News headlines about Independent Bank (NASDAQ:INDB) have trended somewhat positive recently, according to Accern Sentiment Analysis. The research group identifies negative and positive news coverage by analyzing more than 20 million news and blog sources. Accern ranks coverage of publicly-traded companies on a scale of negative one to one, with scores closest to one being the most favorable. Independent Bank earned a news impact score of 0.17 on Accern’s scale. Accern also assigned media coverage about the bank an impact score of 45.0985918219896 out of 100, meaning that recent news coverage is somewhat unlikely to have an effect on the company’s share price in the immediate future.
Shares of Independent Bank (NASDAQ:INDB) opened at $73.80 on Friday. Independent Bank has a 12 month low of $57.20 and a 12 month high of $76.30. The firm has a market cap of $2,030.00, a price-to-earnings ratio of 24.36 and a beta of 0.97. The company has a quick ratio of 0.95, a current ratio of 0.95 and a debt-to-equity ratio of 0.17.
Independent Bank (NASDAQ:INDB) last announced its earnings results on Thursday, October 19th. The bank reported $0.87 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.91 by ($0.04). Independent Bank had a net margin of 23.48% and a return on equity of 9.76%. The firm had revenue of $87.84 million during the quarter, compared to analysts’ expectations of $88.57 million. During the same period in the prior year, the company posted $0.78 EPS. The company’s revenue was up 12.5% compared to the same quarter last year. sell-side analysts expect that Independent Bank will post 3.41 EPS for the current year.
The company also recently announced a quarterly dividend, which was paid on Friday, January 5th. Stockholders of record on Tuesday, December 26th were paid a $0.32 dividend. This represents a $1.28 annualized dividend and a dividend yield of 1.73%. The ex-dividend date of this dividend was Friday, December 22nd. Independent Bank’s dividend payout ratio is currently 42.24%.
Several equities research analysts have recently weighed in on the stock. Compass Point downgraded shares of Independent Bank from a “buy” rating to a “neutral” rating and set a $76.00 target price on the stock. in a research note on Wednesday, October 11th. They noted that the move was a valuation call. Keefe, Bruyette & Woods reissued a “hold” rating and issued a $73.00 target price on shares of Independent Bank in a research note on Tuesday, October 3rd. Zacks Investment Research raised shares of Independent Bank from a “sell” rating to a “hold” rating in a research note on Friday, December 22nd. Finally, BidaskClub downgraded shares of Independent Bank from a “hold” rating to a “sell” rating in a research note on Friday, January 5th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and one has given a buy rating to the stock. The company presently has a consensus rating of “Hold” and a consensus price target of $73.00.
In related news, Director Daniel F. Obrien sold 1,000 shares of the firm’s stock in a transaction dated Tuesday, November 21st. The shares were sold at an average price of $70.19, for a total value of $70,190.00. Following the transaction, the director now owns 22,912 shares of the company’s stock, valued at approximately $1,608,193.28. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, Director Carl Ribeiro sold 700 shares of the firm’s stock in a transaction dated Tuesday, December 12th. The stock was sold at an average price of $69.25, for a total transaction of $48,475.00. The disclosure for this sale can be found here. Insiders sold a total of 6,150 shares of company stock worth $439,814 in the last ninety days. 2.67% of the stock is currently owned by insiders.
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Independent Bank Company Profile
Independent Bank Corp. is a bank holding company. The Company operates through its subsidiary, Rockland Trust Company (the Bank). The Bank is a community-oriented commercial bank. Its community banking business provides a range of banking services, including lending activities, acceptance of demand, savings, and time deposits, and investment management.
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