Independent Bank - INDB Stock Forecast, Price & News

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. The company accepts interest checking, money market, and savings accounts, as well as demand deposits and time certificates of deposit. It also offers commercial and industrial, commercial real estate and construction, small business, consumer real estate, and personal loans. In addition, the company provides investment management and trust services to individuals, institutions, small businesses, and charitable institutions; Internet and mobile banking services, as well as estate settlement, financial planning, tax services, and other services; automated teller machine and debit cards; and mutual fund and unit investment trust shares, general securities, fixed and variable annuities, and life insurance products. As of December 31, 2021, it operates one hundred nineteen retail branches, two limited-service retail branches, and one mobile branch located within Barnstable, Bristol, Dukes, Essex, Middlesex, Nantucket, Norfolk, Plymouth, Suffolk, and Worcester counties in Eastern Massachusetts. The company was founded in 1907 and is headquartered in Rockland, Massachusetts.

Wall Street Analyst Weigh In

Separately, Compass Point raised their price target on shares of Independent Bank to $107.00 in a research note on Monday, July 25th.

Independent Bank Price Performance

Shares of NASDAQ:INDB opened at $84.27 on Tuesday. Independent Bank has a twelve month low of $68.93 and a twelve month high of $93.52. The firm has a fifty day simple moving average of $81.27 and a 200 day simple moving average of $81.65. The company has a market capitalization of $3.94 billion, a PE ratio of 22.84 and a beta of 0.82. The company has a quick ratio of 0.90, a current ratio of 0.90 and a debt-to-equity ratio of 0.05.

Independent Bank (NASDAQ:INDB - Get Rating) last announced its earnings results on Thursday, July 21st. The bank reported $1.32 earnings per share for the quarter, topping analysts' consensus estimates of $1.26 by $0.06. Independent Bank had a net margin of 25.36% and a return on equity of 8.56%. The business had revenue of $172.76 million during the quarter, compared to the consensus estimate of $168.60 million. During the same quarter last year, the firm earned $1.17 earnings per share. On average, sell-side analysts forecast that Independent Bank will post 5.27 EPS for the current year.

Independent Bank Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, July 8th. Shareholders of record on Monday, June 27th were paid a $0.51 dividend. This represents a $2.04 annualized dividend and a yield of 2.42%. The ex-dividend date of this dividend was Friday, June 24th. Independent Bank's dividend payout ratio (DPR) is currently 55.28%.

Insider Buying and Selling at Independent Bank

In other Independent Bank news, Director Eileen C. Miskell sold 1,123 shares of Independent Bank stock in a transaction on Thursday, June 9th. The shares were sold at an average price of $81.04, for a total value of $91,007.92. Following the completion of the sale, the director now directly owns 13,435 shares of the company's stock, valued at $1,088,772.40. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. In other Independent Bank news, Director Eileen C. Miskell sold 1,123 shares of Independent Bank stock in a transaction on Thursday, June 9th. The shares were sold at an average price of $81.04, for a total value of $91,007.92. Following the completion of the sale, the director now directly owns 13,435 shares of the company's stock, valued at $1,088,772.40. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CEO Christopher Oddleifson sold 3,000 shares of Independent Bank stock in a transaction dated Thursday, June 9th. The shares were sold at an average price of $80.86, for a total transaction of $242,580.00. Following the transaction, the chief executive officer now owns 99,917 shares of the company's stock, valued at $8,079,288.62. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 4,873 shares of company stock valued at $395,913. Corporate insiders own 1.02% of the company's stock.