Piper Sandler upgraded shares of Independent Bank (NASDAQ:INDB – Free Report) from a hold rating to a strong-buy rating in a research report released on Friday,Zacks reports.
Several other brokerages also recently issued reports on INDB. Weiss Ratings reissued a “buy (b)” rating on shares of Independent Bank in a research report on Wednesday, August 5th. Keefe, Bruyette & Woods reduced their target price on shares of Independent Bank from $99.00 to $96.00 and set an “outperform” rating for the company in a report on Monday, July 20th. Two investment analysts have rated the stock with a Strong Buy rating, four have assigned a Buy rating and one has given a Sell rating to the stock. According to MarketBeat, Independent Bank has an average rating of “Buy” and an average price target of $91.86.
Read Our Latest Stock Analysis on INDB
Independent Bank Price Performance
Independent Bank (NASDAQ:INDB – Get Free Report) last announced its earnings results on Thursday, July 16th. The bank reported $1.70 EPS for the quarter, missing analysts’ consensus estimates of $1.79 by ($0.09). Independent Bank had a net margin of 20.31% and a return on equity of 9.19%. The business had revenue of $253.32 million during the quarter, compared to analyst estimates of $257.50 million. As a group, equities analysts anticipate that Independent Bank will post 7.14 EPS for the current year.
Independent Bank Dividend Announcement
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, October 9th. Investors of record on Monday, September 28th will be issued a dividend of $0.64 per share. This represents a $2.56 dividend on an annualized basis and a yield of 3.2%. The ex-dividend date of this dividend is Monday, September 28th. Independent Bank’s dividend payout ratio is currently 46.21%.
Insider Buying and Selling at Independent Bank
In other Independent Bank news, Director Thomas R. Venables sold 3,750 shares of the stock in a transaction 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 completion of the transaction, the director owned 17,649 shares in the company, valued at approximately $1,464,867. This represents a 17.52% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Gerard Nadeau sold 5,307 shares of the firm’s stock in a transaction on Monday, August 3rd. The shares were sold at an average price of $84.69, for a total value of $449,449.83. Following the completion of the sale, the director directly owned 16,907 shares of the company’s stock, valued at approximately $1,431,853.83. This trade represents a 23.89% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Corporate insiders own 1.60% of the company’s stock.
Institutional Trading of Independent Bank
Several hedge funds and other institutional investors have recently made changes to their positions in INDB. BlackRock Inc. acquired a new position in Independent Bank during the second quarter worth about $584,333,000. Geode Capital Management LLC boosted its stake in shares of Independent Bank by 1.7% during the 4th quarter. Geode Capital Management LLC now owns 1,232,467 shares of the bank’s stock worth $90,082,000 after acquiring an additional 20,278 shares in the last quarter. Reinhart Partners LLC. boosted its stake in shares of Independent Bank by 1.3% during the 2nd quarter. Reinhart Partners LLC. now owns 657,871 shares of the bank’s stock worth $55,078,000 after acquiring an additional 8,575 shares in the last quarter. Norges Bank purchased a new stake in shares of Independent Bank during the 4th quarter worth approximately $46,117,000. Finally, Bank of America Corp DE acquired a new stake in shares of Independent Bank in the 2nd quarter worth approximately $44,640,000. Institutional investors and hedge funds own 83.40% of the company’s stock.
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, nonprofits and municipalities.
Its products and services include checking and savings accounts, certificates of deposit, residential and commercial lending, home equity loans, mortgages, cash management, online and mobile banking, and other treasury management solutions.
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