Independent Bank Corp (NASDAQ:INDB)’s stock price hit a new 52-week low on Wednesday . The company traded as low as $50.26 and last traded at $50.30, with a volume of 166289 shares. The stock had previously closed at $51.64.
Several equities analysts recently weighed in on INDB shares. BidaskClub cut Independent Bank from a “sell” rating to a “strong sell” rating in a research report on Saturday, August 29th. Piper Sandler lowered Independent Bank from an “overweight” rating to a “neutral” rating and lowered their price objective for the company from $74.00 to $67.00 in a research note on Wednesday, June 24th. DA Davidson reiterated a “neutral” rating on shares of Independent Bank in a research note on Monday, September 14th. Finally, Zacks Investment Research lowered Independent Bank from a “hold” rating to a “strong sell” rating in a research note on Friday, July 31st. Two investment analysts have rated the stock with a sell rating and six have given a hold rating to the company. Independent Bank presently has a consensus rating of “Hold” and a consensus target price of $80.75.
The firm has a market capitalization of $1.66 billion, a P/E ratio of 11.40 and a beta of 0.87. The stock has a 50-day moving average of $62.02 and a 200 day moving average of $64.65. The company has a debt-to-equity ratio of 0.18, a quick ratio of 0.97 and a current ratio of 0.97.
Independent Bank (NASDAQ:INDB) last released its quarterly earnings results on Thursday, July 23rd. The bank reported $0.76 EPS for the quarter, topping the Zacks’ consensus estimate of $0.62 by $0.14. The business had revenue of $119.29 million for the quarter, compared to analyst estimates of $124.80 million. Independent Bank had a return on equity of 8.95% and a net margin of 26.94%. On average, equities analysts predict that Independent Bank Corp will post 3.34 EPS for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Friday, October 9th. Investors of record on Monday, September 28th will be given a dividend of $0.46 per share. The ex-dividend date is Friday, September 25th. This represents a $1.84 dividend on an annualized basis and a yield of 3.64%. Independent Bank’s dividend payout ratio (DPR) is presently 32.74%.
In other Independent Bank news, Director Daniel F. Obrien sold 2,000 shares of the stock in a transaction on Monday, August 17th. The stock was sold at an average price of $67.54, for a total value of $135,080.00. Following the transaction, the director now directly owns 22,940 shares in the company, valued at approximately $1,549,367.60. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 1.17% of the stock is owned by corporate insiders.
A number of hedge funds have recently added to or reduced their stakes in the business. Victory Capital Management Inc. lifted its position in Independent Bank by 46.7% during the first quarter. Victory Capital Management Inc. now owns 1,446,035 shares of the bank’s stock worth $93,081,000 after acquiring an additional 460,518 shares during the last quarter. FMR LLC grew its stake in shares of Independent Bank by 207.0% during the second quarter. FMR LLC now owns 630,289 shares of the bank’s stock worth $42,286,000 after buying an additional 424,978 shares during the last quarter. Palisade Capital Management LLC NJ bought a new stake in shares of Independent Bank during the second quarter worth $13,423,000. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp grew its stake in shares of Independent Bank by 58.4% during the second quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 176,970 shares of the bank’s stock worth $11,873,000 after buying an additional 65,270 shares during the last quarter. Finally, State Street Corp grew its stake in shares of Independent Bank by 4.9% during the first quarter. State Street Corp now owns 1,226,455 shares of the bank’s stock worth $79,509,000 after buying an additional 57,668 shares during the last quarter. Hedge funds and other institutional investors own 82.24% of the company’s stock.
Independent Bank Company Profile (NASDAQ:INDB)
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.
Featured Story: How is inflation measured?
Receive News & Ratings for Independent Bank Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Independent Bank and related companies with MarketBeat.com's FREE daily email newsletter.