On Thursday, Independent Bank hit a noteworthy technical benchmark, seeing its Relative Strength (RS) Rating jump into the 80-plus percentile with an improvement to 86, up from 74 the day before.
IBD's proprietary RS Rating identifies technical performance by using a 1 (worst) to 99 (best) score that shows how a stock's price action over the trailing 52 weeks matches up against other publicly traded companies.
Over 100 years of market history shows that the top-performing stocks tend to have an 80 or higher RS Rating in the early stages of their moves.
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Independent Bank has risen more than 5% past a 65.79 entry in a first-stage cup with handle, meaning it's now out of a proper buy range. Look for the stock to offer a new chance to pick up shares like a three-weeks tight or pullback to the 50-day or 10-week moving average.
Earnings growth fell in the company's latest report from -15% to -27%, but sales rose from -7% to -4%.
The company holds the No. 52 rank among its peers in the Banks-Northeast industry group. Amalgamated Financial, Chain Bridge Bancorp and Metropolitan Bank are among the top 5 highly rated stocks within the group.
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