Independent Bank Corp. (INDB) Given Consensus Rating of “Hold” by Analysts
Shares of Independent Bank Corp. (NASDAQ:INDB) have earned a consensus recommendation of “Hold” from the six ratings firms that are covering the firm, MarketBeat reports. One investment analyst has rated the stock with a sell recommendation and five have given a hold recommendation to the company. The average twelve-month target price among analysts that have issued ratings on the stock in the last year is $70.67.
A number of brokerages recently commented on INDB. Compass Point lowered Independent Bank Corp. from a “buy” rating to a “neutral” rating and set a $76.00 price target for the company. in a research note on Wednesday, October 11th. They noted that the move was a valuation call. Keefe, Bruyette & Woods reaffirmed a “hold” rating and issued a $73.00 price target on shares of Independent Bank Corp. in a research note on Tuesday, October 3rd. Finally, Zacks Investment Research raised Independent Bank Corp. from a “hold” rating to a “buy” rating and set a $81.00 price target for the company in a research note on Wednesday, July 26th.
In related news, Director Eileen C. Miskell sold 1,200 shares of the firm’s stock in a transaction on Wednesday, October 25th. The stock was sold at an average price of $71.27, for a total value of $85,524.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Company insiders own 2.67% of the company’s stock.
A number of hedge funds have recently made changes to their positions in the stock. US Bancorp DE lifted its stake in Independent Bank Corp. by 2.7% in the second quarter. US Bancorp DE now owns 1,893 shares of the bank’s stock worth $126,000 after acquiring an additional 49 shares during the period. Louisiana State Employees Retirement System lifted its position in Independent Bank Corp. by 0.9% during the second quarter. Louisiana State Employees Retirement System now owns 11,100 shares of the bank’s stock valued at $740,000 after buying an additional 100 shares during the period. Arizona State Retirement System lifted its position in Independent Bank Corp. by 0.7% during the second quarter. Arizona State Retirement System now owns 14,171 shares of the bank’s stock valued at $944,000 after buying an additional 100 shares during the period. Oppenheimer Asset Management Inc. lifted its position in Independent Bank Corp. by 8.3% during the second quarter. Oppenheimer Asset Management Inc. now owns 1,566 shares of the bank’s stock valued at $104,000 after buying an additional 120 shares during the period. Finally, Amalgamated Bank lifted its position in Independent Bank Corp. by 3.6% during the second quarter. Amalgamated Bank now owns 3,640 shares of the bank’s stock valued at $243,000 after buying an additional 126 shares during the period. 76.39% of the stock is owned by institutional investors.
Independent Bank Corp. (NASDAQ:INDB) last issued its earnings results on Thursday, October 19th. The bank reported $0.87 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.91 by ($0.04). Independent Bank Corp. had a return on equity of 9.76% and a net margin of 23.48%. The firm had revenue of $87.84 million during the quarter, compared to the consensus estimate of $88.57 million. During the same quarter in the prior year, the business posted $0.78 EPS. The firm’s revenue for the quarter was up 12.5% on a year-over-year basis.
The firm also recently declared a quarterly dividend, which was paid on Friday, October 6th. Investors of record on Monday, September 25th were paid a $0.32 dividend. This represents a $1.28 dividend on an annualized basis and a yield of 1.78%. The ex-dividend date of this dividend was Friday, September 22nd. Independent Bank Corp.’s payout ratio is 42.38%.
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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