NASDAQ:INDB

Independent Bank Stock Forecast, Price & News

$70.51

+0.02 (+0.03 %)

(As of 12/3/2020 01:57 PM ET)

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Today's Range

$69.33

Now: $70.51▼

$70.67

50-Day Range

$51.33

MA: $62.39▼

$73.03

52-Week Range

$49.25

Now: $70.51▼

$87.11

Volume747 shs

Average Volume170,288 shs

Market Capitalization$2.32 billion

P/E Ratio17.72

Dividend Yield2.69%

Beta0.94

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 primarily in Massachusetts. Its products and services include demand deposits and time certificates of deposit, as well as checking, money market, and savings accounts. The company's loan portfolio includes commercial loans, such as commercial and industrial, asset-based, commercial real estate, commercial construction, and small business loans; consumer real estate loans, including residential mortgages, home equity loans, and loans for the construction of residential properties; and other consumer loans, such as personal loans. Its commercial and industrial loans cover loans for working capital, other business-related purposes, and floor plan financing; asset-based loans consist primarily of revolving lines of credit and term loans; commercial real estate loans include commercial mortgages for construction purposes that are secured by nonresidential properties, multifamily properties, or one-to-four family rental properties; and small business loans comprise businesses with commercial credit needs. The company also provides investment management and trust services to individuals, institutions, small businesses, and charitable institutions; Internet and mobile banking services, as well as automated teller machine cards and debit cards; and mutual fund shares, unit investment trust shares, general securities, fixed and variable annuities, and life insurance. It operates through 95 full service and 2 limited service retail branches, 15 commercial banking centers, 9 investment management offices, and 7 mortgage lending centers in Eastern Massachusetts, Greater Boston, the South Shore, and the Cape and Islands, as well as in Worcester County and Rhode Island. The company was founded in 1907 and is headquartered in Rockland, Massachusetts.

Beat the Market (BTM) Rank^™

1.1 Analyst's Opinion

Consensus Rating
Independent Bank has received a consensus rating of Hold. The company's average rating score is 2.20, and is based on 1 buy rating, 4 hold ratings, and no sell ratings.
Price Target Upside/Downside
According to analysts' consensus price target of $77.00, Independent Bank has a forecasted upside of 9.4% from its current price of $70.38.
Amount of Analyst Coverage
Independent Bank has only been the subject of 3 research reports in the past 90 days.

2.0 Community Rank

Outperform Votes
Independent Bank has received 372 “outperform” votes. (Add your “outperform” vote.)
Underperform Votes
Independent Bank has received 558 “underperform” votes. (Add your “underperform” vote.)
Community Sentiment
Independent Bank has received 60.00% “underperform” votes from our community.

MarketBeat's community ratings are surveys of what our community members think about Independent Bank and other stocks. Vote “Outperform” if you believe INDB will outperform the S&P 500 over the long term. Vote “Underperform” if you believe INDB will underperform the S&P 500 over the long term. You may vote once every thirty days.

3.3 Dividend Strength

Dividend Yield
Independent Bank pays a meaningful dividend of 2.69%, higher than the bottom 25% of all stocks that pay dividends.
Dividend Growth
Independent Bank has been increasing its dividend for 6 years.
Dividend Coverage
The dividend payout ratio of Independent Bank is 32.74%. This payout ratio is at a healthy, sustainable level, below 75%.
Dividend Sustainability
Based on earnings estimates, Independent Bank will have a dividend payout ratio of 50.83% next year. This indicates that Independent Bank will be able to sustain or increase its dividend.

1.7 Company Ownership

Insider Buying vs. Insider Selling
In the past three months, Independent Bank insiders have not sold or bought any company stock.
Percentage Held by Insiders
Only 1.17% of the stock of Independent Bank is held by insiders.
Percentage Held by Institutions
71.48% of the stock of Independent Bank is held by institutions. High institutional ownership can be a signal of strong market trust in this company.

1.9 Earnings and Valuation

Earnings Growth
Earnings for Independent Bank are expected to grow by 0.84% in the coming year, from $3.59 to $3.62 per share.
Price to Earnings Ratio vs. the Market
The P/E ratio of Independent Bank is 17.68, which means that it is trading at a less expensive P/E ratio than the market average P/E ratio of about 21.47.
Price to Earnings Ratio vs. Sector
The P/E ratio of Independent Bank is 17.68, which means that it is trading at a less expensive P/E ratio than the Finance sector average P/E ratio of about 20.14.
Price to Book Value per Share Ratio
Independent Bank has a P/B Ratio of 1.37. P/B Ratios below 3 indicates that a company is reasonably valued with respect to its assets and liabilities.

Overall Beat the Market Rank^™

2.00 out of 5 stars

Industry, Sector and Symbol

Stock Exchange NASDAQ

Industry State commercial banks

Sub-IndustryRegional Banks

SectorFinance

Current SymbolNASDAQ:INDB

Previous Symbol

CUSIP45383610

CIK776901

Webwww.rocklandtrust.com

Phone781-878-6100

Employees1,348

Debt

Debt-to-Equity Ratio0.18

Current Ratio0.98

Quick Ratio0.97

Price-To-Earnings

Trailing P/E Ratio17.72

Forward P/E Ratio19.64

P/E GrowthN/A

Sales & Book Value

Annual Sales$562.31 million

Price / Sales4.13

Cash Flow$5.89 per share

Price / Cash Flow11.98

Book Value$51.26 per share

Price / Book1.38

Profitability

EPS (Most Recent Fiscal Year)$5.62

Net Income$165.18 million

Net Margins24.99%

Return on Equity7.97%

Return on Assets1.09%

Miscellaneous

Outstanding Shares32,965,000

Market Cap$2.32 billion

Next Earnings Date1/21/2021 (Estimated)

OptionableOptionable

$70.51

+0.02 (+0.03 %)

(As of 12/3/2020 01:57 PM ET)

30 days | 90 days | 365 days | Advanced Chart

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Independent Bank (NASDAQ:INDB) Frequently Asked Questions

How has Independent Bank's stock been impacted by COVID-19 (Coronavirus)?

Independent Bank's stock was trading at $59.36 on March 11th, 2020 when COVID-19 (Coronavirus) reached pandemic status according to the World Health Organization. Since then, INDB stock has increased by 18.3% and is now trading at $70.20.
View which stocks have been most impacted by COVID-19.

Do Wall Street analysts recommend investors buy shares of Independent Bank?

5 Wall Street analysts have issued "buy," "hold," and "sell" ratings for Independent Bank in the last year. There are currently 4 hold ratings and 1 buy rating for the stock, resulting in a consensus recommendation of "Hold."
View analyst ratings for Independent Bank or view MarketBeat's top 5 stock picks.

What stocks does MarketBeat like better than Independent Bank?

Wall Street analysts have given Independent Bank a "Hold" rating, but there may be better short-term opportunities in the market. Some of MarketBeat's winning trading ideas this year have resulted in 5-15% weekly gains. MarketBeat just released five new trading ideas, but Independent Bank wasn't one of them. MarketBeat thinks these five stocks may be even better buys.
View MarketBeat's top stock picks here.

When is Independent Bank's next earnings date?

Independent Bank is scheduled to release its next quarterly earnings announcement on Thursday, January 21st 2021.
View our earnings forecast for Independent Bank.

How were Independent Bank's earnings last quarter?

Independent Bank Corp. (NASDAQ:INDB) issued its earnings results on Thursday, October, 22nd. The bank reported $1.07 earnings per share for the quarter, beating the Zacks' consensus estimate of $0.89 by $0.18. The bank had revenue of $120.23 million for the quarter, compared to the consensus estimate of $124 million. Independent Bank had a return on equity of 7.97% and a net margin of 24.99%.
View Independent Bank's earnings history.

How often does Independent Bank pay dividends? What is the dividend yield for Independent Bank?

Independent Bank announced a quarterly dividend on Thursday, September 17th. Investors of record on Monday, September 28th will be given a dividend of $0.46 per share on Friday, October 9th. This represents a $1.84 dividend on an annualized basis and a yield of 2.62%. The ex-dividend date of this dividend is Friday, September 25th.
View Independent Bank's dividend history.

What price target have analysts set for INDB?

5 brokers have issued 12-month price targets for Independent Bank's shares. Their forecasts range from $58.00 to $98.00. On average, they expect Independent Bank's stock price to reach $77.00 in the next twelve months. This suggests a possible upside of 9.7% from the stock's current price.
View analysts' price targets for Independent Bank.

Are investors shorting Independent Bank?

Independent Bank saw a increase in short interest in the month of November. As of November 15th, there was short interest totaling 781,400 shares, an increase of 9.2% from the October 31st total of 715,600 shares. Based on an average trading volume of 155,700 shares, the short-interest ratio is presently 5.0 days. Approximately 2.4% of the shares of the stock are short sold.
View Independent Bank's Short Interest.

Who are some of Independent Bank's key competitors?

Some companies that are related to Independent Bank include Truist Financial (TFC), The PNC Financial Services Group (PNC), First Republic Bank (FRC), Fifth Third Bancorp (FITB), SVB Financial Group (SIVB), M&T Bank (MTB), KeyCorp (KEY), Regions Financial (RF), Huntington Bancshares (HBAN), First Horizon National (FHN), Commerce Bancshares (CBSH), Zions Bancorporation, National Association (ZION), Signature Bank (SBNY), East West Bancorp (EWBC) and Prosperity Bancshares (PB).
View all competitors.

What other stocks do shareholders of Independent Bank own?

Based on aggregate information from My MarketBeat watchlists, some companies that other Independent Bank investors own include Energy Transfer (ET), CBL & Associates Properties (CBL), Cornerstone Total Return Fund (CRF), Martin Midstream Partners (MMLP), SandRidge Permian Trust (PER), AT&T (T), Cornerstone Strategic Value Fund (CLM), NGL Energy Partners (NGL), Owens Corning (OC) and Pfizer (PFE).

Who are Independent Bank's key executives?

Independent Bank's management team includes the following people:

Mr. Christopher Oddleifson, CEO, Pres & Director (Age 61, Pay $1.7M)
Mr. Mark J. Ruggiero, Chief Financial & Accounting Officer (Age 43, Pay $389.51k)
Mr. Robert D. Cozzone, COO and Exec. VP of Consumer & Bus. Banking (Age 49, Pay $841.47k)
Mr. Edward H. Seksay Esq., Exec. VP, Chief Risk Officer & Gen. Counsel (Age 62, Pay $625.81k)
Mr. Barry H. Jensen, Exec. VP and Chief Technology & Operations Officer (Age 55)
Ms. Meagan Silva, Exec. Assistant
Ms. Kathryn T. Robson, Chief Internal Auditor & Sr. VP
Ms. Debra Smith, Sr. VP & Director of Banking & Digital Operations - Rockland Trust Company
Mr. David Byron Smith C.F.A., CFA, MD & Chief Investment Officer of Investment Management Group - Rockland Trust Company
Ms. Jennifer Marino, Sr. VP & Chief Marketing & Customer Officer of Rockland Trust Company

What is Independent Bank's stock symbol?

Independent Bank trades on the NASDAQ under the ticker symbol "INDB."

Who are Independent Bank's major shareholders?

Independent Bank's stock is owned by a variety of retail and institutional investors. Top institutional investors include BlackRock Inc. (14.41%), Champlain Investment Partners LLC (3.75%), Victory Capital Management Inc. (3.64%), State Street Corp (3.56%), Rockland Trust Co. (2.17%) and Palisade Capital Management LLC NJ (0.78%). Company insiders that own Independent Bank stock include Christopher Oddleifson, Daniel F Obrien, Donna L Abelli, Gerard F Nadeau, Kevin J Jones, Mark J Ruggiero, Robert D Cozzone, Thomas R Venables and William M Parent.
View institutional ownership trends for Independent Bank.

Which major investors are selling Independent Bank stock?

INDB stock was sold by a variety of institutional investors in the last quarter, including Victory Capital Management Inc., State Street Corp, Sei Investments Co., Principal Financial Group Inc., Wells Fargo & Company MN, JPMorgan Chase & Co., BlackRock Inc., and State of Tennessee Treasury Department. Company insiders that have sold Independent Bank company stock in the last year include Christopher Oddleifson, Daniel F Obrien, Donna L Abelli, Gerard F Nadeau, Robert D Cozzone, and Thomas R Venables.
View insider buying and selling activity for Independent Bank.

Which major investors are buying Independent Bank stock?

INDB stock was purchased by a variety of institutional investors in the last quarter, including Palisade Capital Management LLC NJ, Morgan Stanley, BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp, Great West Life Assurance Co. Can, Cubist Systematic Strategies LLC, Rockland Trust Co., Champlain Investment Partners LLC, and Trexquant Investment LP.
View insider buying and selling activity for Independent Bank.

How do I buy shares of Independent Bank?

Shares of INDB can be purchased through any online brokerage account. Popular online brokerages with access to the U.S. stock market include Vanguard Brokerage Services, TD Ameritrade, E*TRADE, Robinhood, Fidelity, and Charles Schwab.

What is Independent Bank's stock price today?

One share of INDB stock can currently be purchased for approximately $70.20.

How big of a company is Independent Bank?

Independent Bank has a market capitalization of $2.31 billion and generates $562.31 million in revenue each year. The bank earns $165.18 million in net income (profit) each year or $5.62 on an earnings per share basis. Independent Bank employs 1,348 workers across the globe.

What is Independent Bank's official website?

The official website for Independent Bank is www.rocklandtrust.com.

How can I contact Independent Bank?

Independent Bank's mailing address is 2036 WASHINGTON STREET, HANOVER MA, 02370. The bank can be reached via phone at 781-878-6100 or via email at [email protected]

This page was last updated on 12/3/2020 by MarketBeat.com Staff

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