Independent Bank (NASDAQ:INDB) Stock: Insider Thomas Venables Sells 1,000 Shares

Independent Bank Corp. (NASDAQ:INDB) Director Thomas Venables sold 1,000 shares of Independent Bank stock in a transaction that occurred on Friday, November 13th. The stock was sold at an average price of $84.32, for a total value of $84,320.00. Following the completion of the sale, the director owned 16,649 shares in the company, valued at approximately $1,403,843.68. This represents a 5.67% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link.

Independent Bank Trading Up 0.4%

Shares of INDB traded up $0.35 during mid-day trading on Friday, hitting $84.47. 199,779 shares of the company’s stock traded hands, compared to its average volume of 376,561. The company has a quick ratio of 0.93, a current ratio of 0.93 and a debt-to-equity ratio of 0.18. Independent Bank Corp. has a 1 year low of $66.17 and a 1 year high of $88.58. The firm has a market capitalization of $3.91 billion, a P/E ratio of 12.51 and a beta of 0.74. The business’s 50-day moving average price is $81.52 and its 200-day moving average price is $80.98.

Independent Bank (NASDAQ:INDB) last announced its earnings results on Thursday, October 15th. The bank reported $1.90 EPS for the quarter, beating analysts’ consensus estimates of $1.85 by $0.05. The company had revenue of $261.95 million during the quarter, compared to the consensus estimate of $261.27 million. Independent Bank had a return on equity of 9.61% and a net margin of 24.27%. As a group, sell-side analysts forecast that Independent Bank Corp. will post 7.25 EPS for the current fiscal year.

Independent Bank Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, October 9th. Shareholders of record on Monday, September 28th were given a dividend of $0.64 per share. This represents a $2.56 dividend on an annualized basis and a yield of 3.0%. The ex-dividend date of this dividend was Monday, September 28th. Independent Bank’s payout ratio is presently 37.93%.

Analyst Upgrades and Downgrades

INDB has been the subject of several research analyst reports. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Independent Bank in a research report on Tuesday, November 3rd. Barclays lifted their target price on shares of Independent Bank from $82.00 to $86.00 and gave the company an “underweight” rating in a research note on Tuesday, November 3rd. Keefe, Bruyette & Woods reduced their price target on shares of Independent Bank from $99.00 to $96.00 and set an “outperform” rating on the stock in a research report on Monday, July 20th. Finally, Piper Sandler raised shares of Independent Bank from a “hold” rating to a “strong-buy” rating in a research note on Friday, October 2nd. Two analysts have rated the stock with a Strong Buy rating, four have assigned a Buy rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Buy” and an average target price of $92.43.

Institutional Trading of Independent Bank

A number of hedge funds have recently modified their holdings of INDB. BlackRock Inc. bought a new position in shares of Independent Bank in the 2nd quarter worth about $584,333,000. Reinhart Partners LLC. boosted its stake in Independent Bank by 1.3% during the second quarter. Reinhart Partners LLC. now owns 657,871 shares of the bank’s stock worth $55,078,000 after acquiring an additional 8,575 shares in the last quarter. Bank of America Corp DE boosted its stake in Independent Bank by 16.6% during the first quarter. Bank of America Corp DE now owns 592,665 shares of the bank’s stock worth $44,574,000 after acquiring an additional 84,282 shares in the last quarter. Bank of New York Mellon Corp bought a new stake in Independent Bank during the second quarter worth about $41,268,000. Finally, NFJ Investment Group LLC purchased a new stake in Independent Bank in the second quarter worth about $35,278,000. Institutional investors own 83.40% of the company’s stock.

Independent Bank Company Profile

Independent Bank Corp. is a bank holding company headquartered in Rockland, Massachusetts. Its principal subsidiary, Rockland Trust Company, provides banking and financial services to individuals, businesses and organizations. Rockland Trust offers checking and savings accounts, loans, mortgages, and other deposit and lending services. Its business banking services include cash management and financing, while wealth management services include investment and trust services. Founded in 1907, Rockland Trust serves communities across Massachusetts through its branch network and digital banking channels.