Independent Bank (NASDAQ:INDB) Earns Neutral Rating from Analysts at DA Davidson

DA Davidson began coverage on shares of Independent Bank (NASDAQ:INDB) in a research note published on Thursday, BenzingaRatingsTable reports. The firm issued a neutral rating and a $81.00 price target on the bank’s stock.

Other research analysts have also recently issued research reports about the company. Sandler O’Neill raised Independent Bank from a hold rating to a buy rating in a research note on Wednesday, April 3rd. BidaskClub raised Zumiez from a sell rating to a hold rating in a research note on Saturday, June 22nd. Zacks Investment Research cut Hancock Jaffe Laboratories from a buy rating to a hold rating in a research note on Wednesday, June 26th. Finally, ValuEngine cut Zumiez from a hold rating to a sell rating in a research note on Tuesday, July 2nd. One research analyst has rated the stock with a sell rating, four have given a hold rating and two have assigned a buy rating to the company. The stock presently has a consensus rating of Hold and an average price target of $86.00.

Shares of INDB stock opened at $73.36 on Thursday. The company has a quick ratio of 0.97, a current ratio of 0.97 and a debt-to-equity ratio of 0.28. Independent Bank has a 52-week low of $66.12 and a 52-week high of $95.00. The stock has a market capitalization of $2.52 billion, a P/E ratio of 15.64 and a beta of 1.14. The stock has a fifty day simple moving average of $73.25.

Independent Bank (NASDAQ:INDB) last issued its quarterly earnings data on Thursday, April 18th. The bank reported $1.30 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $1.33 by ($0.03). The business had revenue of $104.06 million during the quarter, compared to analysts’ expectations of $106.30 million. Independent Bank had a return on equity of 13.38% and a net margin of 29.95%. Sell-side analysts predict that Independent Bank will post 5.5 earnings per share for the current fiscal year.

The firm also recently announced a quarterly dividend, which was paid on Friday, July 12th. Investors of record on Monday, July 1st were paid a $0.44 dividend. The ex-dividend date was Friday, June 28th. This represents a $1.76 annualized dividend and a dividend yield of 2.40%. Independent Bank’s payout ratio is presently 37.53%.

In related news, Director Daniel F. Obrien sold 1,712 shares of the firm’s stock in a transaction dated Wednesday, May 29th. The stock was sold at an average price of $72.75, for a total value of $124,548.00. Following the sale, the director now directly owns 21,492 shares of the company’s stock, valued at $1,563,543. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Donna L. Abelli sold 800 shares of the firm’s stock in a transaction dated Friday, April 26th. The stock was sold at an average price of $80.00, for a total value of $64,000.00. The disclosure for this sale can be found here. Insiders sold 7,727 shares of company stock worth $603,916 over the last three months. 1.60% of the stock is owned by insiders.

Institutional investors and hedge funds have recently modified their holdings of the business. Huntington National Bank purchased a new stake in Independent Bank in the first quarter worth about $34,000. Strs Ohio lifted its holdings in Independent Bank by 40.0% in the first quarter. Strs Ohio now owns 700 shares of the bank’s stock worth $56,000 after buying an additional 200 shares during the period. PNC Financial Services Group Inc. lifted its holdings in Independent Bank by 16.1% in the fourth quarter. PNC Financial Services Group Inc. now owns 1,155 shares of the bank’s stock worth $81,000 after buying an additional 160 shares during the period. Evergreen Capital Management LLC purchased a new stake in Independent Bank in the first quarter worth about $213,000. Finally, Welch & Forbes LLC purchased a new stake in Independent Bank in the first quarter worth about $223,000. Institutional investors and hedge funds own 70.63% of the company’s stock.

About Independent Bank

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. Its products and services include demand deposits and time certificates of deposit, as well as checking, money market, and savings accounts.

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