Independent Bank Corp. (NASDAQ:INDB) Stock Now Rated "Buy" by Wall Street Brokerages

Key Points

• Independent Bank has an average “Buy” rating from seven brokerages, with four buy, two strong-buy, and one sell recommendation. The average 12-month price target is $91.86, above the reported share price of $76.75.
• The bank’s latest quarterly results fell short of expectations, with earnings per share of $1.70 versus the $1.79 consensus and revenue of $253.32 million versus the $257.50 million estimate.
• Independent Bank paid a quarterly dividend of $0.64, equivalent to $2.56 annually and a 3.3% yield. Institutional investors and hedge funds own 83.4% of the company, while two directors recently sold shares.

Shares of Independent Bank Corp. (NASDAQ:INDB - Get Free Report) have earned an average rating of "Buy" from the seven brokerages that are covering the firm, Marketbeat Ratings reports. One investment analyst has rated the stock with a sell recommendation, four have assigned a buy recommendation and two have given a strong buy recommendation to the company. The average 12 month price target among brokerages that have covered the stock in the last year is $91.86.

A number of equities analysts have recently commented on INDB shares. Keefe, Bruyette & Woods reduced their price objective on shares of Independent Bank from $99.00 to $96.00 and set an "outperform" rating for the company in a report on Monday, July 20th. Piper Sandler raised Independent Bank from a "hold" rating to a "strong-buy" rating in a report on Friday, October 2nd. Finally, Weiss Ratings restated a "buy (b)" rating on shares of Independent Bank in a research report on Wednesday, August 5th.

Independent Bank Stock Performance

Shares of INDB stock traded down $0.41 during mid-day trading on Tuesday, reaching $76.75. The stock had a trading volume of 36,277 shares, compared to its average volume of 355,977. The firm has a market cap of $3.64 billion, a PE ratio of 13.84 and a beta of 0.78. Independent Bank has a one year low of $63.33 and a one year high of $87.50. The firm's 50 day simple moving average is $82.08 and its 200 day simple moving average is $81.04. The company has a quick ratio of 0.94, a current ratio of 0.94 and a debt-to-equity ratio of 0.20.

Independent Bank (NASDAQ:INDB - Get Free Report) last posted its quarterly earnings results on Thursday, July 16th. The bank reported $1.70 earnings per share for the quarter, missing analysts' consensus estimates of $1.79 by ($0.09). The business had revenue of $253.32 million for the quarter, compared to analyst estimates of $257.50 million. Independent Bank had a return on equity of 9.19% and a net margin of 20.31%. On average, analysts forecast that Independent Bank will post 7.17 EPS for the current year.

Independent Bank Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, October 9th. Investors of record on Monday, September 28th were issued a $0.64 dividend. This represents a $2.56 dividend on an annualized basis and a yield of 3.3%. The ex-dividend date was Monday, September 28th. Independent Bank's dividend payout ratio is currently 46.21%.

Insider Transactions at Independent Bank

In related news, Director Gerard Nadeau sold 5,307 shares of the company's stock in a transaction on Monday, August 3rd. The shares were sold at an average price of $84.69, for a total value of $449,449.83. Following the completion of the sale, the director owned 16,907 shares in the company, valued at $1,431,853.83. This represents a 23.89% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Thomas R. Venables sold 3,750 shares of the firm's stock in a transaction on Tuesday, August 25th. The stock was sold at an average price of $83.00, for a total value of $311,250.00. Following the sale, the director directly owned 17,649 shares in the company, valued at $1,464,867. The trade was a 17.52% decrease in their position. The SEC filing for this sale provides additional information. Corporate insiders own 1.60% of the company's stock.

Hedge Funds Weigh In On Independent Bank

Several institutional investors and hedge funds have recently modified their holdings of INDB. Ballast Advisors LLC bought a new stake in Independent Bank in the 1st quarter valued at approximately $30,000. Public Employees Retirement System of Ohio acquired a new position in Independent Bank during the second quarter worth approximately $48,000. Motiv8 Investments LLC bought a new stake in Independent Bank in the 4th quarter valued at $54,000. Rockefeller Capital Management L.P. raised its position in shares of Independent Bank by 76.4% in the fourth quarter. Rockefeller Capital Management L.P. now owns 836 shares of the bank's stock valued at $61,000 after purchasing an additional 362 shares during the period. Finally, EverSource Wealth Advisors LLC lifted its position in Independent Bank by 27.4% during the first quarter. EverSource Wealth Advisors LLC now owns 898 shares of the bank's stock worth $68,000 after acquiring an additional 193 shares during the last quarter. 83.40% of the stock is currently owned by institutional investors and hedge funds.

Independent Bank Company Profile

Independent Bank Corp. is the bank holding company for Rockland Trust Company, a full-service community bank headquartered in Rockland, Massachusetts. Through Rockland Trust, the company provides banking and financial services to individuals, families, businesses, nonprofits and municipalities.

Its products and services include checking and savings accounts, certificates of deposit, residential and commercial lending, home equity loans, mortgages, cash management, online and mobile banking, and other treasury management solutions.

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