Independent Bank Corp (NASDAQ:INDB) has been given an average recommendation of “Hold” by the eight research firms that are currently covering the company, MarketBeat Ratings reports. One investment analyst has rated the stock with a sell rating, five have given a hold rating and two have issued a buy rating on the company. The average 12 month price objective among analysts that have issued a report on the stock in the last year is $90.50.
Several equities analysts have recently issued reports on INDB shares. G.Research reaffirmed a “hold” rating on shares of Independent Bank in a research note on Monday, December 9th. BidaskClub downgraded shares of Independent Bank from a “sell” rating to a “strong sell” rating in a research report on Tuesday, January 14th. Zacks Investment Research raised shares of Independent Bank from a “sell” rating to a “hold” rating in a research note on Saturday, January 4th. Gabelli began coverage on Independent Bank in a report on Monday, December 9th. They set a “hold” rating and a $98.00 target price for the company. Finally, ValuEngine upgraded Independent Bank from a “sell” rating to a “hold” rating in a report on Saturday.
In other news, CFO Mark J. Ruggiero sold 318 shares of Independent Bank stock in a transaction that occurred on Friday, November 1st. The shares were sold at an average price of $82.42, for a total transaction of $26,209.56. Following the sale, the chief financial officer now owns 3,180 shares of the company’s stock, valued at approximately $262,095.60. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, President Gerard F. Nadeau sold 1,449 shares of the business’s stock in a transaction that occurred on Friday, December 13th. The shares were sold at an average price of $84.55, for a total value of $122,512.95. Following the completion of the sale, the president now directly owns 16,342 shares in the company, valued at approximately $1,381,716.10. The disclosure for this sale can be found here. Insiders sold a total of 25,373 shares of company stock valued at $2,130,442 in the last 90 days. 1.60% of the stock is currently owned by company insiders.
Large investors have recently bought and sold shares of the business. Tower Research Capital LLC TRC grew its stake in shares of Independent Bank by 704.3% during the third quarter. Tower Research Capital LLC TRC now owns 1,303 shares of the bank’s stock worth $97,000 after purchasing an additional 1,141 shares in the last quarter. California Public Employees Retirement System lifted its position in Independent Bank by 72.8% in the third quarter. California Public Employees Retirement System now owns 76,707 shares of the bank’s stock valued at $5,726,000 after acquiring an additional 32,305 shares during the last quarter. Mason Street Advisors LLC lifted its position in Independent Bank by 1.9% in the third quarter. Mason Street Advisors LLC now owns 11,669 shares of the bank’s stock valued at $871,000 after acquiring an additional 216 shares during the last quarter. Price T Rowe Associates Inc. MD lifted its position in Independent Bank by 4,551.1% in the second quarter. Price T Rowe Associates Inc. MD now owns 865,621 shares of the bank’s stock valued at $65,917,000 after acquiring an additional 847,010 shares during the last quarter. Finally, BlackRock Inc. lifted its position in Independent Bank by 9.9% in the second quarter. BlackRock Inc. now owns 4,988,765 shares of the bank’s stock valued at $379,894,000 after acquiring an additional 450,532 shares during the last quarter. Institutional investors and hedge funds own 78.62% of the company’s stock.
Shares of NASDAQ:INDB traded down $0.72 during trading on Tuesday, reaching $79.33. 472 shares of the company’s stock traded hands, compared to its average volume of 131,457. The firm has a market cap of $2.75 billion, a PE ratio of 15.79, a P/E/G ratio of 2.33 and a beta of 1.20. Independent Bank has a fifty-two week low of $62.33 and a fifty-two week high of $87.64. The company has a 50-day simple moving average of $83.31 and a 200-day simple moving average of $77.61. The company has a quick ratio of 0.98, a current ratio of 0.98 and a debt-to-equity ratio of 0.18.
Independent Bank (NASDAQ:INDB) last announced its earnings results on Thursday, January 16th. The bank reported $1.38 EPS for the quarter, missing analysts’ consensus estimates of $1.40 by ($0.02). The business had revenue of $133.29 million during the quarter, compared to analysts’ expectations of $131.07 million. Independent Bank had a net margin of 29.37% and a return on equity of 12.05%. On average, equities research analysts forecast that Independent Bank will post 5.63 EPS for the current year.
The business also recently announced a quarterly dividend, which was paid on Friday, January 10th. Shareholders of record on Monday, December 30th were given a dividend of $0.44 per share. The ex-dividend date was Friday, December 27th. This represents a $1.76 annualized dividend and a yield of 2.22%. Independent Bank’s dividend payout ratio (DPR) is presently 31.32%.
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. 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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