Independent Bank Corp. (INDB) Receives Consensus Recommendation of “Hold” from Analysts
Independent Bank Corp. (NASDAQ:INDB) has received an average rating of “Hold” from the six analysts that are covering the firm, Marketbeat reports. One investment analyst has rated the stock with a sell recommendation and five have assigned a hold recommendation to the company. The average 1 year price objective among brokers that have issued ratings on the stock in the last year is $70.67.
A number of research firms have recently weighed in on INDB. Zacks Investment Research raised Independent Bank from a “hold” rating to a “buy” rating and set a $80.00 target price for the company in a report on Wednesday, September 20th. Compass Point downgraded Independent Bank from a “buy” rating to a “neutral” rating and set a $76.00 target price for the company. in a report on Wednesday, October 11th. They noted that the move was a valuation call. Finally, Keefe, Bruyette & Woods reissued a “hold” rating and set a $73.00 target price on shares of Independent Bank in a report on Tuesday, October 3rd.
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 legal filing with the SEC, which is available at this hyperlink. Also, Director Daniel F. Obrien sold 1,000 shares of the firm’s stock in a transaction on Tuesday, November 21st. The stock was sold at an average price of $70.19, for a total value of $70,190.00. Following the completion of the transaction, the director now owns 22,912 shares in the company, valued at approximately $1,608,193.28. The disclosure for this sale can be found here. Insiders sold 5,450 shares of company stock worth $391,339 in the last 90 days. 2.67% of the stock is owned by company insiders.
Shares of Independent Bank (NASDAQ:INDB) opened at $69.50 on Monday. Independent Bank has a twelve month low of $57.20 and a twelve month high of $76.30. The company has a current ratio of 0.95, a quick ratio of 0.95 and a debt-to-equity ratio of 0.17. The firm has a market capitalization of $1,907.29, a price-to-earnings ratio of 21.52 and a beta of 0.98.
Independent Bank (NASDAQ:INDB) last posted its earnings results on Thursday, October 19th. The bank reported $0.87 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.91 by ($0.04). Independent Bank had a return on equity of 9.76% and a net margin of 23.48%. The firm had revenue of $87.84 million for the quarter, compared to analyst estimates of $88.57 million. During the same period in the prior year, the business posted $0.78 EPS. The firm’s quarterly revenue was up 12.5% compared to the same quarter last year. research analysts forecast that Independent Bank will post 3.41 EPS for the current fiscal year.
About Independent Bank
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.