Independent Bank Corp. (INDB) Receives “Hold” Rating from Keefe, Bruyette & Woods
Keefe, Bruyette & Woods restated their hold rating on shares of Independent Bank Corp. (NASDAQ:INDB) in a research report sent to investors on Tuesday morning. They currently have a $73.00 price target on the bank’s stock.
Other research analysts have also recently issued reports about the company. Zacks Investment Research raised Independent Bank Corp. from a hold rating to a buy rating and set a $81.00 price target for the company in a research report on Wednesday, July 26th. BidaskClub raised Independent Bank Corp. from a hold rating to a buy rating in a research report on Tuesday, June 13th. Finally, 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. Four research analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. Independent Bank Corp. currently has a consensus rating of Hold and an average target price of $72.00.
Shares of Independent Bank Corp. (NASDAQ INDB) traded down 0.07% on Tuesday, hitting $76.10. 6,280 shares of the stock traded hands. The firm’s 50 day moving average is $70.35 and its 200 day moving average is $66.49. The firm has a market capitalization of $2.09 billion, a PE ratio of 25.88 and a beta of 1.01. Independent Bank Corp. has a 52 week low of $47.50 and a 52 week high of $76.30.
Independent Bank Corp. (NASDAQ:INDB) last released 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. The business had revenue of $85.15 million for the quarter, compared to the consensus estimate of $85.20 million. Independent Bank Corp. had a return on equity of 9.70% and a net margin of 23.17%. During the same quarter in the previous year, the business earned $0.78 earnings per share. On average, analysts expect that Independent Bank Corp. will post $3.35 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, October 6th. Stockholders of record on Monday, September 25th will be given a $0.32 dividend. This represents a $1.28 dividend on an annualized basis and a dividend yield of 1.68%. The ex-dividend date of this dividend is Friday, September 22nd. Independent Bank Corp.’s dividend payout ratio (DPR) is presently 43.69%.
In other news, insider Christopher Oddleifson sold 1,750 shares of Independent Bank Corp. stock in a transaction that occurred on Wednesday, July 26th. The stock was sold at an average price of $72.02, for a total transaction of $126,035.00. Following the completion of the transaction, the insider now directly owns 92,143 shares in the company, valued at approximately $6,636,138.86. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Mark J. Ruggiero sold 400 shares of Independent Bank Corp. stock in a transaction that occurred on Tuesday, July 25th. The stock was sold at an average price of $73.05, for a total value of $29,220.00. Following the transaction, the insider now owns 2,852 shares of the company’s stock, valued at $208,338.60. The disclosure for this sale can be found here. Insiders have sold a total of 8,443 shares of company stock worth $607,108 over the last 90 days. 2.67% of the stock is owned by company insiders.
Institutional investors and hedge funds have recently bought and sold shares of the stock. BlackRock Inc. lifted its holdings in Independent Bank Corp. by 49,979.6% during the 1st quarter. BlackRock Inc. now owns 3,281,718 shares of the bank’s stock valued at $213,310,000 after purchasing an additional 3,275,165 shares during the last quarter. Janus Henderson Group PLC bought a new position in Independent Bank Corp. during the second quarter worth $45,593,000. Bank of New York Mellon Corp boosted its position in Independent Bank Corp. by 26.8% during the first quarter. Bank of New York Mellon Corp now owns 555,720 shares of the bank’s stock worth $36,122,000 after purchasing an additional 117,428 shares during the period. State Street Corp boosted its position in Independent Bank Corp. by 15.2% during the first quarter. State Street Corp now owns 841,085 shares of the bank’s stock worth $54,681,000 after purchasing an additional 111,161 shares during the period. Finally, Vanguard Group Inc. boosted its position in Independent Bank Corp. by 4.3% during the first quarter. Vanguard Group Inc. now owns 2,362,266 shares of the bank’s stock worth $153,548,000 after purchasing an additional 96,358 shares during the period. Institutional investors and hedge funds own 76.45% of the company’s stock.
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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