Independent Bank Corp. (INDB) Lifted to Buy at Compass Point
Independent Bank Corp. (NASDAQ:INDB) was upgraded by investment analysts at Compass Point from a “neutral” rating to a “buy” rating in a research report issued on Friday, MarketBeat.com reports. The firm presently has a $72.00 target price on the bank’s stock. Compass Point’s target price points to a potential upside of 0.91% from the stock’s current price.
A number of other research analysts have also commented on the stock. Keefe, Bruyette & Woods restated a “hold” rating and issued a $71.00 price objective on shares of Independent Bank Corp. in a research note on Wednesday, June 28th. BidaskClub lowered shares of Independent Bank Corp. from a “buy” rating to a “hold” rating in a research note on Wednesday, June 21st. Sandler O’Neill upgraded shares of Independent Bank Corp. from a “sell” rating to a “hold” rating in a research note on Monday, May 15th. Finally, Piper Jaffray Companies assumed coverage on shares of Independent Bank Corp. in a research note on Monday, May 15th. They issued a “neutral” rating and a $63.00 price objective on the stock. Five research analysts have rated the stock with a hold rating and one has given a buy rating to the stock. The stock presently has an average rating of “Hold” and an average price target of $61.00.
Shares of Independent Bank Corp. (NASDAQ:INDB) traded up 7.54% during trading on Friday, hitting $71.35. The stock had a trading volume of 261,570 shares. The stock has a market cap of $1.93 billion, a P/E ratio of 24.19 and a beta of 0.97. The stock’s 50 day moving average price is $65.64 and its 200-day moving average price is $64.39. Independent Bank Corp. has a one year low of $46.75 and a one year high of $72.35.
Independent Bank Corp. (NASDAQ:INDB) last announced its quarterly earnings results on Thursday, July 20th. The bank reported $0.82 earnings per share for the quarter, beating analysts’ consensus estimates of $0.81 by $0.01. The firm had revenue of $85.15 million during the quarter, compared to analysts’ expectations of $85.20 million. Independent Bank Corp. had a net margin of 23.17% and a return on equity of 9.87%. During the same period in the previous year, the company earned $0.78 earnings per share. Analysts expect that Independent Bank Corp. will post $3.28 earnings per share for the current fiscal year.
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In related news, insider Gerard F. Nadeau sold 6,103 shares of the business’s stock in a transaction dated Monday, May 1st. The shares were sold at an average price of $63.71, for a total transaction of $388,822.13. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Kevin J. Jones sold 9,630 shares of the business’s stock in a transaction dated Friday, April 28th. The stock was sold at an average price of $64.11, for a total transaction of $617,379.30. Following the sale, the director now directly owns 77,534 shares in the company, valued at approximately $4,970,704.74. The disclosure for this sale can be found here. In the last three months, insiders have sold 16,733 shares of company stock worth $1,068,441. 2.67% of the stock is owned by insiders.
Hedge funds have recently added to or reduced their stakes in the company. US Bancorp DE increased its stake in Independent Bank Corp. by 4.7% in the first quarter. US Bancorp DE now owns 1,844 shares of the bank’s stock worth $120,000 after buying an additional 82 shares in the last quarter. Ameritas Investment Partners Inc. bought a new stake in Independent Bank Corp. during the first quarter worth approximately $145,000. State of Alaska Department of Revenue increased 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 worth $195,000 after buying an additional 70 shares in the last quarter. Bank of Montreal Can increased its stake in 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 in the last quarter. Finally, SG Americas Securities LLC increased its stake in Independent Bank Corp. by 47.3% in the first quarter. SG Americas Securities LLC now owns 3,032 shares of the bank’s stock worth $197,000 after buying an additional 973 shares in the last quarter. 76.87% of the stock is currently owned by hedge funds and other institutional investors.
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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