Independent Bank (NASDAQ:INDB) Price Target Cut to $72.00 by Analysts at Piper Sandler

Independent Bank (NASDAQ:INDB – Get Rating) had its target price trimmed by Piper Sandler from $83.00 to $72.00 in a research note released on Tuesday morning, The Fly reports.

Several other research firms have also recently weighed in on INDB. Keefe, Bruyette & Woods cut shares of Independent Bank from an outperform rating to a market perform rating and set a $100.00 price target on the stock. in a report on Monday, December 12th. StockNews.com lowered shares of Independent Bank from a hold rating to a sell rating in a research report on Friday, March 10th. Finally, Raymond James assumed coverage on shares of Independent Bank in a research report on Tuesday, December 20th. They issued a market perform rating for the company.

Independent Bank Trading Up 3.3 %

Independent Bank stock opened at $68.12 on Tuesday. The stock has a market cap of $3.07 billion, a P/E ratio of 11.95 and a beta of 0.83. Independent Bank has a fifty-two week low of $65.03 and a fifty-two week high of $91.65. The firm’s fifty day moving average price is $78.89 and its 200-day moving average price is $81.44. The company has a debt-to-equity ratio of 0.04, a quick ratio of 0.89 and a current ratio of 0.89.

Insider Buying and Selling

In related news, CEO Christopher Oddleifson sold 1,200 shares of the company’s stock in a transaction on Monday, January 30th. The shares were sold at an average price of $77.80, for a total value of $93,360.00. Following the completion of the transaction, the chief executive officer now directly owns 95,817 shares in the company, valued at $7,454,562.60. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. 1.02% of the stock is owned by company insiders.

Institutional Trading of Independent Bank

Several institutional investors have recently added to or reduced their stakes in INDB. Citigroup Inc. raised its stake in shares of Independent Bank by 12.0% during the first quarter. Citigroup Inc. now owns 41,709 shares of the bank’s stock valued at $3,407,000 after acquiring an additional 4,461 shares during the last quarter. PNC Financial Services Group Inc. raised its stake in shares of Independent Bank by 65.6% during the first quarter. PNC Financial Services Group Inc. now owns 6,399 shares of the bank’s stock valued at $522,000 after acquiring an additional 2,534 shares during the last quarter. Bank of Montreal Can raised its stake in shares of Independent Bank by 1.3% during the first quarter. Bank of Montreal Can now owns 13,404 shares of the bank’s stock valued at $1,141,000 after acquiring an additional 172 shares during the last quarter. MetLife Investment Management LLC raised its stake in Independent Bank by 54.9% in the first quarter. MetLife Investment Management LLC now owns 24,416 shares of the bank’s stock worth $1,995,000 after buying an additional 8,651 shares in the last quarter. Finally, Rhumbline Advisers raised its stake in Independent Bank by 13.4% in the first quarter. Rhumbline Advisers now owns 159,365 shares of the bank’s stock worth $13,019,000 after buying an additional 18,854 shares in the last quarter. 81.28% of the stock is currently owned by hedge funds and other institutional investors.

About Independent Bank

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Independent Bank Corp. operates as a bank holding company. The company provides commercial banking, retail banking, and wealth management services and is engaged in the sale of retail investments and insurance products in Massachusetts. It offers deposit products, including demand deposits, interest checking, money market accounts, savings accounts, and time certificates of deposit.