Independent Bank's (INDB) "Hold (C+)" Rating Reiterated at Weiss Ratings

Key Points

• Independent Bank's stock rating was reiterated as "Hold (C+)" by Weiss Ratings, following a mixed response from other analysts who had also issued ratings.
• The bank reported an earnings per share (EPS) of $1.25, exceeding analyst expectations, along with a revenue of $181.80 million for the last quarter.
• Independent Bank has a market capitalization of $3.47 billion and a consensus price target of $71.00 from equity research analysts.

Independent Bank (NASDAQ:INDB - Get Free Report)'s stock had its "hold (c+)" rating reissued by Weiss Ratings in a research report issued to clients and investors on Wednesday,Weiss Ratings reports.

Other equities research analysts also recently issued research reports about the company. Zacks Research downgraded Independent Bank from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, August 19th. Wall Street Zen upgraded Independent Bank from a "sell" rating to a "hold" rating in a research report on Sunday, August 10th. One research analyst has rated the stock with a Strong Buy rating and four have assigned a Hold rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Hold" and an average price target of $71.00.

Independent Bank Trading Down 0.8%

Shares of INDB stock opened at $69.50 on Wednesday. The company has a debt-to-equity ratio of 0.25, a quick ratio of 0.96 and a current ratio of 0.96. Independent Bank has a 52-week low of $52.15 and a 52-week high of $77.23. The company has a market capitalization of $3.47 billion, a PE ratio of 15.69 and a beta of 0.85. The business's fifty day moving average is $68.89 and its 200 day moving average is $64.50.

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

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Nisa Investment Advisors LLC grew its stake in shares of Independent Bank by 1.5% during the second quarter. Nisa Investment Advisors LLC now owns 10,705 shares of the bank's stock valued at $680,000 after buying an additional 162 shares during the last quarter. Osaic Holdings Inc. grew its stake in shares of Independent Bank by 23.3% during the second quarter. Osaic Holdings Inc. now owns 1,116 shares of the bank's stock valued at $70,000 after buying an additional 211 shares during the last quarter. Vanguard Personalized Indexing Management LLC grew its stake in shares of Independent Bank by 2.9% during the second quarter. Vanguard Personalized Indexing Management LLC now owns 7,862 shares of the bank's stock valued at $495,000 after buying an additional 218 shares during the last quarter. California State Teachers Retirement System grew its stake in shares of Independent Bank by 0.6% during the second quarter. California State Teachers Retirement System now owns 39,289 shares of the bank's stock valued at $2,471,000 after buying an additional 224 shares during the last quarter. Finally, HighTower Advisors LLC grew its stake in shares of Independent Bank by 3.3% in the first quarter. HighTower Advisors LLC now owns 7,049 shares of the bank's stock worth $442,000 after purchasing an additional 226 shares during the last quarter. 83.40% of the stock is owned by institutional investors.

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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