Independent Bank (NASDAQ:INDB) Sets New 1-Year High – Should You Buy?

Independent Bank Corp. (NASDAQ:INDB) shares hit a new 52-week high during mid-day trading on Wednesday . The stock traded as high as $74.60 and last traded at $74.3450, with a volume of 55661 shares traded. The stock had previously closed at $73.27.

Analyst Ratings Changes

Several analysts have issued reports on the stock. Weiss Ratings restated a “hold (c+)” rating on shares of Independent Bank in a research report on Wednesday, October 8th. Independent Research set a $83.00 price target on shares of Independent Bank in a report on Tuesday, October 21st. Zacks Research lowered Independent Bank from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, August 19th. Wall Street Zen raised shares of Independent Bank from a “sell” rating to a “hold” rating in a research report on Sunday, August 10th. Finally, Keefe, Bruyette & Woods raised Independent Bank from a “market perform” rating to an “outperform” rating and increased their target price for the stock from $80.00 to $83.00 in a research note on Tuesday, October 21st. One investment analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating and three have assigned a Hold rating to the stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $76.75.

Independent Bank Stock Down 0.1%

The business has a 50-day moving average of $69.30 and a 200 day moving average of $67.25. The company has a debt-to-equity ratio of 0.22, a current ratio of 0.95 and a quick ratio of 0.94. The company has a market capitalization of $3.65 billion, a PE ratio of 17.92 and a beta of 0.81.

Independent Bank (NASDAQ:INDB) last released its quarterly earnings results on Wednesday, February 12th. The bank reported $1.01 earnings per share for the quarter. The company had revenue of $175.25 million for the quarter. Independent Bank had a return on equity of 7.19% and a net margin of 16.64%. Equities research analysts predict that Independent Bank Corp. will post 5.41 earnings per share for the current year.

Independent Bank Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, October 7th. Stockholders of record on Monday, September 29th were paid a dividend of $0.59 per share. The ex-dividend date was Monday, September 29th. This represents a $2.36 dividend on an annualized basis and a dividend yield of 3.2%. Independent Bank’s dividend payout ratio (DPR) is currently 57.42%.

Insider Activity

In other Independent Bank news, Director Gerard F. Nadeau sold 3,000 shares of the firm’s stock in a transaction that occurred on Friday, November 21st. The shares were sold at an average price of $70.00, for a total value of $210,000.00. Following the completion of the sale, the director directly owned 22,395 shares in the company, valued at $1,567,650. This trade represents a 11.81% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Ken S. Ansin sold 53,000 shares of the company’s stock in a transaction dated Friday, November 14th. The shares were sold at an average price of $69.06, for a total transaction of $3,660,180.00. Following the transaction, the director owned 53,738 shares in the company, valued at approximately $3,711,146.28. This trade represents a 49.65% decrease in their position. The SEC filing for this sale provides additional information. Over the last three months, insiders have sold 200,000 shares of company stock valued at $13,941,540. Insiders own 0.81% of the company’s stock.

Hedge Funds Weigh In On Independent Bank

Large investors have recently bought and sold shares of the business. First Horizon Corp purchased a new position in shares of Independent Bank in the third quarter valued at approximately $31,000. Advisory Services Network LLC acquired a new position in Independent Bank in the third quarter valued at about $32,000. Cullen Frost Bankers Inc. purchased a new position in shares of Independent Bank during the 3rd quarter worth approximately $37,000. EverSource Wealth Advisors LLC grew its stake in shares of Independent Bank by 233.3% in the second quarter. EverSource Wealth Advisors LLC now owns 550 shares of the bank’s stock valued at $35,000 after buying an additional 385 shares in the last quarter. Finally, Danske Bank A S acquired a new position in Independent Bank in the 3rd quarter valued at about $42,000. Institutional investors and hedge funds 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.