Independent Bank Corp. (INDB) Receives Average Recommendation of “Hold” from Analysts

Independent Bank Corp. (NASDAQ:INDB) has received an average rating of “Hold” from the six brokerages that are presently covering the stock, MarketBeat.com reports. Six equities research analysts have rated the stock with a hold recommendation. The average 12-month price objective among brokers that have issued a report on the stock in the last year is $67.00.

Several equities research analysts have commented on INDB shares. Zacks Investment Research lowered shares of Independent Bank Corp. from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, March 22nd. Compass Point upgraded shares of Independent Bank Corp. from a “sell” rating to a “neutral” rating in a report on Tuesday, March 28th. BidaskClub raised shares of Independent Bank Corp. from a “hold” rating to a “buy” rating in a research note on Tuesday, June 13th. Sandler O’Neill upgraded shares of Independent Bank Corp. from a “sell” rating to a “hold” rating in a report on Monday, May 15th. Finally, Piper Jaffray Companies initiated coverage on shares of Independent Bank Corp. in a research note on Monday, May 15th. They set a “neutral” rating and a $63.00 price objective on the stock.

Independent Bank Corp. (NASDAQ:INDB) traded down 0.22% during trading on Wednesday, reaching $67.05. The company’s stock had a trading volume of 49,333 shares. The firm has a market capitalization of $1.81 billion, a P/E ratio of 22.73 and a beta of 0.97. The stock has a 50-day moving average of $63.76 and a 200 day moving average of $64.69. Independent Bank Corp. has a one year low of $45.09 and a one year high of $71.95.

Independent Bank Corp. (NASDAQ:INDB) last released its quarterly earnings results on Thursday, April 20th. The bank reported $0.78 earnings per share (EPS) for the quarter, hitting the Zacks’ consensus estimate of $0.78. Independent Bank Corp. had a return on equity of 9.80% and a net margin of 23.62%. The firm had revenue of $79.11 million for the quarter, compared to analyst estimates of $80.19 million. During the same quarter last year, the company posted $0.72 earnings per share. On average, equities research analysts predict that Independent Bank Corp. will post $3.27 EPS for the current fiscal year.

The business also recently announced a quarterly dividend, which was paid on Friday, July 7th. Stockholders of record on Monday, June 26th were paid a $0.32 dividend. The ex-dividend date was Thursday, June 22nd. This represents a $1.28 dividend on an annualized basis and a dividend yield of 1.91%. Independent Bank Corp.’s payout ratio is 43.39%.

In other news, Director Carl Ribeiro sold 1,000 shares of the business’s stock in a transaction that occurred on Thursday, May 25th. The stock was sold at an average price of $62.24, for a total transaction of $62,240.00. Following the sale, the director now owns 14,647 shares of the company’s stock, valued at approximately $911,629.28. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Kevin J. Jones sold 9,630 shares of the business’s stock in a transaction on Friday, April 28th. The shares were sold at an average price of $64.11, for a total value of $617,379.30. Following the completion of the transaction, the director now owns 77,534 shares of the company’s stock, valued at $4,970,704.74. The disclosure for this sale can be found here. Insiders sold 16,733 shares of company stock worth $1,068,441 in the last 90 days. Company insiders own 2.67% of the company’s stock.

Several large investors have recently modified their holdings of INDB. State of Alaska Department of Revenue raised its stake in Independent Bank Corp. by 2.4% in the first quarter. State of Alaska Department of Revenue now owns 3,000 shares of the bank’s stock valued at $195,000 after buying an additional 70 shares during the period. Louisiana State Employees Retirement System boosted its stake in shares of Independent Bank Corp. by 0.9% in the first quarter. Louisiana State Employees Retirement System now owns 11,000 shares of the bank’s stock worth $715,000 after buying an additional 100 shares during the last quarter. Bank of Montreal Can boosted its stake in shares of Independent Bank Corp. by 42.1% in the first quarter. Bank of Montreal Can now owns 3,036 shares of the bank’s stock worth $197,000 after buying an additional 899 shares during the last quarter. New England Research & Management Inc. increased its stake in shares of Independent Bank Corp. by 43.5% in the first quarter. New England Research & Management Inc. now owns 27,790 shares of the bank’s stock valued at $1,806,000 after buying an additional 8,425 shares during the period. Finally, Teachers Advisors LLC increased its stake in shares of Independent Bank Corp. by 4.2% in the fourth quarter. Teachers Advisors LLC now owns 42,451 shares of the bank’s stock valued at $2,991,000 after buying an additional 1,710 shares during the period. Institutional investors and hedge funds own 77.02% of the company’s stock.

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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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