Sandler O’Neill upgraded shares of Independent Bank (NASDAQ:INDB) from a hold rating to a buy rating in a report released on Wednesday morning, BenzingaRatingsTable reports.

Several other equities research analysts have also weighed in on the company. BidaskClub upgraded Independent Bank from a sell rating to a hold rating in a research report on Wednesday, March 27th. Compass Point lowered Independent Bank from a buy rating to a neutral rating in a research report on Tuesday, January 8th. Finally, Zacks Investment Research lowered Independent Bank from a buy rating to a hold rating in a research report on Tuesday, December 25th. Five research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. The stock currently has an average rating of Hold and a consensus price target of $85.67.

Shares of INDB stock traded up $0.16 during trading hours on Wednesday, reaching $85.08. The company’s stock had a trading volume of 1,158 shares, compared to its average volume of 203,282. The firm has a market cap of $2.34 billion, a P/E ratio of 18.11 and a beta of 1.07. Independent Bank has a one year low of $66.12 and a one year high of $95.00. The company has a debt-to-equity ratio of 0.24, a quick ratio of 0.96 and a current ratio of 0.96.

Independent Bank (NASDAQ:INDB) last released its quarterly earnings results on Thursday, January 17th. The bank reported $1.29 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $1.30 by ($0.01). Independent Bank had a net margin of 29.50% and a return on equity of 12.96%. The firm had revenue of $103.78 million for the quarter, compared to the consensus estimate of $103.00 million. As a group, equities analysts predict that Independent Bank will post 5.58 EPS for the current year.

The business also recently announced a quarterly dividend, which will be paid on Friday, April 5th. Shareholders of record on Monday, March 25th will be issued a $0.44 dividend. This represents a $1.76 annualized dividend and a yield of 2.07%. This is an increase from Independent Bank’s previous quarterly dividend of $0.38. The ex-dividend date of this dividend is Friday, March 22nd. Independent Bank’s payout ratio is 37.53%.

In other Independent Bank news, CEO Christopher Oddleifson sold 1,500 shares of the business’s stock in a transaction on Friday, January 25th. The stock was sold at an average price of $77.99, for a total value of $116,985.00. Following the sale, the chief executive officer now directly owns 88,617 shares of the company’s stock, valued at $6,911,239.83. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Robert D. Cozzone sold 3,206 shares of the business’s stock in a transaction on Tuesday, March 12th. The stock was sold at an average price of $81.01, for a total value of $259,718.06. The disclosure for this sale can be found here. Insiders sold 10,256 shares of company stock worth $824,839 over the last three months. Corporate insiders own 4.66% of the company’s stock.

Institutional investors have recently added to or reduced their stakes in the business. Wells Fargo & Company MN raised its stake in shares of Independent Bank by 2.7% in the third quarter. Wells Fargo & Company MN now owns 69,446 shares of the bank’s stock worth $5,737,000 after purchasing an additional 1,844 shares during the last quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS increased its position in Independent Bank by 12.7% in the third quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 6,574 shares of the bank’s stock worth $543,000 after buying an additional 740 shares in the last quarter. Bank of New York Mellon Corp increased its position in Independent Bank by 2.5% in the third quarter. Bank of New York Mellon Corp now owns 435,985 shares of the bank’s stock worth $36,013,000 after buying an additional 10,677 shares in the last quarter. BlackRock Inc. increased its position in Independent Bank by 3.6% in the third quarter. BlackRock Inc. now owns 3,957,783 shares of the bank’s stock worth $326,914,000 after buying an additional 137,404 shares in the last quarter. Finally, Panagora Asset Management Inc. purchased a new stake in Independent Bank in the third quarter worth about $1,637,000. 97.24% of the stock is currently owned by institutional investors and hedge funds.

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. The company's products and services include demand deposits and time certificates of deposit, as well as checking, money market, and savings accounts.

See Also: Retained Earnings

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