DA Davidson initiated coverage on shares of Independent Bank (NASDAQ:INDB) in a research note released on Thursday morning, BenzingaRatingsTable reports. The brokerage issued a neutral rating and a $81.00 price objective on the bank’s stock.
Several other brokerages also recently weighed in on INDB. ValuEngine downgraded shares of Zumiez from a hold rating to a sell rating in a report on Tuesday, July 2nd. BidaskClub raised shares of Zumiez from a sell rating to a hold rating in a report on Saturday, June 22nd. Sandler O’Neill raised shares of Independent Bank from a hold rating to a buy rating in a report on Wednesday, April 3rd. Finally, Zacks Investment Research downgraded shares of Hancock Jaffe Laboratories from a buy rating to a hold rating in a report on Wednesday, June 26th. One analyst has rated the stock with a sell rating, four have assigned a hold rating and two have issued a buy rating to the company’s stock. The stock presently has a consensus rating of Hold and a consensus price target of $86.00.
Shares of NASDAQ:INDB opened at $73.36 on Thursday. The company has a debt-to-equity ratio of 0.28, a current ratio of 0.97 and a quick ratio of 0.97. Independent Bank has a 1-year low of $66.12 and a 1-year high of $95.00. The stock has a market capitalization of $2.52 billion, a P/E ratio of 14.67 and a beta of 1.14. The firm’s 50 day moving average price is $73.25.
Independent Bank (NASDAQ:INDB) last issued its quarterly earnings results on Thursday, April 18th. The bank reported $1.30 earnings per share for the quarter, missing the consensus estimate of $1.33 by ($0.03). Independent Bank had a net margin of 29.95% and a return on equity of 13.38%. The firm had revenue of $104.06 million for the quarter, compared to analysts’ expectations of $106.30 million. As a group, research analysts expect that Independent Bank will post 5.5 EPS for the current year.
The business also recently announced a quarterly dividend, which was paid on Friday, July 12th. Stockholders of record on Monday, July 1st were issued a $0.44 dividend. This represents a $1.76 annualized dividend and a dividend yield of 2.40%. The ex-dividend date was Friday, June 28th. Independent Bank’s dividend payout ratio (DPR) is presently 37.53%.
In other news, President Gerard F. Nadeau sold 1,215 shares of the business’s stock in a transaction on Tuesday, April 30th. The shares were sold at an average price of $80.27, for a total value of $97,528.05. Following the transaction, the president now owns 17,791 shares of the company’s stock, valued at $1,428,083.57. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, Director Donna L. Abelli sold 800 shares of the business’s stock in a transaction on Friday, April 26th. The stock was sold at an average price of $80.00, for a total transaction of $64,000.00. The disclosure for this sale can be found here. Insiders sold 7,727 shares of company stock worth $603,916 in the last three months. Insiders own 1.60% of the company’s stock.
Institutional investors and hedge funds have recently made changes to their positions in the stock. Huntington National Bank bought a new stake in Independent Bank in the first quarter worth $34,000. Strs Ohio increased its position in Independent Bank by 40.0% in the first quarter. Strs Ohio now owns 700 shares of the bank’s stock worth $56,000 after purchasing an additional 200 shares during the last quarter. PNC Financial Services Group Inc. increased its position in Independent Bank by 16.1% in the fourth quarter. PNC Financial Services Group Inc. now owns 1,155 shares of the bank’s stock worth $81,000 after purchasing an additional 160 shares during the last quarter. Evergreen Capital Management LLC bought a new stake in Independent Bank in the first quarter worth $213,000. Finally, Welch & Forbes LLC bought a new stake in Independent Bank in the first quarter worth $223,000. Institutional investors own 70.75% of the company’s stock.
About Independent Bank
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.
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