BidaskClub upgraded shares of Independent Bank (NASDAQ:INDB) from a strong sell rating to a sell rating in a report issued on Saturday, BidAskClub reports.

A number of other equities analysts have also issued reports on the company. Sandler O’Neill raised Independent Bank from a hold rating to a buy rating in a research note on Wednesday, April 3rd. Zacks Investment Research lowered Independent Bank from a hold rating to a sell rating in a research note on Thursday, April 25th. Finally, ValuEngine lowered Independent Bank from a hold rating to a sell rating in a research note on Friday, June 7th. Three equities research analysts have rated the stock with a sell rating, one has issued a hold rating and two have issued a buy rating to the stock. The company presently has an average rating of Hold and an average price target of $88.50.

Shares of NASDAQ INDB opened at $74.14 on Friday. The firm’s fifty day moving average price is $74.56. The company has a current ratio of 0.97, a quick ratio of 0.97 and a debt-to-equity ratio of 0.28. The company has a market cap of $2.58 billion, a price-to-earnings ratio of 15.81 and a beta of 1.13. Independent Bank has a 1 year low of $66.12 and a 1 year high of $95.00.

Independent Bank (NASDAQ:INDB) last issued its quarterly earnings results on Thursday, April 18th. The bank reported $1.30 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.33 by ($0.03). The firm had revenue of $104.06 million for the quarter, compared to the consensus estimate of $106.30 million. Independent Bank had a net margin of 29.95% and a return on equity of 13.38%. On average, analysts predict that Independent Bank will post 5.5 EPS for the current year.

The company also recently declared a quarterly dividend, which will be paid on Friday, July 12th. Shareholders of record on Monday, July 1st will be paid a dividend of $0.44 per share. This represents a $1.76 dividend on an annualized basis and a yield of 2.37%. The ex-dividend date is Friday, June 28th. Independent Bank’s payout ratio is currently 37.53%.

In other news, Director Kevin J. Jones sold 4,000 shares of the firm’s stock in a transaction on Tuesday, May 7th. The stock was sold at an average price of $79.46, for a total transaction of $317,840.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Donna L. Abelli sold 800 shares of the firm’s stock in a transaction on Friday, April 26th. The stock was sold at an average price of $80.00, for a total value of $64,000.00. The disclosure for this sale can be found here. Over the last three months, insiders have sold 7,727 shares of company stock valued at $603,916. Corporate insiders own 1.60% of the company’s stock.

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. First Trust Advisors LP raised its holdings in shares of Independent Bank by 3.8% during the first quarter. First Trust Advisors LP now owns 54,466 shares of the bank’s stock worth $4,412,000 after acquiring an additional 1,998 shares in the last quarter. FMR LLC raised its holdings in shares of Independent Bank by 19.0% during the first quarter. FMR LLC now owns 861,271 shares of the bank’s stock worth $69,772,000 after acquiring an additional 137,622 shares in the last quarter. MetLife Investment Advisors LLC raised its holdings in shares of Independent Bank by 5.4% during the first quarter. MetLife Investment Advisors LLC now owns 12,147 shares of the bank’s stock worth $984,000 after acquiring an additional 624 shares in the last quarter. Diversified Trust Co raised its holdings in shares of Independent Bank by 12.4% during the first quarter. Diversified Trust Co now owns 3,625 shares of the bank’s stock worth $294,000 after acquiring an additional 400 shares in the last quarter. Finally, Champlain Investment Partners LLC raised its holdings in shares of Independent Bank by 13.6% during the first quarter. Champlain Investment Partners LLC now owns 957,230 shares of the bank’s stock worth $77,545,000 after acquiring an additional 114,280 shares in the last quarter. 70.75% of the stock is owned by institutional investors and hedge funds.

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 primarily in Massachusetts. Its products and services include demand deposits and time certificates of deposit, as well as checking, money market, and savings accounts.

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