Shares of Independent Bank Corp (NASDAQ:INDB) have received a consensus rating of “Buy” from the six ratings firms that are currently covering the stock, Marketbeat.com reports. Three research analysts have rated the stock with a hold rating and three have issued a buy rating on the company. The average twelve-month price objective among brokers that have issued a report on the stock in the last year is $83.00.
A number of research firms have weighed in on INDB. Zacks Investment Research raised shares of Independent Bank from a “sell” rating to a “hold” rating in a research report on Friday, October 25th. DA Davidson reissued a “neutral” rating on shares of Independent Bank in a research report on Monday, July 22nd. ValuEngine raised shares of Independent Bank from a “sell” rating to a “hold” rating in a research report on Wednesday, October 2nd. Compass Point raised shares of Independent Bank from a “neutral” rating to a “buy” rating and increased their target price for the company from $77.00 to $83.00 in a research report on Friday, July 19th. Finally, BidaskClub raised shares of Independent Bank from a “hold” rating to a “buy” rating in a research report on Wednesday, October 23rd.
INDB traded up $0.08 on Thursday, hitting $85.32. 84,900 shares of the stock were exchanged, compared to its average volume of 124,172. The business has a 50-day moving average of $77.40 and a two-hundred day moving average of $74.77. The firm has a market capitalization of $2.94 billion, a price-to-earnings ratio of 18.19 and a beta of 1.19. Independent Bank has a 12 month low of $62.33 and a 12 month high of $87.64. The company has a debt-to-equity ratio of 0.17, a current ratio of 0.98 and a quick ratio of 0.97.
The business also recently disclosed a quarterly dividend, which was paid on Friday, October 11th. Stockholders of record on Monday, September 30th were given a dividend of $0.44 per share. This represents a $1.76 annualized dividend and a dividend yield of 2.06%. The ex-dividend date was Friday, September 27th. Independent Bank’s dividend payout ratio (DPR) is 37.53%.
In other news, CFO Mark J. Ruggiero sold 318 shares of the firm’s 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 completion of the sale, the chief financial officer now owns 3,180 shares of the company’s stock, valued at approximately $262,095.60. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director William M. Parent sold 7,500 shares of the firm’s stock in a transaction that occurred on Wednesday, September 11th. The stock was sold at an average price of $75.00, for a total transaction of $562,500.00. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 33,098 shares of company stock valued at $2,620,265. Insiders own 1.60% of the company’s stock.
Several hedge funds have recently made changes to their positions in the company. BlackRock Inc. grew its position in shares of Independent Bank by 9.9% during the 2nd quarter. BlackRock Inc. now owns 4,988,765 shares of the bank’s stock worth $379,894,000 after buying an additional 450,532 shares during the period. Vanguard Group Inc. grew its position in shares of Independent Bank by 13.3% during the 2nd quarter. Vanguard Group Inc. now owns 3,500,059 shares of the bank’s stock worth $266,529,000 after buying an additional 409,987 shares during the period. Price T Rowe Associates Inc. MD grew its position in shares of Independent Bank by 4,551.1% during the 2nd quarter. Price T Rowe Associates Inc. MD now owns 865,621 shares of the bank’s stock worth $65,917,000 after buying an additional 847,010 shares during the period. Northern Trust Corp grew its position in shares of Independent Bank by 9.5% during the 2nd quarter. Northern Trust Corp now owns 841,069 shares of the bank’s stock worth $64,047,000 after buying an additional 72,946 shares during the period. Finally, Rockland Trust Co. grew its position in shares of Independent Bank by 20.4% during the 3rd quarter. Rockland Trust Co. now owns 698,441 shares of the bank’s stock worth $49,660,000 after buying an additional 118,308 shares during the period. 78.70% of the stock is owned by institutional investors.
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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