Brokerages Set Independent Bank Corp (INDB) Target Price at $81.50
Shares of Independent Bank Corp (NASDAQ:INDB) have earned a consensus recommendation of “Buy” from the seven ratings firms that are currently covering the stock, Marketbeat Ratings reports. Three research analysts have rated the stock with a hold recommendation and four have issued a buy recommendation on the company. The average 12-month price objective among brokers that have issued a report on the stock in the last year is $83.67.
INDB has been the subject of a number of recent research reports. BidaskClub lowered Independent Bank from a “strong-buy” rating to a “buy” rating in a research note on Wednesday, June 13th. ValuEngine raised Independent Bank from a “hold” rating to a “buy” rating in a research report on Wednesday, May 2nd. Finally, Zacks Investment Research raised Independent Bank from a “hold” rating to a “buy” rating and set a $83.00 price target for the company in a research report on Thursday, May 17th.
In other Independent Bank news, Director Gerard F. Nadeau sold 3,250 shares of the company’s stock in a transaction that occurred on Friday, June 8th. The stock was sold at an average price of $82.75, for a total transaction of $268,937.50. Following the completion of the transaction, the director now owns 18,635 shares of the company’s stock, valued at approximately $1,542,046.25. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Robert D. Cozzone sold 3,000 shares of the company’s stock in a transaction that occurred on Friday, June 15th. The stock was sold at an average price of $80.80, for a total value of $242,400.00. The disclosure for this sale can be found here. Insiders have sold a total of 15,566 shares of company stock valued at $1,223,444 in the last ninety days. 2.67% of the stock is currently owned by corporate insiders.
INDB opened at $88.15 on Friday. Independent Bank has a 52-week low of $65.25 and a 52-week high of $88.50. The company has a quick ratio of 0.94, a current ratio of 0.94 and a debt-to-equity ratio of 0.16. The company has a market cap of $2.43 billion, a price-to-earnings ratio of 26.31 and a beta of 0.93.
Independent Bank (NASDAQ:INDB) last released its earnings results on Thursday, July 19th. The bank reported $1.14 earnings per share for the quarter, beating analysts’ consensus estimates of $1.11 by $0.03. Independent Bank had a return on equity of 11.27% and a net margin of 27.38%. The company had revenue of $95.06 million during the quarter, compared to analyst estimates of $92.60 million. research analysts predict that Independent Bank will post 4.43 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which was paid on Tuesday, July 10th. Shareholders of record on Monday, July 2nd were given a dividend of $0.38 per share. This represents a $1.52 dividend on an annualized basis and a yield of 1.72%. The ex-dividend date was Friday, June 29th. Independent Bank’s payout ratio is 45.37%.
Independent Bank Company Profile
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. The company's products and services include demand deposits and time certificates of deposit, as well as checking, money market, and savings accounts.
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