Independent Bank (NASDAQ:INDB) Upgraded to Hold at Wall Street Zen

Key Points

• Independent Bank (NASDAQ:INDB) was upgraded from a "sell" to a "hold" rating by analysts at Wall Street Zen.
• Keefe, Bruyette & Woods and Piper Sandler both lowered their price objectives for Independent Bank, now set at $72.00 and $63.00, respectively.
• Institutional investors have significantly increased their stakes in Independent Bank, with multiple funds raising their positions by over 100% in recent quarters.

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

INDB has been the topic of a number of other research reports. Keefe, Bruyette & Woods lowered their price objective on Independent Bank from $80.00 to $72.00 and set a "market perform" rating on the stock in a research note on Monday, April 21st. Piper Sandler lowered their price objective on Independent Bank from $74.00 to $63.00 and set a "neutral" rating on the stock in a research note on Monday, April 21st.

Independent Bank Stock Performance

Shares of NASDAQ:INDB opened at $63.81 on Friday. The company has a debt-to-equity ratio of 0.25, a current ratio of 0.96 and a quick ratio of 0.96. The business's 50 day moving average price is $64.49 and its 200-day moving average price is $63.51. The firm has a market capitalization of $3.19 billion, a PE ratio of 14.40 and a beta of 0.87. Independent Bank has a 1 year low of $52.15 and a 1 year high of $77.23.

Independent Bank (NASDAQ:INDB - Get Free Report) last released its quarterly earnings data on Thursday, July 17th. The bank reported $1.25 earnings per share for the quarter, topping analysts' consensus estimates of $1.20 by $0.05. The company had revenue of $181.80 million for the quarter, compared to analyst estimates of $179.47 million. Independent Bank had a return on equity of 6.39% and a net margin of 18.93%. As a group, equities research analysts expect that Independent Bank will post 5.41 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Independent Bank

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. GAMMA Investing LLC raised its position in Independent Bank by 156.9% in the first quarter. GAMMA Investing LLC now owns 429 shares of the bank's stock valued at $27,000 after purchasing an additional 262 shares during the period. Private Trust Co. NA raised its position in Independent Bank by 296.8% in the second quarter. Private Trust Co. NA now owns 619 shares of the bank's stock valued at $39,000 after purchasing an additional 463 shares during the period. Bessemer Group Inc. raised its position 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 period. LRI Investments LLC purchased a new stake in Independent Bank in the second quarter valued at $59,000. Finally, Quarry LP raised its position in Independent Bank by 1,328.6% in the first quarter. Quarry LP now owns 1,300 shares of the bank's stock valued at $81,000 after purchasing an additional 1,209 shares during the period. Hedge funds and other institutional investors own 83.40% of the company's stock.

About Independent Bank

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.

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