ValuEngine downgraded shares of Independent Bank (NASDAQ:INDB) from a buy rating to a hold rating in a research report sent to investors on Monday morning.

A number of other analysts also recently issued reports on INDB. Piper Jaffray Companies increased their target price on shares of Independent Bank from $79.00 to $80.00 and gave the stock a neutral rating in a research report on Thursday, May 31st. BidaskClub raised shares of Independent Bank from a buy rating to a strong-buy rating in a research report on Saturday, June 2nd. Sandler O’Neill reissued a hold rating and set a $88.00 target price on shares of Independent Bank in a research report on Friday, July 20th. Finally, Keefe, Bruyette & Woods raised shares of Independent Bank from a market perform rating to an outperform rating in a research report on Sunday, July 22nd. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and three have assigned a buy rating to the company. The stock presently has an average rating of Hold and a consensus target price of $82.60.

INDB opened at $83.65 on Monday. The company has a market cap of $2.36 billion, a P/E ratio of 21.95 and a beta of 0.93. Independent Bank has a 1 year low of $66.85 and a 1 year high of $95.00. The company has a debt-to-equity ratio of 0.16, a current ratio of 0.94 and a quick ratio of 0.94.

Independent Bank (NASDAQ:INDB) last posted its earnings results on Thursday, July 19th. The bank reported $1.14 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $1.11 by $0.03. The firm had revenue of $95.06 million during the quarter, compared to the consensus estimate of $92.60 million. Independent Bank had a net margin of 27.38% and a return on equity of 11.27%. analysts expect that Independent Bank will post 4.68 earnings per share for the current year.

The company also recently disclosed a quarterly dividend, which will be paid on Friday, October 5th. Shareholders of record on Monday, October 1st will be given a $0.38 dividend. This represents a $1.52 annualized dividend and a yield of 1.82%. The ex-dividend date of this dividend is Friday, September 28th. Independent Bank’s dividend payout ratio (DPR) is 45.37%.

In other Independent Bank news, Director Carl Ribeiro sold 1,000 shares of the stock in a transaction that occurred on Tuesday, July 24th. The shares were sold at an average price of $90.10, for a total value of $90,100.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. 2.67% of the stock is owned by company insiders.

A number of large investors have recently modified their holdings of INDB. SG Americas Securities LLC acquired a new stake in Independent Bank in the first quarter valued at approximately $125,000. Oppenheimer Asset Management Inc. acquired a new stake in Independent Bank in the second quarter valued at approximately $215,000. Profund Advisors LLC grew its position in Independent Bank by 22.9% in the first quarter. Profund Advisors LLC now owns 5,248 shares of the bank’s stock valued at $375,000 after acquiring an additional 978 shares in the last quarter. Xact Kapitalforvaltning AB grew its position in Independent Bank by 55.1% in the first quarter. Xact Kapitalforvaltning AB now owns 5,351 shares of the bank’s stock valued at $383,000 after acquiring an additional 1,900 shares in the last quarter. Finally, Russell Investments Group Ltd. acquired a new stake in Independent Bank in the second quarter valued at approximately $407,000. 81.50% of the stock is owned by institutional investors.

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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