Keefe, Bruyette & Woods Reaffirms Hold Rating for Independent Bank Corp. (INDB)
Independent Bank Corp. (NASDAQ:INDB)‘s stock had its “hold” rating restated by equities research analysts at Keefe, Bruyette & Woods in a research report issued to clients and investors on Tuesday. They currently have a $73.00 price target on the bank’s stock. Keefe, Bruyette & Woods’ price target points to a potential downside of 4.14% from the company’s current price.
Several other research firms have also weighed in on INDB. Zacks Investment Research lowered shares of Independent Bank Corp. from a “buy” rating to a “hold” rating in a research report on Thursday, August 24th. BidaskClub cut shares of Independent Bank Corp. from a “buy” rating to a “hold” rating in a research note on Wednesday, June 21st. Finally, Compass Point upgraded shares of Independent Bank Corp. from a “neutral” rating to a “buy” rating and set a $72.00 target price on the stock in a report on Friday, July 21st. Four investment analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. The company has an average rating of “Hold” and an average price target of $72.00.
Shares of Independent Bank Corp. (INDB) traded up 1.33% during trading on Tuesday, reaching $76.15. 136,819 shares of the company’s stock were exchanged. The company’s 50-day moving average price is $70.35 and its 200 day moving average price is $66.49. Independent Bank Corp. has a 52 week low of $47.50 and a 52 week high of $76.30. The firm has a market capitalization of $2.09 billion, a PE ratio of 25.89 and a beta of 1.00.
Independent Bank Corp. (NASDAQ:INDB) last issued its quarterly earnings results on Thursday, July 20th. The bank reported $0.82 EPS for the quarter, topping the 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 firm had revenue of $85.15 million for the quarter, compared to analysts’ expectations of $85.20 million. During the same period in the previous year, the business earned $0.78 earnings per share. Analysts predict that Independent Bank Corp. will post $3.35 EPS for the current fiscal year.
In related news, insider Gerard F. Nadeau sold 5,193 shares of the stock in a transaction on 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 document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Mark J. Ruggiero sold 400 shares of Independent Bank Corp. stock in a transaction dated Tuesday, July 25th. The stock was sold at an average price of $73.05, for a total value of $29,220.00. Following the completion of the transaction, the insider now directly owns 2,852 shares in the company, valued at approximately $208,338.60. The disclosure for this sale can be found here. Insiders have sold 8,443 shares of company stock worth $607,108 over the last ninety days. 2.67% of the stock is owned by insiders.
A number of hedge funds and other institutional investors have recently bought and sold shares of the business. BlackRock Inc. lifted its stake in Independent Bank Corp. by 49,979.6% during the first quarter. BlackRock Inc. now owns 3,281,718 shares of the bank’s stock valued at $213,310,000 after buying an additional 3,275,165 shares in the last quarter. Janus Henderson Group PLC purchased a new stake in shares of Independent Bank Corp. in the 2nd quarter valued at approximately $45,593,000. The Manufacturers Life Insurance Company purchased a new stake in shares of Independent Bank Corp. in the 3rd quarter valued at approximately $36,231,000. Emerald Acquisition Ltd. purchased a new stake in shares of Independent Bank Corp. in the 2nd quarter valued at approximately $18,906,000. Finally, Russell Investments Group Ltd. purchased a new stake in shares of Independent Bank Corp. in the 4th quarter valued at approximately $25,762,000. Hedge funds and other institutional investors own 76.45% of the company’s stock.
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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