Independent Bank Corp (INDB) Receives Average Rating of “Hold” from Analysts
Shares of Independent Bank Corp (NASDAQ:INDB) have been assigned an average recommendation of “Hold” from the six ratings firms that are covering the firm, MarketBeat reports. One equities research analyst has rated the stock with a sell recommendation, four have given a hold recommendation and one has given a buy recommendation to the company. The average 12-month target price among analysts that have issued ratings on the stock in the last year is $68.00.
INDB has been the subject of a number of research analyst reports. Zacks Investment Research upgraded Independent Bank from a “sell” rating to a “hold” rating in a report on Friday, December 22nd. Compass Point upgraded Independent Bank from a “neutral” rating to a “buy” rating in a report on Monday, December 18th. BidaskClub lowered Independent Bank from a “hold” rating to a “sell” rating in a report on Friday, January 5th. Finally, Keefe, Bruyette & Woods reiterated a “hold” rating and set a $73.00 price target on shares of Independent Bank in a report on Tuesday, October 3rd.
Shares of Independent Bank (NASDAQ INDB) opened at $73.80 on Tuesday. The stock has a market capitalization of $2,030.00, a P/E ratio of 24.36 and a beta of 0.97. The company has a current ratio of 0.95, a quick ratio of 0.95 and a debt-to-equity ratio of 0.17. Independent Bank has a 12-month low of $57.20 and a 12-month high of $76.30.
The firm also recently declared a quarterly dividend, which was paid on Friday, January 5th. Stockholders of record on Tuesday, December 26th were issued a dividend of $0.32 per share. The ex-dividend date was Friday, December 22nd. This represents a $1.28 dividend on an annualized basis and a dividend yield of 1.73%. Independent Bank’s dividend payout ratio (DPR) is presently 42.24%.
In other news, Director Eileen C. Miskell sold 1,200 shares of the company’s stock in a transaction that occurred on Wednesday, October 25th. The stock was sold at an average price of $71.27, for a total transaction of $85,524.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Carl Ribeiro sold 700 shares of the company’s stock in a transaction that occurred on Tuesday, December 12th. The stock was sold at an average price of $69.25, for a total value of $48,475.00. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 6,150 shares of company stock valued at $439,814. Corporate insiders own 2.67% of the company’s stock.
Several hedge funds and other institutional investors have recently modified their holdings of INDB. Oppenheimer Asset Management Inc. raised its stake in shares of Independent Bank by 8.3% in the second quarter. Oppenheimer Asset Management Inc. now owns 1,566 shares of the bank’s stock valued at $104,000 after purchasing an additional 120 shares in the last quarter. D.A. Davidson & CO. raised its stake in shares of Independent Bank by 12.9% in the second quarter. D.A. Davidson & CO. now owns 1,995 shares of the bank’s stock valued at $132,000 after purchasing an additional 228 shares in the last quarter. Sei Investments Co. raised its stake in shares of Independent Bank by 134,750.0% in the third quarter. Sei Investments Co. now owns 2,697 shares of the bank’s stock valued at $202,000 after purchasing an additional 2,695 shares in the last quarter. Penobscot Investment Management Company Inc. acquired a new position in shares of Independent Bank in the third quarter valued at $215,000. Finally, Amalgamated Bank raised its stake in shares of Independent Bank by 3.6% in the second quarter. Amalgamated Bank now owns 3,640 shares of the bank’s stock valued at $243,000 after purchasing an additional 126 shares in the last quarter. Institutional investors and hedge funds own 79.75% of the company’s stock.
WARNING: “Independent Bank Corp (INDB) Receives Average Rating of “Hold” from Analysts” was first posted by American Banking News and is owned by of American Banking News. If you are accessing this piece on another domain, it was illegally stolen and reposted in violation of US & international copyright and trademark laws. The legal version of this piece can be read at https://www.americanbankingnews.com/2018/01/16/independent-bank-corp-indb-receives-average-rating-of-hold-from-analysts.html.
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 Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Independent Bank and related companies with MarketBeat.com's FREE daily email newsletter.