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Independent Bank (NASDAQ:INDB) had its target price cut by Piper Sandler from $68.00 to $58.00 in a research report report published on Monday, Benzinga reports. They currently have a neutral rating on the bank’s stock.
Several other research analysts have also commented on the company. BidaskClub lowered Independent Bank from a sell rating to a strong sell rating in a research report on Saturday, August 29th. DA Davidson reaffirmed a neutral rating on shares of Independent Bank in a research report on Monday, September 14th. Finally, Zacks Investment Research lowered Independent Bank from a hold rating to a strong sell rating in a research report 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. The stock has a consensus rating of Hold and an average price target of $78.50.
INDB stock opened at $50.34 on Monday. The business has a 50 day moving average price of $60.88 and a 200 day moving average price of $64.30. The stock has a market cap of $1.66 billion, a price-to-earnings ratio of 11.36 and a beta of 0.87. Independent Bank has a fifty-two week low of $49.52 and a fifty-two week high of $87.11. The company has a quick ratio of 0.97, a current ratio of 0.97 and a debt-to-equity ratio of 0.18.
Independent Bank (NASDAQ:INDB) last posted its earnings results on Thursday, July 23rd. The bank reported $0.76 earnings per share for the quarter, topping the consensus estimate of $0.62 by $0.14. The firm had revenue of $119.29 million during the quarter, compared to analysts’ expectations of $124.80 million. Independent Bank had a return on equity of 8.95% and a net margin of 26.94%. As a group, sell-side analysts anticipate that Independent Bank will post 3.34 EPS for the current year.
The business also recently announced a quarterly dividend, which will be paid on Friday, October 9th. Stockholders of record on Monday, September 28th will be issued a $0.46 dividend. This represents a $1.84 dividend on an annualized basis and a dividend yield of 3.66%. The ex-dividend date is Friday, September 25th. Independent Bank’s payout ratio is currently 32.74%.
In other news, Director Daniel F. Obrien sold 2,000 shares of the business’s stock in a transaction that occurred 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 owns 22,940 shares of the company’s stock, valued at $1,549,367.60. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Insiders own 1.17% of the company’s stock.
Several large investors have recently added to or reduced their stakes in the company. Handelsbanken Fonder AB acquired a new position in shares of Independent Bank in the second quarter valued at approximately $285,000. AQR Capital Management LLC acquired a new position in Independent Bank during the second quarter worth $251,000. Jane Street Group LLC acquired a new position in Independent Bank during the second quarter worth $835,000. Sei Investments Co. grew its holdings in Independent Bank by 23.7% during the second quarter. Sei Investments Co. now owns 22,665 shares of the bank’s stock worth $1,526,000 after acquiring an additional 4,337 shares during the period. Finally, Private Advisor Group LLC acquired a new position in Independent Bank during the second quarter worth $44,000. 82.24% of the stock is currently owned by institutional investors and hedge funds.
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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