Independent Bank (NASDAQ:INDB) Director Thomas Venables Sells 1,000 Shares of Stock

Independent Bank Corp. (NASDAQ:INDB) Director Thomas Venables sold 1,000 shares of the stock in a transaction on Friday, November 13th. The stock was sold at an average price of $84.32, for a total value of $84,320.00. Following the completion of the sale, the director owned 16,649 shares in the company, valued at approximately $1,403,843.68. The trade was a 5.67% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink.

Independent Bank Trading Up 0.4%

Shares of NASDAQ:INDB traded up $0.35 on Friday, hitting $84.47. 199,779 shares of the company’s stock were exchanged, compared to its average volume of 376,561. The stock has a market capitalization of $3.91 billion, a price-to-earnings ratio of 12.51 and a beta of 0.74. Independent Bank Corp. has a 12 month low of $66.17 and a 12 month high of $88.58. The company has a debt-to-equity ratio of 0.18, a current ratio of 0.93 and a quick ratio of 0.93. The business’s 50 day simple moving average is $81.52 and its two-hundred day simple moving average is $80.98.

Independent Bank (NASDAQ:INDB) last posted its quarterly earnings results on Thursday, October 15th. The bank reported $1.90 EPS for the quarter, topping analysts’ consensus estimates of $1.85 by $0.05. Independent Bank had a net margin of 24.27% and a return on equity of 9.61%. The firm had revenue of $261.95 million for the quarter, compared to analysts’ expectations of $261.27 million. Analysts anticipate that Independent Bank Corp. will post 7.25 EPS for the current fiscal year.

Independent Bank Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, October 9th. Shareholders of record on Monday, September 28th were given a $0.64 dividend. This represents a $2.56 annualized dividend and a yield of 3.0%. The ex-dividend date of this dividend was Monday, September 28th. Independent Bank’s payout ratio is 37.93%.

Analyst Ratings Changes

A number of equities analysts have recently commented on INDB shares. Keefe, Bruyette & Woods reduced their target price on shares of Independent Bank from $99.00 to $96.00 and set an “outperform” rating on the stock in a research report on Monday, July 20th. Barclays boosted their price target on Independent Bank from $82.00 to $86.00 and gave the company an “underweight” rating in a report on Tuesday, November 3rd. Piper Sandler raised Independent Bank from a “hold” rating to a “strong-buy” rating in a research note on Friday, October 2nd. Finally, Weiss Ratings restated a “buy (b)” rating on shares of Independent Bank in a report on Tuesday, November 3rd. Two research analysts have rated the stock with a Strong Buy rating, four have assigned a Buy rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Buy” and a consensus target price of $92.43.

Institutional Trading of Independent Bank

A number of hedge funds have recently added to or reduced their stakes in INDB. Isthmus Partners LLC lifted its position in shares of Independent Bank by 0.3% during the 3rd quarter. Isthmus Partners LLC now owns 42,190 shares of the bank’s stock valued at $3,276,000 after buying an additional 130 shares in the last quarter. 55 North Private Wealth LLC increased its holdings in Independent Bank by 4.8% in the 3rd quarter. 55 North Private Wealth LLC now owns 2,878 shares of the bank’s stock worth $223,000 after acquiring an additional 133 shares in the last quarter. GAMMA Investing LLC increased its holdings in Independent Bank by 15.2% in the 3rd quarter. GAMMA Investing LLC now owns 1,270 shares of the bank’s stock worth $99,000 after acquiring an additional 168 shares in the last quarter. EverSource Wealth Advisors LLC raised its position in Independent Bank by 27.4% during the first quarter. EverSource Wealth Advisors LLC now owns 898 shares of the bank’s stock worth $68,000 after acquiring an additional 193 shares during the period. Finally, Ballast Advisors LLC acquired a new position in Independent Bank during the first quarter worth $30,000. 83.40% of the stock is owned by hedge funds and other institutional investors.

Independent Bank Company Profile

Independent Bank Corp. is a bank holding company headquartered in Rockland, Massachusetts. Its principal subsidiary, Rockland Trust Company, provides banking and financial services to individuals, businesses and organizations. Rockland Trust offers checking and savings accounts, loans, mortgages, and other deposit and lending services. Its business banking services include cash management and financing, while wealth management services include investment and trust services. Founded in 1907, Rockland Trust serves communities across Massachusetts through its branch network and digital banking channels.