Independent Bank (NASDAQ:INDB) Director Sells $84,320.00 in Stock

Key Points

• Independent Bank Director Thomas Venables sold 1,000 shares for $84,320 at $84.32 per share, reducing his holdings by 5.67% to 16,649 shares.
• The bank’s latest quarterly results beat expectations, with EPS of $1.90 versus $1.85 forecast and revenue of $261.95 million versus $261.27 million expected.
• Analysts have an overall Buy rating on INDB, with an average price target of $92.43; the company’s annualized dividend is $2.56 per share, a 3.0% yield.

Independent Bank Corp. (NASDAQ:INDB - Get Free Report) Director Thomas Venables sold 1,000 shares of the company's stock in a transaction that occurred on Friday, November 13th. The stock was sold at an average price of $84.32, for a total value of $84,320.00. Following the completion of the transaction, the director owned 16,649 shares of the company's stock, valued at approximately $1,403,843.68. This represents a 5.67% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link.

Independent Bank Stock Up 0.5%

Shares of INDB traded up $0.39 during mid-day trading on Friday, reaching $84.51. 196,556 shares of the stock traded hands, compared to its average volume of 361,258. The firm has a market cap of $3.92 billion, a price-to-earnings ratio of 12.52 and a beta of 0.74. The stock has a fifty day simple moving average of $81.48 and a 200 day simple moving average of $80.96. Independent Bank Corp. has a 12-month low of $66.17 and a 12-month high of $88.58. The company has a quick ratio of 0.93, a current ratio of 0.93 and a debt-to-equity ratio of 0.18.

Independent Bank (NASDAQ:INDB - Get Free Report) last released its quarterly earnings results on Thursday, October 15th. The bank reported $1.90 earnings per share for the quarter, beating analysts' consensus estimates of $1.85 by $0.05. Independent Bank had a net margin of 24.27% and a return on equity of 9.61%. The business had revenue of $261.95 million during the quarter, compared to analyst estimates of $261.27 million. Sell-side analysts expect that Independent Bank Corp. will post 7.25 EPS for the current fiscal year.

Independent Bank Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, October 9th. Stockholders of record on Monday, September 28th were given a dividend of $0.64 per share. This represents a $2.56 dividend on an annualized basis and a dividend yield of 3.0%. The ex-dividend date of this dividend was Monday, September 28th. Independent Bank's payout ratio is presently 37.93%.

Hedge Funds Weigh In On Independent Bank

Several large investors have recently modified their holdings of INDB. BlackRock Inc. acquired a new stake in Independent Bank during the second quarter valued at approximately $584,333,000. Bank of America Corp DE bought a new position in Independent Bank during the 2nd quarter worth approximately $44,640,000. Bank of New York Mellon Corp acquired a new position in shares of Independent Bank in the 2nd quarter worth approximately $41,268,000. NFJ Investment Group LLC bought a new stake in shares of Independent Bank in the 2nd quarter valued at approximately $35,278,000. Finally, The Manufacturers Life Insurance Company bought a new stake in Independent Bank during the second quarter valued at $27,297,000. Institutional investors own 83.40% of the company's stock.

Wall Street Analysts Forecast Growth

INDB has been the topic of several recent analyst reports. Keefe, Bruyette & Woods cut their price target on Independent Bank from $99.00 to $96.00 and set an "outperform" rating on the stock in a research note on Monday, July 20th. Piper Sandler raised Independent Bank from a "hold" rating to a "strong-buy" rating in a research report on Friday, October 2nd. Barclays increased their target price on Independent Bank from $82.00 to $86.00 and gave the company an "underweight" rating in a research note on Tuesday, November 3rd. Finally, Weiss Ratings restated a "buy (b)" rating on shares of Independent Bank in a research note on Tuesday, November 3rd. Two equities research analysts have rated the stock with a Strong Buy rating, four have assigned a Buy rating and one has given a Sell rating to the company. According to MarketBeat.com, the stock presently has an average rating of "Buy" and an average price target of $92.43.

Independent Bank Company Profile

Independent Bank Corp. is a bank holding company headquartered in Rockland, Massachusetts. Its principal subsidiary, Rockland Trust Company, provides banking and financial services to individuals, businesses and organizations. Rockland Trust offers checking and savings accounts, loans, mortgages, and other deposit and lending services. Its business banking services include cash management and financing, while wealth management services include investment and trust services. Founded in 1907, Rockland Trust serves communities across Massachusetts through its branch network and digital banking channels.

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