Zacks Investment Research upgraded shares of Independent Bank (NASDAQ:INDB) from a hold rating to a buy rating in a report published on Thursday morning. The firm currently has $83.00 price target on the bank’s stock.
According to Zacks, “Independent Bank Corp. is a bank holding company for Rockland Trust Company. They are a community-oriented commercial bank. The community banking business consists of commercial banking, retail banking and trust services and is managed as a single strategic unit. The community banking business derives its revenues from a wide range of banking services, including lending activities, acceptance of demand, savings and time deposits, trust and investment management, and mortgage servicing income from investors. “
Several other research analysts have also recently weighed in on the stock. Keefe, Bruyette & Woods reissued a hold rating on shares of Independent Bank in a research report on Sunday, January 21st. BidaskClub raised shares of Independent Bank from a sell rating to a hold rating in a research report on Thursday, March 8th. Finally, ValuEngine raised shares of Independent Bank from a hold rating to a buy rating in a research report on Wednesday, May 2nd. Three research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. The company has a consensus rating of Hold and an average price target of $77.33.
Independent Bank (NASDAQ:INDB) last released its quarterly earnings results on Thursday, April 19th. The bank reported $1.00 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $1.03 by ($0.03). The company had revenue of $88.33 million during the quarter. Independent Bank had a net margin of 25.38% and a return on equity of 10.49%. equities analysts anticipate that Independent Bank will post 4.42 EPS for the current fiscal year.
In other Independent Bank news, CFO Robert D. Cozzone acquired 788 shares of the business’s stock in a transaction dated Friday, February 23rd. The shares were acquired at an average price of $71.25 per share, with a total value of $56,145.00. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Gerard F. Nadeau sold 3,982 shares of the business’s stock in a transaction on Thursday, April 26th. The stock was sold at an average price of $72.90, for a total transaction of $290,287.80. The disclosure for this sale can be found here. Insiders own 2.67% of the company’s stock.
Hedge funds have recently made changes to their positions in the company. SG Americas Securities LLC bought a new stake in shares of Independent Bank in the first quarter worth $125,000. Stone Ridge Asset Management LLC bought a new stake in Independent Bank during the fourth quarter worth $200,000. Millennium Management LLC bought a new stake in Independent Bank during the fourth quarter worth $205,000. Ellington Management Group LLC bought a new stake in Independent Bank during the fourth quarter worth $231,000. Finally, Xact Kapitalforvaltning AB bought a new stake in Independent Bank during the fourth quarter worth $241,000. 79.86% of the stock is currently owned by institutional investors and hedge funds.
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 primarily in Massachusetts. The company's products and services include demand deposits and time certificates of deposit, as well as checking, money market, and savings accounts.
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