Shares of Independent Bank Corp. (NASDAQ:INDB) have received a consensus rating of “Hold” from the six research firms that are covering the stock, Marketbeat.com reports. One analyst has rated the stock with a sell recommendation and five have assigned a hold recommendation to the company. The average 1-year target price among brokers that have issued ratings on the stock in the last year is $70.67.
INDB has been the subject of a number of research reports. Compass Point upgraded Independent Bank Corp. from a “neutral” rating to a “buy” rating and set a $72.00 price target for the company in a research note on Friday, July 21st. Zacks Investment Research upgraded Independent Bank Corp. from a “hold” rating to a “buy” rating and set a $81.00 target price for the company in a research note on Wednesday, July 26th. Finally, Keefe, Bruyette & Woods restated a “hold” rating and issued a $73.00 target price on shares of Independent Bank Corp. in a research note on Tuesday, October 3rd.
Shares of Independent Bank Corp. (NASDAQ INDB) traded down $0.85 during trading on Thursday, hitting $71.60. The company’s stock had a trading volume of 41,423 shares, compared to its average volume of 77,087. The company has a market cap of $1,964.92, a PE ratio of 22.17 and a beta of 0.98. The company has a current ratio of 0.95, a quick ratio of 0.95 and a debt-to-equity ratio of 0.17.
Independent Bank Corp. (NASDAQ:INDB) last released its quarterly earnings data on Thursday, October 19th. The bank reported $0.87 EPS for the quarter, missing the consensus estimate of $0.91 by ($0.04). Independent Bank Corp. had a net margin of 23.48% and a return on equity of 9.76%. The company had revenue of $87.84 million during the quarter, compared to analysts’ expectations of $88.57 million. During the same period last year, the business earned $0.78 earnings per share. The company’s revenue for the quarter was up 12.5% compared to the same quarter last year. equities research analysts expect that Independent Bank Corp. will post 3.41 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which was paid on Friday, October 6th. Stockholders of record on Monday, September 25th were issued a dividend of $0.32 per share. The ex-dividend date was Friday, September 22nd. This represents a $1.28 dividend on an annualized basis and a dividend yield of 1.79%. Independent Bank Corp.’s dividend payout ratio (DPR) is presently 42.38%.
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In other news, Director Eileen C. Miskell sold 1,200 shares of Independent Bank Corp. stock in a transaction that occurred on Wednesday, October 25th. The stock was sold at an average price of $71.27, for a total transaction of $85,524.00. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Insiders own 2.67% of the company’s stock.
Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. US Bancorp DE raised its holdings in shares of Independent Bank Corp. by 2.7% during the second quarter. US Bancorp DE now owns 1,893 shares of the bank’s stock valued at $126,000 after buying an additional 49 shares during the last quarter. Louisiana State Employees Retirement System raised its holdings in shares of Independent Bank Corp. by 0.9% during the second quarter. Louisiana State Employees Retirement System now owns 11,100 shares of the bank’s stock valued at $740,000 after buying an additional 100 shares during the last quarter. Arizona State Retirement System raised its holdings in shares of Independent Bank Corp. by 0.7% during the second quarter. Arizona State Retirement System now owns 14,171 shares of the bank’s stock valued at $944,000 after buying an additional 100 shares during the last quarter. Oppenheimer Asset Management Inc. raised its holdings in Independent Bank Corp. by 8.3% during the second quarter. Oppenheimer Asset Management Inc. now owns 1,566 shares of the bank’s stock worth $104,000 after purchasing an additional 120 shares in the last quarter. Finally, Amalgamated Bank raised its holdings in Independent Bank Corp. by 3.6% during the second quarter. Amalgamated Bank now owns 3,640 shares of the bank’s stock worth $243,000 after purchasing an additional 126 shares in the last quarter. 76.39% of the stock is currently owned by institutional investors.
Independent Bank Corp. Company Profile
Independent Bank Corp. is a bank holding company. The Company operates through its subsidiary, Rockland Trust Company (the Bank). The Bank is a community-oriented commercial bank. Its community banking business provides a range of banking services, including lending activities, acceptance of demand, savings, and time deposits, and investment management.
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