Independent Bank Corp (NASDAQ:INDB) has earned an average rating of “Buy” from the six research firms that are covering the company, Marketbeat Ratings reports. Three analysts have rated the stock with a hold recommendation, two have assigned a buy recommendation and one has issued a strong buy recommendation on the company. The average 1 year price target among brokers that have covered the stock in the last year is $81.50.
A number of brokerages have recently weighed in on INDB. BidaskClub lowered shares of Independent Bank from a “strong-buy” rating to a “buy” rating in a report on Wednesday, June 13th. Zacks Investment Research upgraded shares of Independent Bank from a “hold” rating to a “buy” rating and set a $83.00 price target on the stock in a research note on Thursday, May 17th. Finally, ValuEngine lowered shares of Independent Bank from a “buy” rating to a “hold” rating in a research note on Monday, May 14th.
In other Independent Bank news, Director Daniel F. Obrien sold 1,050 shares of the firm’s stock in a transaction on Wednesday, June 13th. The shares were sold at an average price of $80.40, for a total transaction of $84,420.00. Following the transaction, the director now directly owns 22,362 shares of the company’s stock, valued at approximately $1,797,904.80. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Gerard F. Nadeau sold 3,982 shares of the firm’s stock in a transaction on Thursday, April 26th. The stock was sold at an average price of $72.90, for a total transaction of $290,287.80. The disclosure for this sale can be found here. Insiders have sold a total of 15,566 shares of company stock worth $1,223,444 over the last quarter. 2.67% of the stock is owned by company insiders.
A number of institutional investors have recently modified their holdings of INDB. SG Americas Securities LLC purchased a new position in Independent Bank during the 1st quarter worth $125,000. Stone Ridge Asset Management LLC purchased a new position in Independent Bank during the 4th quarter worth $200,000. Millennium Management LLC purchased a new position in Independent Bank during the 4th quarter worth $205,000. Ellington Management Group LLC purchased a new position in Independent Bank during the 4th quarter worth $231,000. Finally, Xact Kapitalforvaltning AB purchased a new position in Independent Bank during the 4th quarter worth $241,000. 79.61% of the stock is currently owned by institutional investors.
Shares of Independent Bank opened at $82.20 on Monday, Marketbeat Ratings reports. Independent Bank has a 12-month low of $63.65 and a 12-month high of $83.50. The firm has a market cap of $2.26 billion, a PE ratio of 24.54 and a beta of 0.90. The company has a debt-to-equity ratio of 0.17, a quick ratio of 0.94 and a current ratio of 0.94.
Independent Bank (NASDAQ:INDB) last announced its quarterly earnings data on Thursday, April 19th. The bank reported $1.00 earnings per share for the quarter, missing the Zacks’ consensus estimate of $1.03 by ($0.03). Independent Bank had a net margin of 25.38% and a return on equity of 10.49%. The firm had revenue of $88.33 million during the quarter. analysts predict that Independent Bank will post 4.43 earnings per share for the current year.
The business also recently declared a quarterly dividend, which will be paid on Tuesday, July 10th. Investors of record on Monday, July 2nd will be paid a dividend of $0.38 per share. The ex-dividend date is Friday, June 29th. This represents a $1.52 annualized dividend and a yield of 1.85%. Independent Bank’s dividend payout ratio is currently 45.37%.
About Independent Bank
Independent Bank Corp. operates as the bank holding company for Rockland Trust Company that provides commercial banking products and services to individuals and small-to-medium sized businesses primarily in Massachusetts. The company's products and services include demand deposits and time certificates of deposit, as well as checking, money market, and savings accounts.
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