Independent Bank Corp. (NASDAQ:INDB) Stock Rated “Buy” by Sell-Side Analysts

Independent Bank Corp. (NASDAQ:INDB) has been given a consensus rating of “Buy” by the seven analysts that are covering the company, Marketbeat.com reports. One research analyst has rated the stock with a sell rating, four have issued a buy rating and two have given a strong buy rating to the company. The average 1 year price objective among brokerages that have covered the stock in the last year is $91.86.

Several research analysts recently weighed in on INDB shares. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Independent Bank in a report on Wednesday, August 5th. Keefe, Bruyette & Woods cut their price target on Independent Bank from $99.00 to $96.00 and set an “outperform” rating for the company in a research note on Monday, July 20th. Finally, Piper Sandler raised Independent Bank from a “hold” rating to a “strong-buy” rating in a report on Friday, October 2nd.

Independent Bank Stock Performance

INDB opened at $79.46 on Tuesday. The company has a 50 day simple moving average of $81.41 and a two-hundred day simple moving average of $81.15. The company has a debt-to-equity ratio of 0.18, a current ratio of 0.93 and a quick ratio of 0.93. The firm has a market cap of $3.76 billion, a P/E ratio of 11.77 and a beta of 0.78. Independent Bank has a 1-year low of $65.44 and a 1-year high of $87.50.

Independent Bank (NASDAQ:INDB) last announced its quarterly earnings data on Thursday, October 15th. The bank reported $1.90 EPS for the quarter, beating the consensus estimate of $1.85 by $0.05. The firm had revenue of $261.95 million for the quarter, compared to the consensus estimate of $261.27 million. Independent Bank had a net margin of 24.27% and a return on equity of 9.61%. Equities analysts forecast that Independent Bank will post 7.17 earnings per share for the current fiscal year.

Independent Bank Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, October 9th. Stockholders of record on Monday, September 28th were paid a $0.64 dividend. The ex-dividend date of this dividend was Monday, September 28th. This represents a $2.56 dividend on an annualized basis and a dividend yield of 3.2%. Independent Bank’s dividend payout ratio is 37.93%.

Insider Activity

In related news, Director Thomas R. Venables sold 3,750 shares of the business’s stock in a transaction that occurred on Tuesday, August 25th. The stock was sold at an average price of $83.00, for a total value of $311,250.00. Following the transaction, the director directly owned 17,649 shares of the company’s stock, valued at approximately $1,464,867. The trade was a 17.52% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Gerard F. Nadeau sold 5,307 shares of the business’s stock in a transaction that occurred on Monday, August 3rd. The stock was sold at an average price of $84.69, for a total value of $449,449.83. Following the completion of the transaction, the director directly owned 16,907 shares in the company, valued at approximately $1,431,853.83. This represents a 23.89% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Company insiders own 1.60% of the company’s stock.

Institutional Investors Weigh In On Independent Bank

Institutional investors have recently added to or reduced their stakes in the stock. Hsbc Holdings PLC purchased a new position in Independent Bank during the 2nd quarter valued at approximately $6,958,000. BlackRock Inc. bought a new stake in Independent Bank in the 2nd quarter worth approximately $584,333,000. VIRGINIA RETIREMENT SYSTEMS ET Al bought a new stake in Independent Bank in the 2nd quarter worth approximately $1,206,000. Bank of America Corp DE purchased a new stake in shares of Independent Bank during the 2nd quarter worth approximately $44,640,000. Finally, William John Sempolinski purchased a new stake in shares of Independent Bank during the 2nd quarter worth approximately $1,230,000. 83.40% of the stock is owned by hedge funds and other institutional investors.

Independent Bank Company Profile

Independent Bank Corp. is the bank holding company for Rockland Trust Company, a full-service community bank headquartered in Rockland, Massachusetts. Through Rockland Trust, the company provides banking and financial services to individuals, families, businesses, municipalities and nonprofit organizations.

Its offerings include consumer and commercial deposit accounts, residential and commercial real estate lending, business loans, cash-management and treasury services, online and mobile banking, and wealth management.