Independent Bank Corp. (NASDAQ:INDB) has received a consensus recommendation of “Hold” from the six ratings firms that are currently covering the company, MarketBeat.com reports. Five investment analysts have rated the stock with a hold recommendation and one has assigned a buy recommendation to the company. The average 1-year price objective among analysts that have issued ratings on the stock in the last year is $68.67.

A number of analysts have commented on INDB shares. Compass Point raised shares of Independent Bank Corp. from a “sell” rating to a “neutral” rating in a report on Tuesday, March 28th. Piper Jaffray Companies started coverage on shares of Independent Bank Corp. in a report on Monday, May 15th. They set a “neutral” rating and a $63.00 target price for the company. BidaskClub raised shares of Independent Bank Corp. from a “hold” rating to a “buy” rating in a report on Tuesday, June 13th. Sandler O’Neill raised shares of Independent Bank Corp. from a “sell” rating to a “hold” rating in a report on Monday, May 15th. Finally, Keefe, Bruyette & Woods reaffirmed a “hold” rating and set a $71.00 target price on shares of Independent Bank Corp. in a report on Wednesday, June 28th.

In related news, Director Kevin J. Jones sold 9,630 shares of the company’s stock in a transaction on Friday, April 28th. The shares were sold at an average price of $64.11, for a total transaction of $617,379.30. Following the completion of the transaction, the director now owns 77,534 shares in the company, valued at $4,970,704.74. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Carl Ribeiro sold 1,000 shares of the company’s stock in a transaction on Thursday, May 25th. The stock was sold at an average price of $62.24, for a total transaction of $62,240.00. Following the transaction, the director now owns 14,647 shares of the company’s stock, valued at approximately $911,629.28. The disclosure for this sale can be found here. Over the last three months, insiders sold 16,733 shares of company stock valued at $1,068,441. Corporate insiders own 2.67% of the company’s stock.

Several institutional investors have recently modified their holdings of the company. US Bancorp DE raised its position in shares of 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 position in shares of Independent Bank Corp. during the first quarter worth $145,000. State of Alaska Department of Revenue raised its position in shares of 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. SG Americas Securities LLC raised its position in shares of 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. Finally, Bank of Montreal Can raised its position in shares of 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. Hedge funds and other institutional investors own 76.91% of the company’s stock.

Shares of Independent Bank Corp. (NASDAQ INDB) opened at 71.20 on Tuesday. The stock’s 50 day moving average is $66.18 and its 200 day moving average is $64.36. Independent Bank Corp. has a 52 week low of $46.75 and a 52 week high of $72.35. The stock has a market cap of $1.95 billion, a price-to-earnings ratio of 24.21 and a beta of 0.97.

Independent Bank Corp. (NASDAQ:INDB) last announced its earnings results on Thursday, July 20th. The bank reported $0.82 EPS for the quarter, beating the Zacks’ consensus estimate of $0.81 by $0.01. Independent Bank Corp. had a net margin of 23.17% and a return on equity of 9.70%. The business had revenue of $85.15 million during the quarter, compared to analysts’ expectations of $85.20 million. During the same period in the prior year, the company earned $0.78 earnings per share. On average, equities analysts forecast that Independent Bank Corp. will post $3.31 EPS for the current year.

The company also recently disclosed a quarterly dividend, which was paid on Friday, July 7th. Stockholders of record on Monday, June 26th were paid a $0.32 dividend. The ex-dividend date was Thursday, June 22nd. This represents a $1.28 dividend on an annualized basis and a dividend yield of 1.80%. Independent Bank Corp.’s dividend payout ratio (DPR) is presently 43.69%.

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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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