 3,750 shares of the company's stock in a transaction on Tuesday, August 25th. The shares were sold at an average price of $83.00, for a total transaction of $311,250.00. Following the completion of the sale, the director directly owned 17,649 shares of the company's stock, valued at approximately $1,464,867. This represents a 17.52% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Gerard F. Nadeau sold 5,307 shares of Independent Bank stock in a transaction on Monday, August 3rd. The stock was sold at an average price of $84.69, for a total transaction of $449,449.83. Following the completion of the transaction, the director owned 16,907 shares in the company, valued at $1,431,853.83. This trade represents a 23.89% decrease in their position. The SEC filing for this sale provides additional information. 1.60% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Independent Bank

Several hedge funds and other institutional investors have recently made changes to their positions in the business. BlackRock Inc. acquired a new position in Independent Bank during the 2nd quarter valued at $584,333,000. Geode Capital Management LLC grew its position in Independent Bank by 1.7% in the 4th quarter. Geode Capital Management LLC now owns 1,232,467 shares of the bank's stock worth $90,082,000 after purchasing an additional 20,278 shares during the last quarter. Reinhart Partners LLC. increased its holdings in shares of Independent Bank by 1.3% during the 2nd quarter. Reinhart Partners LLC. now owns 657,871 shares of the bank's stock worth $55,078,000 after purchasing an additional 8,575 shares during the period. Norges Bank acquired a new position in shares of Independent Bank during the fourth quarter valued at about $46,117,000. Finally, Bank of America Corp DE lifted its stake in shares of Independent Bank by 16.6% in the first quarter. Bank of America Corp DE now owns 592,665 shares of the bank's stock valued at $44,574,000 after buying an additional 84,282 shares during the period. 83.40% of the stock is owned by institutional investors and hedge funds.

About Independent Bank

Independent Bank Corp. is the bank holding company for Rockland Trust Company, a full-service community bank headquartered in Rockland, Massachusetts. Through Rockland Trust, the company provides banking and financial services to individuals, families, businesses, nonprofits and municipalities.

Its products and services include checking and savings accounts, certificates of deposit, residential and commercial lending, home equity loans, mortgages, cash management, online and mobile banking, and other treasury management solutions.

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