Independent Bank Corp. (NASDAQ:INDB) Receives Average Rating of “Moderate Buy” from Analysts

Shares of Independent Bank Corp. (NASDAQ:INDB) have earned an average recommendation of “Moderate Buy” from the seven research firms that are currently covering the company, Marketbeat.com reports. One investment analyst has rated the stock with a sell rating, one has given a hold rating, four have given a buy rating and one has assigned a strong buy rating to the company. The average 1 year target price among analysts that have covered the stock in the last year is $91.8571.

INDB has been the subject of a number of research analyst reports. Keefe, Bruyette & Woods cut their price objective on Independent Bank from $99.00 to $96.00 and set an “outperform” rating for the company in a research report on Monday, July 20th. Weiss Ratings reissued a “buy (b)” rating on shares of Independent Bank in a research note on Wednesday, August 5th. Finally, Piper Sandler boosted their target price on shares of Independent Bank from $84.00 to $90.00 and gave the stock a “neutral” rating in a report on Friday, June 26th.

Insider Transactions at Independent Bank

In other news, Director Gerard Nadeau sold 5,307 shares of the stock in a transaction that occurred on Monday, August 3rd. The stock was sold at an average price of $84.69, for a total value of $449,449.83. Following the sale, the director directly owned 16,907 shares in the company, valued at approximately $1,431,853.83. This represents a 23.89% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Thomas R. Venables sold 3,750 shares of the stock in a transaction on Tuesday, August 25th. The stock was sold at an average price of $83.00, for a total value of $311,250.00. Following the completion of the sale, the director owned 17,649 shares in the company, valued at approximately $1,464,867. The trade was a 17.52% decrease in their position. The disclosure for this sale is available in the SEC filing. Corporate insiders own 1.60% of the company’s stock.

Hedge Funds Weigh In On Independent Bank

Institutional investors and hedge funds have recently modified their holdings of the stock. Squarepoint Ops LLC purchased a new stake in Independent Bank during the second quarter worth $1,461,000. Waverly Advisors LLC purchased a new position in shares of Independent Bank in the 2nd quarter valued at about $217,000. Nykredit A S acquired a new stake in Independent Bank in the second quarter valued at approximately $140,000. VIRGINIA RETIREMENT SYSTEMS ET Al purchased a new stake in shares of Independent Bank during the second quarter worth approximately $1,206,000. Finally, HB Wealth Management LLC purchased a new position in Independent Bank in the 2nd quarter valued at $223,000. Institutional investors and hedge funds own 83.40% of the company’s stock.

Independent Bank Stock Performance

NASDAQ:INDB traded down $0.83 during trading hours on Friday, reaching $81.59. The company had a trading volume of 74,584 shares, compared to its average volume of 344,588. The company has a current ratio of 0.94, a quick ratio of 0.94 and a debt-to-equity ratio of 0.20. Independent Bank has a 52 week low of $63.33 and a 52 week high of $87.50. The firm has a market cap of $3.87 billion, a price-to-earnings ratio of 14.72 and a beta of 0.76. The firm’s 50 day moving average price is $83.97 and its 200-day moving average price is $80.66.

Independent Bank (NASDAQ:INDB) last issued its quarterly earnings results on Thursday, July 16th. The bank reported $1.70 earnings per share for the quarter, missing the consensus estimate of $1.79 by ($0.09). The business had revenue of $253.32 million for the quarter, compared to analysts’ expectations of $257.50 million. Independent Bank had a return on equity of 9.19% and a net margin of 20.31%. On average, analysts forecast that Independent Bank will post 7.11 EPS for the current year.

Independent Bank Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, October 9th. Shareholders of record on Monday, September 28th will be given a dividend of $0.64 per share. The ex-dividend date is Monday, September 28th. This represents a $2.56 dividend on an annualized basis and a yield of 3.1%. Independent Bank’s payout ratio is 46.21%.

About Independent Bank

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, families, businesses and institutions.

Rockland Trust offers a range of consumer and commercial banking products, including checking and savings accounts, residential and commercial lending, mortgages, home equity financing, business loans, cash-management services and online and mobile banking.