Downgrade Alert for Independent Bank (INDB)
Independent Bank (NASDAQ:INDB) was downgraded from Hold to Sell at Sandler O'Neill today. The stock closed yesterday at $52.98 on volume of 187,000 shares, above average daily volume of 103,000.
Independent Bank (NASDAQ:INDB) is currently priced 12.9% above its average consensus analyst price target of $46.17. The stock should discover initial support at its 200-day moving average (MA) of $46.36 and subsequent support at its 50-day MA of $46.05.
Independent Bank Corp. is the holding company for Rockland Trust Company. The Bank attracts deposits and offers a range of financial services through a network of offices in Plymouth, Norfolk, Barnstable, and Bristol counties, Massachusetts.
Over the past year, Independent Bank has traded in a range of $32.97 to $54.12 and closed yesterday at $52.98, 61% above that low. In the last five trading sessions, the 50-day moving average (MA) has climbed 0.6% while the 200-day MA has remained constant.
SmarTrend recommended that subscribers consider buying shares of Independent Bank on July 13th, 2016 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $47.41. Since that recommendation, shares of Independent Bank have risen 13.7%. We continue to monitor INDB for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.
Keywords: analyst upgrades/downgrades independent bank