Zacks Investment Research upgraded shares of Independent Bank (NASDAQ:INDB) from a sell rating to a hold rating in a report released on Saturday morning, Zacks.com reports.
According to Zacks, “Independent Bank Corp. is a bank holding company for Rockland Trust Company. They are a community-oriented commercial bank. The community banking business consists of commercial banking, retail banking and trust services and is managed as a single strategic unit. The community banking business derives its revenues from a wide range of banking services, including lending activities, acceptance of demand, savings and time deposits, trust and investment management, and mortgage servicing income from investors. “
A number of other research firms have also recently weighed in on INDB. DA Davidson cut Independent Bank from a buy rating to a neutral rating and increased their price target for the company from $75.00 to $82.00 in a research note on Monday, June 8th. Compass Point lowered shares of Independent Bank from a buy rating to a neutral rating and dropped their price objective for the company from $91.00 to $76.00 in a research report on Wednesday, March 4th. BidaskClub cut shares of Independent Bank from a hold rating to a sell rating in a research note on Thursday, May 14th. TheStreet lowered shares of Independent Bank from a b rating to a c+ rating in a research note on Friday, March 13th. Finally, Piper Sandler cut shares of Independent Bank from an overweight rating to a neutral rating and lowered their price target for the company from $74.00 to $67.00 in a report on Wednesday, June 24th. One equities research analyst has rated the stock with a sell rating and seven have given a hold rating to the stock. The company has a consensus rating of Hold and an average price target of $80.75.
Shares of INDB stock opened at $64.49 on Friday. Independent Bank has a 52-week low of $50.45 and a 52-week high of $87.11. The stock has a market cap of $2.03 billion, a price-to-earnings ratio of 14.14, a PEG ratio of 9.65 and a beta of 0.96. The firm’s 50-day moving average is $66.56 and its 200-day moving average is $71.27. The company has a debt-to-equity ratio of 0.33, a quick ratio of 0.99 and a current ratio of 0.99.
Independent Bank (NASDAQ:INDB) last announced its quarterly earnings results on Thursday, April 23rd. The bank reported $0.78 earnings per share for the quarter, missing analysts’ consensus estimates of $1.19 by ($0.41). Independent Bank had a return on equity of 10.42% and a net margin of 26.88%. The business had revenue of $120.74 million for the quarter, compared to analyst estimates of $123.70 million. Sell-side analysts predict that Independent Bank will post 3.54 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Friday, July 10th. Stockholders of record on Monday, June 29th will be given a $0.46 dividend. The ex-dividend date is Friday, June 26th. This represents a $1.84 dividend on an annualized basis and a dividend yield of 2.85%. Independent Bank’s payout ratio is presently 32.74%.
In related news, COO Robert D. Cozzone sold 3,500 shares of the business’s stock in a transaction that occurred on Tuesday, April 28th. The stock was sold at an average price of $72.02, for a total value of $252,070.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Donna L. Abelli sold 780 shares of the stock in a transaction that occurred on Wednesday, May 27th. The stock was sold at an average price of $72.00, for a total value of $56,160.00. The disclosure for this sale can be found here. Corporate insiders own 1.17% of the company’s stock.
Large investors have recently added to or reduced their stakes in the company. State Street Corp grew its holdings in shares of Independent Bank by 4.9% during the 1st quarter. State Street Corp now owns 1,226,455 shares of the bank’s stock worth $79,509,000 after purchasing an additional 57,668 shares in the last quarter. Royal Bank of Canada lifted its position in Independent Bank by 96.3% during the first quarter. Royal Bank of Canada now owns 17,652 shares of the bank’s stock worth $1,137,000 after purchasing an additional 8,658 shares during the period. New England Research & Management Inc. grew its stake in Independent Bank by 13.1% during the first quarter. New England Research & Management Inc. now owns 18,133 shares of the bank’s stock worth $1,167,000 after buying an additional 2,100 shares in the last quarter. FDx Advisors Inc. bought a new position in Independent Bank in the 1st quarter valued at about $803,000. Finally, Advisor Group Holdings Inc. bought a new position in Independent Bank in the 1st quarter valued at about $208,000. Hedge funds and other institutional investors own 82.24% 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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