Independent Bank Corp. (INDB) Getting Somewhat Positive Press Coverage, Analysis Finds
News headlines about Independent Bank Corp. (NASDAQ:INDB) have trended somewhat positive on Monday, Accern reports. The research group identifies positive and negative press coverage by monitoring more than twenty million news and blog sources. Accern ranks coverage of public companies on a scale of -1 to 1, with scores nearest to one being the most favorable. Independent Bank Corp. earned a news impact score of 0.05 on Accern’s scale. Accern also gave headlines about the bank an impact score of 45.7859273651587 out of 100, meaning that recent press coverage is somewhat unlikely to have an effect on the stock’s share price in the near term.
A number of equities analysts have recently weighed in on INDB shares. BidaskClub upgraded Independent Bank Corp. from a “hold” rating to a “buy” rating in a research note on Tuesday, June 13th. Zacks Investment Research raised Independent Bank Corp. from a “hold” rating to a “buy” rating and set a $75.00 price target on the stock in a research report on Tuesday, August 22nd. Compass Point raised Independent Bank Corp. from a “neutral” rating to a “buy” rating and set a $72.00 price target on the stock in a research report on Friday, July 21st. Keefe, Bruyette & Woods reissued a “hold” rating and set a $71.00 price target on shares of Independent Bank Corp. in a research report on Wednesday, June 28th. Finally, Sandler O’Neill raised Independent Bank Corp. from a “sell” rating to a “hold” rating in a research report on Monday, May 15th. Five research analysts have rated the stock with a hold rating and one has assigned a buy rating to the stock. The stock has an average rating of “Hold” and an average price target of $70.25.
Shares of Independent Bank Corp. (NASDAQ:INDB) traded up 1.145% during midday trading on Monday, reaching $68.475. The company had a trading volume of 9,043 shares. Independent Bank Corp. has a one year low of $47.50 and a one year high of $73.15. The company has a 50 day moving average price of $69.63 and a 200-day moving average price of $65.59. The firm has a market capitalization of $1.88 billion, a P/E ratio of 23.283 and a beta of 1.00.
Independent Bank Corp. (NASDAQ:INDB) last issued its earnings results on Thursday, July 20th. The bank reported $0.82 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.81 by $0.01. Independent Bank Corp. had a net margin of 23.17% and a return on equity of 9.70%. The business had revenue of $85.15 million for the quarter, compared to analysts’ expectations of $85.20 million. During the same quarter in the previous year, the firm posted $0.78 EPS. On average, analysts anticipate that Independent Bank Corp. will post $3.33 EPS for the current fiscal year.
In other Independent Bank Corp. news, insider Mark J. Ruggiero sold 400 shares of the business’s stock in a transaction on Tuesday, July 25th. The shares were sold at an average price of $73.05, for a total transaction of $29,220.00. Following the sale, the insider now owns 2,852 shares of the company’s stock, valued at approximately $208,338.60. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Gerard F. Nadeau sold 5,193 shares of the business’s stock in a transaction on Monday, July 31st. The shares were sold at an average price of $71.75, for a total transaction of $372,597.75. The disclosure for this sale can be found here. Insiders have sold a total of 8,443 shares of company stock worth $607,108 in the last three months. Insiders own 2.67% of the company’s stock.
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About Independent Bank Corp.
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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