Independent Bank Corp. (NASDAQ:INDB) Given Consensus Rating of “Hold” by Analysts
Shares of Independent Bank Corp. (NASDAQ:INDB – Get Free Report) have earned an average rating of “Hold” from the two brokerages that are covering the firm, Marketbeat.com reports. Two investment analysts have rated the stock with a hold rating. The average 12 month price target among brokers that have issued a report on the stock in the last year is $76.00.
A number of research analysts have issued reports on INDB shares. StockNews.com initiated coverage on Independent Bank in a research report on Thursday, October 5th. They issued a “sell” rating on the stock. TheStreet upgraded shares of Independent Bank from a “c+” rating to a “b-” rating in a research report on Tuesday, December 12th. Finally, Seaport Res Ptn upgraded shares of Independent Bank from a “sell” rating to a “neutral” rating in a report on Monday, October 23rd.
Read Our Latest Research Report on INDB
Independent Bank Price Performance
INDB stock opened at $64.82 on Thursday. The company’s 50-day moving average price is $54.88 and its two-hundred day moving average price is $52.83. Independent Bank has a 12 month low of $43.28 and a 12 month high of $85.98. The company has a quick ratio of 0.95, a current ratio of 0.95 and a debt-to-equity ratio of 0.35. The firm has a market cap of $2.84 billion, a P/E ratio of 11.08 and a beta of 0.89.
Independent Bank (NASDAQ:INDB – Get Free Report) last released its earnings results on Thursday, October 19th. The bank reported $1.38 earnings per share for the quarter, topping the consensus estimate of $1.33 by $0.05. Independent Bank had a return on equity of 9.14% and a net margin of 29.16%. The firm had revenue of $183.42 million during the quarter, compared to analysts’ expectations of $179.19 million. On average, analysts anticipate that Independent Bank will post 5.4 earnings per share for the current fiscal year.
Independent Bank Announces Dividend
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, January 5th. Investors of record on Tuesday, December 26th will be issued a $0.55 dividend. The ex-dividend date is Friday, December 22nd. This represents a $2.20 dividend on an annualized basis and a yield of 3.39%. Independent Bank’s dividend payout ratio (DPR) is presently 37.61%.
Insiders Place Their Bets
In other news, Director John J. Morrissey sold 2,000 shares of the firm’s stock in a transaction on Friday, November 3rd. The shares were sold at an average price of $54.59, for a total transaction of $109,180.00. Following the completion of the transaction, the director now owns 11,492 shares of the company’s stock, valued at $627,348.28. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In related news, Director John J. Morrissey sold 2,000 shares of the stock in a transaction on Friday, November 3rd. The stock was sold at an average price of $54.59, for a total value of $109,180.00. Following the completion of the sale, the director now directly owns 11,492 shares in the company, valued at $627,348.28. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Jeffrey J. Tengel bought 2,100 shares of the business’s stock in a transaction on Monday, October 30th. The shares were bought at an average cost of $48.58 per share, for a total transaction of $102,018.00. Following the completion of the acquisition, the chief executive officer now directly owns 24,048 shares in the company, valued at approximately $1,168,251.84. The disclosure for this purchase can be found here. Insiders own 0.87% of the company’s stock.
Institutional Trading of Independent Bank
Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Vanguard Group Inc. increased its position in shares of Independent Bank by 4.1% during the first quarter. Vanguard Group Inc. now owns 5,422,075 shares of the bank’s stock worth $442,929,000 after buying an additional 215,685 shares during the period. State Street Corp grew its stake in Independent Bank by 2.4% during the first quarter. State Street Corp now owns 2,325,701 shares of the bank’s stock worth $191,187,000 after purchasing an additional 54,624 shares during the period. Victory Capital Management Inc. lifted its stake in Independent Bank by 1.3% in the third quarter. Victory Capital Management Inc. now owns 1,907,345 shares of the bank’s stock valued at $93,632,000 after buying an additional 25,094 shares during the period. Nuance Investments LLC boosted its holdings in shares of Independent Bank by 80.6% during the 3rd quarter. Nuance Investments LLC now owns 1,661,215 shares of the bank’s stock worth $81,549,000 after buying an additional 741,609 shares in the last quarter. Finally, Dimensional Fund Advisors LP grew its position in shares of Independent Bank by 2.7% during the 1st quarter. Dimensional Fund Advisors LP now owns 1,615,855 shares of the bank’s stock worth $106,032,000 after buying an additional 41,852 shares during the period. Institutional investors and hedge funds own 80.16% of the company’s stock.
About Independent Bank (Get Free Report
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. It accepts interest checking, money market, and savings accounts, as well as demand deposits and time certificates of deposit.
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