Independent Bank Corp. (INDB) Given Average Rating of “Hold” by Brokerages
Shares of Independent Bank Corp. (NASDAQ:INDB) have received a consensus recommendation of “Hold” from the six brokerages that are presently covering the firm, MarketBeat.com reports. Four research analysts have rated the stock with a hold recommendation and two have assigned a buy recommendation to the company. The average 1 year price target among brokerages that have issued ratings on the stock in the last year is $71.75.
Several equities research analysts recently commented on INDB shares. Keefe, Bruyette & Woods reissued a “hold” rating and issued a $71.00 price target on shares of Independent Bank Corp. in a research note on Wednesday, June 28th. Zacks Investment Research raised Independent Bank Corp. from a “hold” rating to a “buy” rating and set a $81.00 target price for the company in a research report on Wednesday, July 26th. BidaskClub cut Independent Bank Corp. from a “buy” rating to a “hold” rating in a research report on Wednesday, June 21st. Sandler O’Neill raised Independent Bank Corp. from a “sell” rating to a “hold” rating in a research report on Monday, May 15th. Finally, Piper Jaffray Companies initiated coverage on Independent Bank Corp. in a research report on Monday, May 15th. They set a “neutral” rating and a $63.00 target price for the company.
In other Independent Bank Corp. news, Director Carl Ribeiro sold 1,000 shares of the company’s stock in a transaction that occurred 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 completion of the sale, the director now owns 14,647 shares of the company’s stock, valued at $911,629.28. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Gerard F. Nadeau sold 5,193 shares of the company’s stock in a transaction that occurred on Monday, July 31st. The stock was sold at an average price of $71.75, for a total value of $372,597.75. The disclosure for this sale can be found here. Insiders have sold 9,443 shares of company stock valued at $669,348 in the last ninety days. Company insiders own 2.67% of the company’s stock.
A number of large investors have recently made changes to their positions in the company. Guggenheim Capital LLC bought a new stake in shares of Independent Bank Corp. during the fourth quarter worth about $519,000. Norges Bank bought a new stake in shares of Independent Bank Corp. during the fourth quarter worth about $11,157,000. Teachers Advisors LLC boosted its stake in shares of Independent Bank Corp. by 4.2% in the fourth quarter. Teachers Advisors LLC now owns 42,451 shares of the bank’s stock worth $2,991,000 after buying an additional 1,710 shares during the last quarter. Bank of Montreal Can boosted its stake 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 during the last quarter. Finally, Louisiana State Employees Retirement System boosted its stake in shares of Independent Bank Corp. by 0.9% in the first quarter. Louisiana State Employees Retirement System now owns 11,000 shares of the bank’s stock worth $715,000 after buying an additional 100 shares during the last quarter. 76.22% of the stock is owned by hedge funds and other institutional investors.
Shares of Independent Bank Corp. (NASDAQ:INDB) opened at 66.80 on Friday. Independent Bank Corp. has a 1-year low of $47.50 and a 1-year high of $73.15. The stock’s 50 day moving average is $68.86 and its 200-day moving average is $64.91. The stock has a market cap of $1.83 billion, a price-to-earnings ratio of 22.71 and a beta of 0.98.
Independent Bank Corp. (NASDAQ:INDB) last announced its quarterly earnings results on Thursday, July 20th. The bank reported $0.82 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.81 by $0.01. The business had revenue of $85.15 million during the quarter, compared to analysts’ expectations 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 business posted $0.78 EPS. On average, analysts anticipate that Independent Bank Corp. will post $3.33 EPS for the current year.
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.
Receive News & Ratings for Independent Bank Corp. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Independent Bank Corp. and related companies with MarketBeat.com's FREE daily email newsletter.