Independent Bank Corp. (INDB) Insider Gerard F. Nadeau Sells 5,193 Shares
Independent Bank Corp. (NASDAQ:INDB) insider Gerard F. Nadeau sold 5,193 shares of the firm’s stock in a transaction dated Monday, July 31st. The stock was sold at an average price of $71.75, for a total value of $372,597.75. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink.
Shares of Independent Bank Corp. (INDB) traded up 1.26% on Tuesday, reaching $72.25. The company’s stock had a trading volume of 60,722 shares. The firm has a market cap of $1.97 billion, a price-to-earnings ratio of 24.49 and a beta of 0.97. The company’s 50 day moving average is $67.38 and its 200-day moving average is $64.44. Independent Bank Corp. has a 1-year low of $46.74 and a 1-year high of $73.15.
Independent Bank Corp. (NASDAQ:INDB) last released its quarterly earnings data on Thursday, July 20th. The bank reported $0.82 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.81 by $0.01. The firm 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 prior year, the company earned $0.78 earnings per share. Equities research analysts expect that Independent Bank Corp. will post $3.31 EPS for the current year.
The firm also recently disclosed a quarterly dividend, which was paid on Friday, July 7th. Shareholders 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 annualized dividend and a yield of 1.77%. Independent Bank Corp.’s dividend payout ratio is 43.69%.
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A number of brokerages recently weighed in on INDB. Zacks Investment Research raised Independent Bank Corp. from a “hold” rating to a “buy” rating and set a $81.00 price objective on the stock in a research note on Wednesday, July 26th. BidaskClub raised Independent Bank Corp. from a “hold” rating to a “buy” rating in a research note on Tuesday, June 13th. Compass Point raised Independent Bank Corp. from a “neutral” rating to a “buy” rating and set a $72.00 price objective on the stock in a research note on Friday, July 21st. Keefe, Bruyette & Woods reissued a “hold” rating and issued a $71.00 price objective on shares of Independent Bank Corp. in a research note on Wednesday, June 28th. Finally, Sandler O’Neill raised Independent Bank Corp. from a “sell” rating to a “hold” rating in a research note on Monday, May 15th. Four research analysts have rated the stock with a hold rating and two have issued a buy rating to the company. Independent Bank Corp. presently has a consensus rating of “Hold” and an average target price of $67.60.
Hedge funds have recently added to or reduced their stakes in the stock. Guggenheim Capital LLC acquired a new stake in Independent Bank Corp. during the fourth quarter valued at about $519,000. Norges Bank acquired a new stake in Independent Bank Corp. during the fourth quarter valued at about $11,157,000. Teachers Advisors LLC raised its stake in Independent Bank Corp. by 4.2% in the fourth quarter. Teachers Advisors LLC now owns 42,451 shares of the bank’s stock valued at $2,991,000 after buying an additional 1,710 shares in the last quarter. New England Research & Management Inc. raised its stake in Independent Bank Corp. by 43.5% in the first quarter. New England Research & Management Inc. now owns 27,790 shares of the bank’s stock valued at $1,806,000 after buying an additional 8,425 shares in the last quarter. Finally, Bank of Montreal Can raised 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 valued at $197,000 after buying an additional 899 shares in the last quarter. Hedge funds and other institutional investors own 76.64% of the company’s stock.
About Independent Bank Corp.
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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