DA Davidson initiated coverage on shares of Independent Bank (NASDAQ:INDB) in a research note released on Thursday, BenzingaRatingsTable reports. The brokerage issued a neutral rating and a $81.00 target price on the bank’s stock.
A number of other research analysts have also recently commented on the stock. BidaskClub raised shares of Zumiez from a sell rating to a hold rating in a research report on Saturday, June 22nd. Zacks Investment Research cut shares of Hancock Jaffe Laboratories from a buy rating to a hold rating in a research report on Wednesday, June 26th. Sandler O’Neill raised shares of Independent Bank from a hold rating to a buy rating in a research report on Wednesday, April 3rd. Finally, ValuEngine cut shares of Zumiez from a hold rating to a sell rating in a research report on Tuesday, July 2nd. One analyst has rated the stock with a sell rating, four have assigned a hold rating and two have issued a buy rating to the stock. The stock has a consensus rating of Hold and an average target price of $86.00.
INDB stock traded down $0.38 during midday trading on Thursday, reaching $73.94. 2,491 shares of the company’s stock traded hands, compared to its average volume of 119,234. The company has a market cap of $2.54 billion, a P/E ratio of 15.77 and a beta of 1.14. The company has a debt-to-equity ratio of 0.28, a current ratio of 0.97 and a quick ratio of 0.97. Independent Bank has a fifty-two week low of $66.12 and a fifty-two week high of $95.00. The stock’s 50-day simple moving average is $73.26.
Independent Bank (NASDAQ:INDB) last announced its quarterly earnings results on Thursday, April 18th. The bank reported $1.30 earnings per share for the quarter, missing analysts’ consensus estimates of $1.33 by ($0.03). The business had revenue of $104.06 million for the quarter, compared to analyst estimates of $106.30 million. Independent Bank had a net margin of 29.95% and a return on equity of 13.38%. Equities analysts expect that Independent Bank will post 5.5 earnings per share for the current year.
The company also recently announced a quarterly dividend, which will be paid on Friday, July 12th. Stockholders of record on Monday, July 1st will be given a dividend of $0.44 per share. The ex-dividend date is Friday, June 28th. This represents a $1.76 dividend on an annualized basis and a dividend yield of 2.38%. Independent Bank’s payout ratio is currently 37.53%.
In related news, Director Daniel F. Obrien sold 1,712 shares of Independent Bank stock in a transaction on Wednesday, May 29th. The shares were sold at an average price of $72.75, for a total value of $124,548.00. Following the completion of the sale, the director now owns 21,492 shares in the company, valued at $1,563,543. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, President Gerard F. Nadeau sold 1,215 shares of Independent Bank stock in a transaction on Tuesday, April 30th. The stock was sold at an average price of $80.27, for a total transaction of $97,528.05. Following the completion of the sale, the president now owns 17,791 shares of the company’s stock, valued at approximately $1,428,083.57. The disclosure for this sale can be found here. Over the last three months, insiders have sold 7,727 shares of company stock worth $603,916. Corporate insiders own 1.60% of the company’s stock.
Several large investors have recently modified their holdings of the stock. BlackRock Inc. increased its stake in shares of Independent Bank by 12.6% in the first quarter. BlackRock Inc. now owns 4,538,233 shares of the bank’s stock worth $367,642,000 after buying an additional 508,987 shares during the last quarter. Champlain Investment Partners LLC increased its stake in shares of Independent Bank by 13.6% in the first quarter. Champlain Investment Partners LLC now owns 957,230 shares of the bank’s stock worth $77,545,000 after buying an additional 114,280 shares during the last quarter. FMR LLC increased its stake in shares of Independent Bank by 19.0% in the first quarter. FMR LLC now owns 861,271 shares of the bank’s stock worth $69,772,000 after buying an additional 137,622 shares during the last quarter. Rockland Trust Co. increased its stake in shares of Independent Bank by 5.1% in the first quarter. Rockland Trust Co. now owns 613,742 shares of the bank’s stock worth $36,542,000 after buying an additional 29,758 shares during the last quarter. Finally, Macquarie Group Ltd. increased its stake in shares of Independent Bank by 17.1% in the fourth quarter. Macquarie Group Ltd. now owns 592,782 shares of the bank’s stock worth $41,679,000 after buying an additional 86,684 shares during the last quarter. Institutional investors and hedge funds own 70.75% of the company’s stock.
Independent Bank Company Profile
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. Its products and services include demand deposits and time certificates of deposit, as well as checking, money market, and savings accounts.
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