Independent Bank Corp. (INDB) Downgraded by BidaskClub

BidaskClub lowered shares of Independent Bank Corp. (NASDAQ:INDB) from a buy rating to a hold rating in a research note published on Wednesday.

INDB has been the topic of several other research reports. Zacks Investment Research lowered Independent Bank Corp. from a strong-buy rating to a hold rating in a report on Wednesday, March 22nd. Compass Point raised Independent Bank Corp. from a sell rating to a neutral rating in a research note on Tuesday, March 28th. Sandler O’Neill raised Independent Bank Corp. from a sell rating to a hold rating in a research note on Monday, May 15th. Finally, Piper Jaffray Companies assumed coverage on Independent Bank Corp. in a research note on Monday, May 15th. They set a neutral rating and a $63.00 price objective on the stock. Five equities research analysts have rated the stock with a hold rating, The stock has an average rating of Hold and a consensus price target of $58.50.

Shares of Independent Bank Corp. (INDB) traded up 1.08% on Wednesday, reaching $65.30. The company’s stock had a trading volume of 27,263 shares. The company has a 50 day moving average of $63.50 and a 200 day moving average of $64.80. Independent Bank Corp. has a 1-year low of $42.44 and a 1-year high of $71.95. The stock has a market capitalization of $1.77 billion, a P/E ratio of 22.14 and a beta of 1.01.

Independent Bank Corp. (NASDAQ:INDB) last posted its earnings results on Thursday, April 20th. The bank reported $0.78 earnings per share for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.78. The company had revenue of $79.11 million for the quarter, compared to analyst estimates of $80.19 million. Independent Bank Corp. had a return on equity of 9.80% and a net margin of 23.62%. During the same quarter in the prior year, the company earned $0.72 earnings per share. Equities research analysts expect that Independent Bank Corp. will post $3.28 earnings per share for the current fiscal year.

ILLEGAL ACTIVITY NOTICE: “Independent Bank Corp. (INDB) Downgraded by BidaskClub” was first published by Transcript Daily and is owned by of Transcript Daily. If you are accessing this piece on another site, it was illegally copied and republished in violation of international copyright and trademark laws. The correct version of this piece can be read at https://transcriptdaily.com/2017/06/26/independent-bank-corp-indb-downgraded-by-bidaskclub.html.

The business also recently disclosed a quarterly dividend, which will be paid on Friday, July 7th. Investors of record on Monday, June 26th will be paid a dividend of $0.32 per share. This represents a $1.28 dividend on an annualized basis and a dividend yield of 1.98%. The ex-dividend date of this dividend is Thursday, June 22nd. Independent Bank Corp.’s payout ratio is currently 43.39%.

In related news, Director Carl Ribeiro sold 1,000 shares of the stock in a transaction on Thursday, May 25th. The stock was sold at an average price of $62.24, for a total transaction of $62,240.00. Following the sale, the director now owns 14,647 shares of the company’s stock, valued at $911,629.28. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, Director Kevin J. Jones sold 9,630 shares of the stock in a transaction on Friday, April 28th. The shares were sold at an average price of $64.11, for a total value of $617,379.30. Following the sale, the director now directly owns 77,534 shares in the company, valued at approximately $4,970,704.74. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 16,733 shares of company stock worth $1,068,441. Corporate insiders own 2.67% of the company’s stock.

Several hedge funds have recently bought and sold shares of the stock. US Bancorp DE raised its stake in Independent Bank Corp. by 4.7% in the first quarter. US Bancorp DE now owns 1,844 shares of the bank’s stock worth $120,000 after buying an additional 82 shares during the last quarter. Elkfork Partners LLC bought a new stake in Independent Bank Corp. during the fourth quarter worth approximately $124,000. Ameritas Investment Partners Inc. bought a new stake in Independent Bank Corp. during the first quarter worth approximately $145,000. State of Alaska Department of Revenue raised its stake in Independent Bank Corp. by 2.4% in the first quarter. State of Alaska Department of Revenue now owns 3,000 shares of the bank’s stock worth $195,000 after buying an additional 70 shares during the last quarter. Finally, Bank of Montreal Can raised its stake in Independent Bank Corp. by 42.1% in the first quarter. Bank of Montreal Can now owns 3,036 shares of the bank’s stock worth $197,000 after buying an additional 899 shares during the last quarter. 77.02% of the stock is currently owned by institutional investors and hedge funds.

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.

Receive News & Ratings for Independent Bank Corp. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Independent Bank Corp. and related companies with MarketBeat.com's FREE daily email newsletter.

Leave a Reply