Independent Bank (NASDAQ:INDB) Trading 5% Higher – Here’s Why

Independent Bank Corp. (NASDAQ:INDB)’s share price shot up 5% during trading on Tuesday . The company traded as high as $63.87 and last traded at $63.86. 99,228 shares were traded during mid-day trading, a decline of 64% from the average session volume of 275,664 shares. The stock had previously closed at $60.80.

Wall Street Analyst Weigh In

A number of research analysts recently weighed in on the company. Seaport Res Ptn raised Independent Bank from a “hold” rating to a “strong-buy” rating in a research note on Monday, July 22nd. StockNews.com lowered Independent Bank from a “hold” rating to a “sell” rating in a research report on Tuesday, September 17th.

Independent Bank Trading Up 1.3 %

The company has a quick ratio of 0.95, a current ratio of 0.95 and a debt-to-equity ratio of 0.24. The company has a market capitalization of $2.76 billion, a P/E ratio of 12.57 and a beta of 0.74. The firm’s 50-day moving average price is $60.06 and its 200 day moving average price is $54.77.

Independent Bank (NASDAQ:INDB) last released its quarterly earnings results on Thursday, July 18th. The bank reported $1.21 EPS for the quarter, beating analysts’ consensus estimates of $1.11 by $0.10. Independent Bank had a return on equity of 7.41% and a net margin of 22.42%. The business had revenue of $244.19 million during the quarter, compared to analyst estimates of $169.07 million. During the same period in the prior year, the firm posted $1.42 EPS. As a group, equities research analysts predict that Independent Bank Corp. will post 4.49 earnings per share for the current year.

Independent Bank Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, October 4th. Investors of record on Monday, September 30th were given a dividend of $0.57 per share. This represents a $2.28 dividend on an annualized basis and a dividend yield of 3.50%. The ex-dividend date was Monday, September 30th. Independent Bank’s payout ratio is 44.02%.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of the business. Vanguard Group Inc. boosted its stake in Independent Bank by 1.3% in the fourth quarter. Vanguard Group Inc. now owns 5,272,986 shares of the bank’s stock valued at $347,015,000 after acquiring an additional 69,312 shares during the last quarter. Dimensional Fund Advisors LP increased its position in Independent Bank by 9.5% in the second quarter. Dimensional Fund Advisors LP now owns 2,157,917 shares of the bank’s stock worth $109,443,000 after buying an additional 186,680 shares during the last quarter. Victory Capital Management Inc. raised its stake in shares of Independent Bank by 25.2% in the second quarter. Victory Capital Management Inc. now owns 1,701,156 shares of the bank’s stock valued at $86,283,000 after buying an additional 342,201 shares during the period. Rockland Trust Co. lifted its position in shares of Independent Bank by 14.3% during the 2nd quarter. Rockland Trust Co. now owns 737,477 shares of the bank’s stock valued at $37,405,000 after buying an additional 92,438 shares during the last quarter. Finally, Goldman Sachs Group Inc. grew its stake in shares of Independent Bank by 5.3% during the 4th quarter. Goldman Sachs Group Inc. now owns 509,236 shares of the bank’s stock worth $33,513,000 after acquiring an additional 25,664 shares during the period. Hedge funds and other institutional investors own 83.40% of the company’s stock.

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 in the United States. The company provides interest checking, money market, and savings accounts, as well as demand deposits and time certificates of deposit.