Independent Bank Corp. (NASDAQ:INDB - Get Free Report) gapped down before the market opened on Monday after StockNews.com downgraded the stock from a hold rating to a sell rating. The stock had previously closed at $55.84, but opened at $52.15. Independent Bank shares last traded at $54.54, with a volume of 53,838 shares trading hands.
INDB has been the topic of a number of other research reports. Raymond James reaffirmed a "strong-buy" rating and set a $78.00 target price (up previously from $74.00) on shares of Independent Bank in a research note on Tuesday, January 21st. Piper Sandler reduced their price target on shares of Independent Bank from $74.00 to $63.00 and set a "neutral" rating for the company in a research report on Monday, April 21st. Finally, Keefe, Bruyette & Woods reduced their price objective on Independent Bank from $80.00 to $72.00 and set a "market perform" rating for the company in a research report on Monday, April 21st. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and two have issued a strong buy rating to the company. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and an average price target of $71.00.
Check Out Our Latest Stock Analysis on Independent Bank
Insider Activity at Independent Bank
In other news, Director Donna L. Abelli sold 640 shares of Independent Bank stock in a transaction that occurred on Tuesday, February 11th. The shares were sold at an average price of $70.03, for a total transaction of $44,819.20. Following the completion of the sale, the director now owns 12,516 shares of the company's stock, valued at approximately $876,495.48. The trade was a 4.86 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. 0.81% of the stock is currently owned by insiders.
Institutional Investors Weigh In On Independent Bank
A number of hedge funds and other institutional investors have recently bought and sold shares of INDB. New York State Teachers Retirement System boosted its position in Independent Bank by 3.2% in the first quarter. New York State Teachers Retirement System now owns 35,706 shares of the bank's stock valued at $2,237,000 after buying an additional 1,121 shares during the last quarter. KBC Group NV grew its stake in Independent Bank by 15.3% in the 1st quarter. KBC Group NV now owns 2,204 shares of the bank's stock valued at $138,000 after acquiring an additional 293 shares during the period. Illinois Municipal Retirement Fund increased its stake in shares of Independent Bank by 4.2% during the first quarter. Illinois Municipal Retirement Fund now owns 23,867 shares of the bank's stock worth $1,495,000 after purchasing an additional 953 shares in the last quarter. GHP Investment Advisors Inc. raised its holdings in shares of Independent Bank by 3.8% during the first quarter. GHP Investment Advisors Inc. now owns 33,678 shares of the bank's stock valued at $2,110,000 after acquiring an additional 1,220 shares during the last quarter. Finally, Wealth Enhancement Advisory Services LLC lifted its holdings in Independent Bank by 9.0% in the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 25,359 shares of the bank's stock valued at $1,589,000 after purchasing an additional 2,092 shares in the last quarter. Hedge funds and other institutional investors own 83.40% of the company's stock.
Independent Bank Stock Down 0.5 %
The company has a quick ratio of 0.95, a current ratio of 0.95 and a debt-to-equity ratio of 0.23. The business's 50-day moving average is $61.48 and its two-hundred day moving average is $65.22. The stock has a market capitalization of $2.47 billion, a price-to-earnings ratio of 12.84 and a beta of 0.84.
Independent Bank (NASDAQ:INDB - Get Free Report) last announced its earnings results on Thursday, April 17th. The bank reported $1.06 earnings per share for the quarter, missing the consensus estimate of $1.18 by ($0.12). The company had revenue of $178.04 million for the quarter, compared to analysts' expectations of $175.03 million. Independent Bank had a return on equity of 6.57% and a net margin of 19.58%. Equities analysts anticipate that Independent Bank Corp. will post 5.41 EPS for the current year.
Independent Bank Increases Dividend
The company also recently disclosed a quarterly dividend, which was paid on Monday, April 7th. Shareholders of record on Monday, March 31st were given a $0.59 dividend. The ex-dividend date was Monday, March 31st. This is an increase from Independent Bank's previous quarterly dividend of $0.57. This represents a $2.36 dividend on an annualized basis and a dividend yield of 4.07%. Independent Bank's dividend payout ratio is currently 53.15%.
About Independent Bank
(
Get Free Report)
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.
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