Independent Bank Corp. (NASDAQ:INDB) Insider Sells $29,220.00 in Stock
Independent Bank Corp. (NASDAQ:INDB) insider Mark J. Ruggiero sold 400 shares of the company’s stock in a transaction dated Tuesday, July 25th. The shares were sold at an average price of $73.05, for a total transaction of $29,220.00. Following the transaction, the insider now owns 2,852 shares in the company, valued at approximately $208,338.60. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link.
Shares of Independent Bank Corp. (NASDAQ:INDB) traded up 1.69% during midday trading on Tuesday, reaching $72.40. The company had a trading volume of 129,985 shares. The company’s 50 day moving average price is $66.18 and its 200 day moving average price is $64.36. The stock has a market capitalization of $1.99 billion, a PE ratio of 24.62 and a beta of 0.97. Independent Bank Corp. has a 52-week low of $46.75 and a 52-week high of $73.15.
Independent Bank Corp. (NASDAQ:INDB) last released its earnings results on Thursday, July 20th. The bank reported $0.82 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.81 by $0.01. The business had revenue of $85.15 million for the quarter, compared to analyst estimates of $85.20 million. Independent Bank Corp. had a return on equity of 9.70% and a net margin of 23.17%. During the same quarter in the previous year, the company posted $0.78 earnings per share. Equities research analysts expect that Independent Bank Corp. will post $3.31 earnings per share for the current year.
The business also recently announced a quarterly dividend, which was paid on Friday, July 7th. Stockholders of record on Monday, June 26th were issued a $0.32 dividend. This represents a $1.28 dividend on an annualized basis and a dividend yield of 1.77%. The ex-dividend date of this dividend was Thursday, June 22nd. Independent Bank Corp.’s payout ratio is currently 43.69%.
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Several research firms have recently issued reports on INDB. Keefe, Bruyette & Woods restated a “hold” rating and set a $71.00 price objective on shares of Independent Bank Corp. in a report on Wednesday, June 28th. BidaskClub downgraded shares of Independent Bank Corp. from a “buy” rating to a “hold” rating in a report on Wednesday, June 21st. Piper Jaffray Companies assumed coverage on shares of Independent Bank Corp. in a report on Monday, May 15th. They set a “neutral” rating and a $63.00 price objective on the stock. Compass Point upgraded Independent Bank Corp. from a “neutral” rating to a “buy” rating and set a $72.00 target price on the stock in a research report on Friday. Finally, Sandler O’Neill upgraded Independent Bank Corp. from a “sell” rating to a “hold” rating in a research report on Monday, May 15th. Five equities research analysts have rated the stock with a hold rating and one has issued a buy rating to the company. The stock currently has an average rating of “Hold” and a consensus target price of $65.60.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. US Bancorp DE raised its position 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 during the last quarter. Ameritas Investment Partners Inc. bought a new position in Independent Bank Corp. during the first quarter worth about $145,000. State of Alaska Department of Revenue raised its position 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 during the last quarter. Bank of Montreal Can raised its position 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 during the last quarter. Finally, SG Americas Securities LLC raised its position 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 during the last quarter. 76.91% of the stock is currently owned by institutional investors and hedge funds.
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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