Independent Bank (NASDAQ:INDB – Get Free Report) was downgraded by stock analysts at StockNews.com from a “hold” rating to a “sell” rating in a research note issued on Tuesday.
Several other analysts have also issued reports on the stock. Keefe, Bruyette & Woods decreased their price target on shares of Independent Bank from $64.00 to $60.00 and set a “market perform” rating on the stock in a research report on Monday, April 22nd. TheStreet cut shares of Independent Bank from a “b-” rating to a “c+” rating in a research note on Wednesday, March 13th.
Read Our Latest Stock Report on Independent Bank
Independent Bank Trading Down 2.4 %
Independent Bank (NASDAQ:INDB – Get Free Report) last posted its quarterly earnings data on Thursday, April 18th. The bank reported $1.12 earnings per share for the quarter, missing the consensus estimate of $1.15 by ($0.03). The business had revenue of $167.38 million for the quarter, compared to analyst estimates of $171.80 million. Independent Bank had a return on equity of 7.85% and a net margin of 23.97%. Equities analysts anticipate that Independent Bank will post 4.46 EPS for the current year.
Hedge Funds Weigh In On Independent Bank
Several institutional investors have recently bought and sold shares of the business. Cambridge Trust Co. increased its stake in shares of Independent Bank by 20.3% in the first quarter. Cambridge Trust Co. now owns 18,048 shares of the bank’s stock valued at $939,000 after buying an additional 3,048 shares in the last quarter. Virtu Financial LLC bought a new stake in Independent Bank during the 1st quarter worth about $461,000. Tidal Investments LLC raised its stake in shares of Independent Bank by 6.1% in the first quarter. Tidal Investments LLC now owns 9,184 shares of the bank’s stock worth $480,000 after acquiring an additional 532 shares during the last quarter. Price T Rowe Associates Inc. MD lifted its position in shares of Independent Bank by 5.9% during the first quarter. Price T Rowe Associates Inc. MD now owns 28,160 shares of the bank’s stock worth $1,465,000 after purchasing an additional 1,578 shares in the last quarter. Finally, EntryPoint Capital LLC acquired a new stake in shares of Independent Bank in the first quarter valued at approximately $47,000. 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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