Independent Bank (NASDAQ:INDB) Stock Rating Lowered by Wall Street Zen

Key Points

• Independent Bank (NASDAQ:INDB) has been downgraded by Wall Street Zen from "hold" to "sell," indicating a negative outlook for the stock.
• Other analysts, including Keefe, Bruyette & Woods and Piper Sandler, also lowered their price targets for Independent Bank, now set at $72.00 and $63.00 respectively.
• Despite a recent earnings report showing an EPS of $1.25, topping estimates, the company's stock is experiencing a downward trend, trading down 2.3% recently.

Independent Bank (NASDAQ:INDB - Get Free Report) was downgraded by equities research analysts at Wall Street Zen from a "hold" rating to a "sell" rating in a research report issued on Saturday.

A number of other equities analysts have also weighed in on the company. Piper Sandler decreased their target price on Independent Bank from $74.00 to $63.00 and set a "neutral" rating for the company in a research report on Monday, April 21st. Keefe, Bruyette & Woods decreased their target price on Independent Bank from $80.00 to $72.00 and set a "market perform" rating for the company in a research report on Monday, April 21st.

Independent Bank Trading Up 3.1%

NASDAQ:INDB traded up $1.90 during trading hours on Friday, hitting $63.96. The company had a trading volume of 353,389 shares, compared to its average volume of 345,623. The company has a market capitalization of $2.73 billion, a PE ratio of 14.44 and a beta of 0.87. The stock has a 50-day moving average price of $64.29 and a 200 day moving average price of $63.61. Independent Bank has a 52 week low of $52.15 and a 52 week 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 - Get Free Report) last announced its earnings results on Thursday, July 17th. The bank reported $1.25 EPS for the quarter, beating analysts' consensus estimates of $1.20 by $0.05. Independent Bank had a net margin of 18.93% and a return on equity of 6.39%. The firm had revenue of $181.80 million for the quarter, compared to analysts' expectations of $179.47 million. On average, equities research analysts predict that Independent Bank will post 5.41 EPS for the current fiscal year.

Institutional Investors Weigh In On Independent Bank

Several institutional investors and hedge funds have recently modified their holdings of the stock. GAMMA Investing LLC boosted its position in shares of Independent Bank by 156.9% during the 1st quarter. GAMMA Investing LLC now owns 429 shares of the bank's stock valued at $27,000 after acquiring an additional 262 shares during the last quarter. Private Trust Co. NA increased its stake in shares of Independent Bank by 296.8% during the second quarter. Private Trust Co. NA now owns 619 shares of the bank's stock valued at $39,000 after buying an additional 463 shares during the period. Bessemer Group Inc. grew its stake in Independent Bank by 95.1% in the second quarter. Bessemer Group Inc. now owns 638 shares of the bank's stock valued at $40,000 after purchasing an additional 311 shares during the last quarter. LRI Investments LLC purchased a new stake in shares of Independent Bank during the second quarter worth about $59,000. Finally, Quarry LP lifted its holdings in shares of Independent Bank by 1,328.6% during the first quarter. Quarry LP now owns 1,300 shares of the bank's stock worth $81,000 after purchasing an additional 1,209 shares during the period. 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.