Independent Bank Corp. (INDB) Downgraded to Hold at Zacks Investment Research

Zacks Investment Research cut shares of Independent Bank Corp. (NASDAQ:INDB) from a buy rating to a hold rating in a research report released on Monday morning.

According to Zacks, “Independent Bank Corp. is a bank holding company for Rockland Trust Company. They are a community-oriented commercial bank. The community banking business consists of commercial banking, retail banking and trust services and is managed as a single strategic unit. The community banking business derives its revenues from a wide range of banking services, including lending activities, acceptance of demand, savings and time deposits, trust and investment management, and mortgage servicing income from investors. “

Other analysts have also recently issued reports about the stock. Keefe, Bruyette & Woods reiterated a hold rating and set a $71.00 target price on shares of Independent Bank Corp. in a research note on Wednesday, June 28th. BidaskClub lowered shares of Independent Bank Corp. from a buy rating to a hold rating in a research note on Wednesday, June 21st. Finally, Compass Point upgraded shares of Independent Bank Corp. from a neutral rating to a buy rating and set a $72.00 target price for the company in a research note on Friday, July 21st. Four equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. The stock currently has an average rating of Hold and a consensus target price of $71.50.

Shares of Independent Bank Corp. (NASDAQ INDB) traded up 0.49% during midday trading on Monday, hitting $72.35. 12,800 shares of the company’s stock were exchanged. The stock has a market cap of $1.99 billion, a PE ratio of 24.60 and a beta of 1.00. The stock’s 50 day moving average is $69.35 and its 200-day moving average is $65.85. Independent Bank Corp. has a 1-year low of $47.50 and a 1-year high of $73.15.

Independent Bank Corp. (NASDAQ:INDB) last posted its quarterly earnings results on Thursday, July 20th. The bank reported $0.82 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.81 by $0.01. The firm had revenue of $85.15 million for the quarter, compared to analysts’ expectations of $85.20 million. Independent Bank Corp. had a net margin of 23.17% and a return on equity of 9.70%. During the same period in the prior year, the company posted $0.78 earnings per share. Analysts predict that Independent Bank Corp. will post $3.33 earnings per share for the current fiscal year.

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The firm also recently announced a dividend, which will be paid on Friday, October 6th. Shareholders of record on Monday, September 25th will be paid a dividend of $0.32 per share. The ex-dividend date of this dividend is Friday, September 22nd. Independent Bank Corp.’s payout ratio is 43.69%.

In other news, Director Eileen C. Miskell sold 1,100 shares of the company’s stock in a transaction dated Tuesday, July 25th. The shares were sold at an average price of $72.05, for a total transaction of $79,255.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Gerard F. Nadeau sold 5,193 shares of the company’s stock in a transaction dated Monday, July 31st. The stock was sold at an average price of $71.75, for a total transaction of $372,597.75. The disclosure for this sale can be found here. In the last quarter, insiders have sold 8,443 shares of company stock valued at $607,108. 2.67% of the stock is owned by insiders.

Institutional investors have recently added to or reduced their stakes in the company. Oppenheimer Asset Management Inc. grew its position in shares of Independent Bank Corp. by 8.3% during the second quarter. Oppenheimer Asset Management Inc. now owns 1,566 shares of the bank’s stock worth $104,000 after acquiring an additional 120 shares during the last quarter. US Bancorp DE grew its position in shares of Independent Bank Corp. by 4.7% during the first quarter. US Bancorp DE now owns 1,844 shares of the bank’s stock worth $120,000 after acquiring an additional 82 shares during the last quarter. D.A. Davidson & CO. grew its position in shares of Independent Bank Corp. by 12.9% during the second quarter. D.A. Davidson & CO. now owns 1,995 shares of the bank’s stock worth $132,000 after acquiring an additional 228 shares during the last quarter. Ameritas Investment Partners Inc. bought a new position in shares of Independent Bank Corp. during the first quarter worth about $145,000. Finally, SG Americas Securities LLC grew its position in shares of Independent Bank Corp. by 47.3% during the first quarter. SG Americas Securities LLC now owns 3,032 shares of the bank’s stock worth $197,000 after acquiring an additional 973 shares during the last quarter. Institutional investors and hedge funds own 76.45% of the company’s stock.

Independent Bank Corp. Company Profile

Independent Bank Corp. is a bank holding company. The Company operates through its subsidiary, Rockland Trust Company (the Bank). The Bank is a community-oriented commercial bank. Its community banking business provides a range of banking services, including lending activities, acceptance of demand, savings, and time deposits, and investment management.

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