Stock Rating Upgrade
The Value Trend Rating for Independent Bank Corp. (NASDAQ: INDB) improved of late from C to B reflecting improving fundamentals and high Appreciation Potential. Details supporting this higher rating are included in our next report.
Recent Price Action
Independent Bank Corp. (NASDAQ: INDB) stock declined slightly by -0.7% on 8/9/24. The stock closed at $58.08. However, trading volume in this decline was unusually low at 53% of normal. The stock has been weak relative to the market over the last nine months and has declined -6.0% during the last week.
Current PriceTarget Research Rating
INDB is expected to continue to be a modest Value Builder reflecting capital returns that are forecasted to exceed the cost of capital.
Independent Bank has a current Value Trend Rating of B (Positive). This VT Rating improved in recent days from C previously. With this rating, PTR’s two proprietary measures of a stock’s current attractiveness are providing inconsistent signals. Independent Bank has a good Appreciation Score of 81 but a neutral Power Rating of 44, and the Positive Value Trend Rating results.
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