Independent Bank Corp. (INDB) Receives Consensus Recommendation of “Hold” from Brokerages
Independent Bank Corp. (NASDAQ:INDB) has been assigned a consensus recommendation of “Hold” from the six ratings firms that are currently covering the stock, MarketBeat.com reports. Four equities research analysts have rated the stock with a hold recommendation and two have given a buy recommendation to the company. The average twelve-month price target among brokerages that have updated their coverage on the stock in the last year is $72.00.
A number of research firms have recently weighed in on INDB. Keefe, Bruyette & Woods reaffirmed a “hold” rating and set a $73.00 price objective on shares of Independent Bank Corp. in a research report on Tuesday, October 3rd. Zacks Investment Research raised Independent Bank Corp. from a “hold” rating to a “buy” rating and set a $81.00 price objective on the stock 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 objective on the stock in a research report on Friday, July 21st.
In related news, insider Mark J. Ruggiero sold 400 shares of the business’s 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 directly owns 2,852 shares of the company’s stock, valued at approximately $208,338.60. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, insider Gerard F. Nadeau sold 5,193 shares of the business’s stock in a transaction that occurred on Monday, July 31st. The stock was sold at an average price of $71.75, for a total value of $372,597.75. The disclosure for this sale can be found here. Over the last three months, insiders sold 8,443 shares of company stock worth $607,108. 2.67% of the stock is owned by insiders.
A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. Wasatch Advisors Inc. lifted its holdings in Independent Bank Corp. by 5.4% in the 2nd quarter. Wasatch Advisors Inc. now owns 555,346 shares of the bank’s stock worth $37,014,000 after purchasing an additional 28,319 shares in the last quarter. Piedmont Investment Advisors LLC purchased a new position in Independent Bank Corp. in the 2nd quarter worth approximately $392,000. The Manufacturers Life Insurance Company lifted its holdings in Independent Bank Corp. by 2.9% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 770,690 shares of the bank’s stock worth $51,367,000 after purchasing an additional 21,629 shares in the last quarter. Moors & Cabot Inc. lifted its holdings in Independent Bank Corp. by 8.4% in the 2nd quarter. Moors & Cabot Inc. now owns 38,319 shares of the bank’s stock worth $2,555,000 after purchasing an additional 2,984 shares in the last quarter. Finally, Janus Henderson Group PLC purchased a new position in Independent Bank Corp. in the 2nd quarter worth approximately $45,593,000. 76.45% of the stock is currently owned by institutional investors.
Shares of Independent Bank Corp. (NASDAQ:INDB) opened at 74.85 on Friday. The company has a market capitalization of $2.05 billion, a PE ratio of 25.45 and a beta of 1.01. The stock’s 50 day moving average price is $70.95 and its 200 day moving average price is $66.68. Independent Bank Corp. has a 12 month low of $47.50 and a 12 month high of $76.30.
Independent Bank Corp. (NASDAQ:INDB) last posted its quarterly earnings data on Thursday, July 20th. The bank reported $0.82 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.81 by $0.01. Independent Bank Corp. had a return on equity of 9.70% and a net margin of 23.17%. The firm had revenue of $85.15 million for the quarter, compared to analysts’ expectations of $85.20 million. During the same period in the previous year, the firm earned $0.78 EPS. On average, analysts forecast that Independent Bank Corp. will post $3.35 EPS for the current year.
The firm also recently declared a quarterly dividend, which was paid on Friday, October 6th. Investors of record on Monday, September 25th were issued a $0.32 dividend. The ex-dividend date of this dividend was Friday, September 22nd. This represents a $1.28 dividend on an annualized basis and a yield of 1.71%. Independent Bank Corp.’s dividend payout ratio is presently 43.69%.
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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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