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.
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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.
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