Independent Bank Corp (INDB) Receives Consensus Recommendation of “Hold” from Analysts

Independent Bank Corp (NASDAQ:INDB) has been given an average rating of “Hold” by the six ratings firms that are covering the company, MarketBeat reports. Four research analysts have rated the stock with a hold recommendation and two have assigned a buy recommendation to the company. The average twelve-month price target among analysts that have issued ratings on the stock in the last year is $63.00.

Several research analysts have recently weighed in on the company. BidaskClub raised Independent Bank from a “sell” rating to a “hold” rating in a research note on Thursday, March 8th. Keefe, Bruyette & Woods reaffirmed a “hold” rating on shares of Independent Bank in a research note on Sunday, January 21st. Zacks Investment Research raised Independent Bank from a “sell” rating to a “hold” rating in a research note on Friday, December 22nd. Finally, Compass Point raised Independent Bank from a “neutral” rating to a “buy” rating in a research note on Monday, December 18th.

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In other news, CFO Robert D. Cozzone acquired 788 shares of Independent Bank stock in a transaction that occurred on Friday, February 23rd. The stock was purchased at an average cost of $71.25 per share, with a total value of $56,145.00. The purchase was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director Donna L. Abelli sold 601 shares of the stock in a transaction on Thursday, January 25th. The shares were sold at an average price of $72.05, for a total value of $43,302.05. The disclosure for this sale can be found here. Corporate insiders own 2.67% of the company’s stock.

A number of hedge funds and other institutional investors have recently bought and sold shares of INDB. Sei Investments Co. raised its stake in Independent Bank by 134,750.0% in the 3rd quarter. Sei Investments Co. now owns 2,697 shares of the bank’s stock valued at $202,000 after purchasing an additional 2,695 shares during the last quarter. Russell Investments Group Ltd. acquired a new position in Independent Bank in the 3rd quarter valued at $403,000. American International Group Inc. raised its stake in Independent Bank by 5.8% in the 3rd quarter. American International Group Inc. now owns 21,217 shares of the bank’s stock valued at $1,584,000 after purchasing an additional 1,170 shares during the last quarter. Legal & General Group Plc raised its stake in Independent Bank by 1.7% in the 3rd quarter. Legal & General Group Plc now owns 53,459 shares of the bank’s stock valued at $3,992,000 after purchasing an additional 882 shares during the last quarter. Finally, JPMorgan Chase & Co. raised its stake in Independent Bank by 39.3% in the 3rd quarter. JPMorgan Chase & Co. now owns 140,764 shares of the bank’s stock valued at $10,488,000 after purchasing an additional 39,744 shares during the last quarter. 79.79% of the stock is owned by hedge funds and other institutional investors.

Shares of INDB stock traded down $2.20 during trading hours on Friday, hitting $71.15. 81,567 shares of the company’s stock were exchanged, compared to its average volume of 82,574. The company has a debt-to-equity ratio of 0.17, a current ratio of 0.95 and a quick ratio of 0.94. The company has a market cap of $1,957.48, a price-to-earnings ratio of 21.24 and a beta of 0.88. Independent Bank has a fifty-two week low of $59.65 and a fifty-two week high of $76.35.

Independent Bank (NASDAQ:INDB) last announced its earnings results on Thursday, January 18th. The bank reported $0.89 earnings per share for the quarter, hitting the Thomson Reuters’ consensus estimate of $0.89. The business had revenue of $89.70 million during the quarter, compared to the consensus estimate of $88.31 million. Independent Bank had a return on equity of 10.00% and a net margin of 24.21%. The business’s quarterly revenue was up 17.2% on a year-over-year basis. During the same period in the prior year, the company posted $0.76 EPS. analysts anticipate that Independent Bank will post 4.38 earnings per share for the current fiscal year.

The firm also recently announced a quarterly dividend, which was paid on Friday, April 6th. Stockholders of record on Monday, March 26th were paid a dividend of $0.38 per share. This represents a $1.52 annualized dividend and a dividend yield of 2.14%. This is an increase from Independent Bank’s previous quarterly dividend of $0.32. The ex-dividend date of this dividend was Friday, March 23rd. Independent Bank’s dividend payout ratio is presently 45.37%.

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About Independent Bank

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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