Shares of Independent Bank Corp (NASDAQ:INDB) have been assigned a consensus rating of “Hold” from the seven brokerages that are presently covering the company, MarketBeat Ratings reports. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and one has assigned a buy rating to the company. The average 1-year target price among brokerages that have issued a report on the stock in the last year is $84.00.
Several equities research analysts have recently issued reports on the stock. Zacks Investment Research upgraded shares of Independent Bank from a “hold” rating to a “buy” rating and set a $89.00 price target for the company in a research note on Tuesday, November 27th. BidaskClub upgraded shares of Independent Bank from a “strong sell” rating to a “sell” rating in a research note on Friday, October 19th. Compass Point lowered shares of Independent Bank from a “buy” rating to a “neutral” rating in a research note on Tuesday, January 8th. Finally, ValuEngine lowered shares of Independent Bank from a “buy” rating to a “hold” rating in a research note on Monday, September 24th.
Independent Bank stock opened at $71.80 on Friday. Independent Bank has a 52 week low of $66.12 and a 52 week high of $95.00. The company has a current ratio of 0.95, a quick ratio of 0.94 and a debt-to-equity ratio of 0.16. The company has a market cap of $1.99 billion, a price-to-earnings ratio of 21.43 and a beta of 1.03.
Independent Bank (NASDAQ:INDB) last issued its quarterly earnings results on Thursday, October 18th. The bank reported $1.14 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $1.20 by ($0.06). Independent Bank had a return on equity of 12.21% and a net margin of 28.75%. The company had revenue of $99.50 million for the quarter, compared to analysts’ expectations of $99.40 million. As a group, sell-side analysts expect that Independent Bank will post 4.67 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which was paid on Friday, January 11th. Stockholders of record on Tuesday, December 31st were given a dividend of $0.38 per share. The ex-dividend date of this dividend was Monday, December 30th. This represents a $1.52 dividend on an annualized basis and a dividend yield of 2.12%. Independent Bank’s dividend payout ratio (DPR) is currently 45.37%.
Several hedge funds and other institutional investors have recently bought and sold shares of INDB. BlackRock Inc. increased its position in shares of Independent Bank by 3.6% in the third quarter. BlackRock Inc. now owns 3,957,783 shares of the bank’s stock valued at $326,914,000 after acquiring an additional 137,404 shares during the period. Vanguard Group Inc lifted its stake in shares of Independent Bank by 2.1% in the third quarter. Vanguard Group Inc now owns 2,746,446 shares of the bank’s stock worth $226,856,000 after buying an additional 56,411 shares in the last quarter. Vanguard Group Inc. lifted its stake in shares of Independent Bank by 2.1% in the third quarter. Vanguard Group Inc. now owns 2,746,446 shares of the bank’s stock worth $226,856,000 after buying an additional 56,411 shares in the last quarter. Northern Trust Corp lifted its stake in shares of Independent Bank by 1.2% in the second quarter. Northern Trust Corp now owns 774,106 shares of the bank’s stock worth $60,690,000 after buying an additional 9,449 shares in the last quarter. Finally, FMR LLC lifted its stake in shares of Independent Bank by 0.6% in the second quarter. FMR LLC now owns 669,962 shares of the bank’s stock worth $52,525,000 after buying an additional 3,741 shares in the last quarter. 80.95% of the stock is owned by institutional investors.
Independent Bank Company Profile
Independent Bank Corp. operates as the bank holding company for Rockland Trust Company that provides commercial banking products and services to individuals and small-to-medium sized businesses primarily in Massachusetts. The company's products and services include demand deposits and time certificates of deposit, as well as checking, money market, and savings accounts.
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