NASDAQ:INDBIndependent Bank Stock Price, Forecast & News

$69.47

-2.21 (-3.08 %)

(As of 05/29/2020 04:00 PM ET)

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Today's Range

$68.55

Now: $69.47▼

$70.92

50-Day Range

$56.28

MA: $66.77▼

$76.62

52-Week Range

$50.45

Now: $69.47▼

$87.11

Volume153,500 shs

Average Volume162,003 shs

Market Capitalization$2.29 billion

P/E Ratio15.23

Dividend Yield2.57%

Beta1

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 87 full service and 2 limited service retail branches, 13 commercial banking centers, 8 investment management offices, and 1 mortgage lending center in Eastern Massachusetts; and an investment management group/commercial lending office in Rhode Island. The company was founded in 1907 and is headquartered in Rockland, Massachusetts.

Beat the Market (BTM) Rank^™

2.1 Analyst's Opinion

Consensus Rating
Independent Bank has received a consensus rating of Hold. The company's average rating score is 2.25, and is based on 1 buy rating, 3 hold ratings, and no sell ratings.
Price Target Upside/Downside
According to analysts' consensus price target of $80.67, Independent Bank has a potential upside of 16.1% from its current price of $69.47.
Amount of Analyst Coverage
Independent Bank has only been the subject of 2 research reports in the past 90 days.

2.0 Community Rank

Outperform Votes
Independent Bank has received 371 “outperform” votes. (Add your “outperform” vote.)
Underperform Votes
Independent Bank has received 543 “underperform” votes. (Add your “underperform” vote.)
Community Sentiment
Independent Bank has received 59.41% “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.

4.2 Dividend Strength

Dividend Leadership
Independent Bank is a leading dividend payer. It pays a dividend yield of 2.57%, putting its dividend yield in the top 25% of dividend-paying stocks.
Dividend Growth
Independent Bank has been increasing its dividend for 9 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 42.69 % next year. This indicates that Independent Bank will be able to sustain or increase its dividend.

1.0 Company Ownership

Insider Buying vs. Insider Selling
In the past three months, Independent Bank insiders have sold more of their company's stock than they have bought. Specifically, they have bought $0.00 in company stock and sold $308,230.00 in company stock.
Percentage Held by Insiders
Only 1.17% of the stock of Independent Bank is held by insiders.
Percentage Held by Institutions
82.24% 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 23.14% in the coming year, from $3.50 to $4.31 per share.
Price to Earnings Ratio vs. the Market
The P/E ratio of Independent Bank is 15.23, which means that it is trading at a more expensive P/E ratio than the market average P/E ratio of about 14.61.
Price to Earnings Ratio vs. Sector
The P/E ratio of Independent Bank is 15.23, which means that it is trading at a less expensive P/E ratio than the Finance sector average P/E ratio of about 18.22.
Price to Earnings Growth Ratio
Independent Bank has a PEG Ratio of 11.38. PEG Ratios above 1 indicate that a company could be overvalued.
Price to Book Value per Share Ratio
Independent Bank has a P/B Ratio of 1.36. P/B Ratios below 3 indicates that a company is reasonably valued with respect to its assets and liabilities.

Overall Beat the Market Rank^™

2.23 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

Debt

Debt-to-Equity Ratio0.33

Current Ratio0.99

Quick Ratio0.99

Price-To-Earnings

Trailing P/E Ratio15.23

Forward P/E Ratio19.85

P/E Growth11.38

Sales & Book Value

Annual Sales$562.31 million

Price / Sales4.07

Cash Flow$5.76 per share

Price / Cash Flow12.07

Book Value$51.00 per share

Price / Book1.36

Profitability

EPS (Most Recent Fiscal Year)$5.62

Net Income$165.18 million

Net Margins26.88%

Return on Equity10.42%

Return on Assets1.50%

Miscellaneous

Employees1,348

Outstanding Shares32,940,000

Market Cap$2.29 billion

Next Earnings Date7/16/2020 (Estimated)

OptionableOptionable

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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 Coronavirus reached pandemic status according to the World Health Organization (WHO). Since then, INDB shares have increased by 17.0% and is now trading at $69.47. View which stocks have been most impacted by Coronavirus.

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

4 Wall Street analysts have issued "buy," "hold," and "sell" ratings for Independent Bank in the last year. There are currently 3 hold ratings and 1 buy rating for the stock, resulting in a consensus recommendation of "Hold." View analyst ratings for Independent Bank.

When is Independent Bank's next earnings date?

Independent Bank is scheduled to release its next quarterly earnings announcement on Thursday, July 16th 2020. View our earnings forecast for Independent Bank.

How were Independent Bank's earnings last quarter?

Independent Bank Corp (NASDAQ:INDB) posted its quarterly earnings data on Thursday, April, 23rd. The bank reported $0.78 earnings per share for the quarter, missing the consensus estimate of $1.19 by $0.41. The bank earned $120.74 million during the quarter, compared to analyst estimates of $123.70 million. Independent Bank had a net margin of 26.88% and a return on equity of 10.42%. 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, March 19th. Shareholders of record on Monday, March 30th will be given a dividend of $0.46 per share on Thursday, April 9th. This represents a $1.84 dividend on an annualized basis and a yield of 2.65%. The ex-dividend date is Friday, March 27th. This is a boost from Independent Bank's previous quarterly dividend of $0.44. View Independent Bank's dividend history.

What price target have analysts set for INDB?

4 equities research analysts have issued 1-year price targets for Independent Bank's shares. Their forecasts range from $68.00 to $98.00. On average, they anticipate Independent Bank's stock price to reach $80.67 in the next year. This suggests a possible upside of 16.1% from the stock's current price. View analysts' price targets for Independent Bank.

Has Independent Bank been receiving favorable news coverage?

Media coverage about INDB stock has trended somewhat negative this week, InfoTrie reports. The research firm ranks the sentiment of news coverage by analyzing more than six thousand news and blog sources in real-time. The firm ranks coverage of publicly-traded companies on a scale of -5 to 5, with scores closest to five being the most favorable. Independent Bank earned a media sentiment score of -1.1 on InfoTrie's scale. They also assigned news articles about the bank a news buzz of 0.0 out of 10, indicating that recent news coverage is extremely unlikely to have an effect on the stock's share price in the near term. View the latest news aboutIndependent Bank.

Are investors shorting Independent Bank?

Independent Bank saw a increase in short interest in the month of May. As of May 15th, there was short interest totaling 1,220,000 shares, an increase of 8.9% from the April 30th total of 1,120,000 shares. Based on an average daily trading volume, of 230,100 shares, the days-to-cover ratio is currently 5.3 days. Approximately 3.8% of the shares of the stock are short sold. View Independent Bank's Current Options Chain.

Who are some of Independent Bank's key competitors?

Some companies that are related to Independent Bank include Truist Financial (TFC), PNC Financial Services Group (PNC), SunTrust Banks (STI), First Republic Bank (FRC), Fifth Third Bancorp (FITB), M&T Bank (MTB), KeyCorp (KEY), SVB Financial Group (SIVB), Regions Financial (RF), Huntington Bancshares (HBAN), Commerce Bancshares (CBSH), Prosperity Bancshares (PB), Signature Bank (SBNY), Zions Bancorporation NA (ZION) and East West Bancorp (EWBC). 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 LP Unit (ET), AT&T (T), CBL & Associates Properties (CBL), Cornerstone Total Return Fund (CRF), Martin Midstream Partners (MMLP), SandRidge Permian Trust (PER), Cornerstone Strategic Value Fund (CLM), Canadian Natural Resources (CNQ), Ford Motor (F) and Altria Group (MO).

Who are Independent Bank's key executives?

Independent Bank's management team includes the following people:

Mr. Christopher Oddleifson, CEO, Pres & Director (Age 60)
Mr. Robert D. Cozzone, Exec. VP & COO (Age 48)
Mr. Barry H. Jensen, Chief Technology Officer (Age 54)
Mr. Edward H. Seksay Esq., Gen. Counsel & Corp. Sec. (Age 61)
Mr. Gerard F. Nadeau, Director (Age 61)

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 many different retail and institutional investors. Top institutional investors include BlackRock Inc. (14.41%), Silvercrest Asset Management Group LLC (4.71%), Victory Capital Management Inc. (4.21%), Victory Capital Management Inc. (4.39%), Champlain Investment Partners LLC (3.81%) and State Street Corp (3.72%). Company insiders that own Independent Bank stock include Carl Ribeiro, Christopher Oddleifson, Daniel F Obrien, Donna L Abelli, Edward H Seksay, Eileen C Miskell, 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 JPMorgan Chase & Co., The Manufacturers Life Insurance Company , Morgan Stanley, Morgan Stanley, Channing Capital Management LLC, Hennessy Advisors Inc., Prudential PLC, and Public Sector Pension Investment Board. 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, Mark J Ruggiero, Robert D Cozzone, Thomas R Venables, and William M Parent. 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 Victory Capital Management Inc., Victory Capital Management Inc., BlackRock Inc., State Street Corp, Eaton Vance Management, Geode Capital Management LLC, Champlain Investment Partners LLC, and Boston Trust Walden Corp. 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 $69.47.

How big of a company is Independent Bank?

Independent Bank has a market capitalization of $2.29 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 288 UNION STREET, ROCKLAND 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 5/30/2020 by MarketBeat.com Staff