Independent Bank Corp. (NASDAQ:INDB) Receives Consensus Recommendation of “Moderate Buy” from Analysts

Shares of Independent Bank Corp. (NASDAQ:INDB) have received a consensus recommendation of “Moderate Buy” from the seven brokerages that are presently covering the stock, MarketBeat Ratings reports. One research analyst has rated the stock with a sell rating, one has assigned a hold rating, four have issued a buy rating and one has issued a strong buy rating on the company. The average 1-year target price among brokerages that have issued ratings on the stock in the last year is $91.8571.

Several brokerages have recently issued reports on INDB. Piper Sandler increased their price objective on Independent Bank from $84.00 to $90.00 and gave the company a “neutral” rating in a research note on Friday, June 26th. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Independent Bank in a research report on Wednesday, August 5th. Finally, Keefe, Bruyette & Woods decreased their price objective on Independent Bank from $99.00 to $96.00 and set an “outperform” rating for the company in a research note on Monday, July 20th.

Insider Buying and Selling at Independent Bank

In other news, Director Gerard F. Nadeau sold 5,307 shares of the business’s stock in a transaction dated Monday, August 3rd. The shares were sold at an average price of $84.69, for a total transaction of $449,449.83. Following the transaction, the director directly owned 16,907 shares in the company, valued at $1,431,853.83. The trade was a 23.89% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Thomas R. Venables sold 3,750 shares of the stock in a transaction on Tuesday, August 25th. The stock was sold at an average price of $83.00, for a total value of $311,250.00. Following the completion of the transaction, the director owned 17,649 shares of the company’s stock, valued at $1,464,867. The trade was a 17.52% decrease in their position. The SEC filing for this sale provides additional information. 1.60% of the stock is owned by company insiders.

Institutional Trading of Independent Bank

Institutional investors have recently bought and sold shares of the company. Squarepoint Ops LLC acquired a new stake in shares of Independent Bank in the second quarter valued at approximately $1,461,000. Waverly Advisors LLC acquired a new position in shares of Independent Bank during the 2nd quarter worth approximately $217,000. Nykredit A S acquired a new position in shares of Independent Bank during the 2nd quarter worth approximately $140,000. VIRGINIA RETIREMENT SYSTEMS ET Al purchased a new stake in shares of Independent Bank during the second quarter worth about $1,206,000. Finally, HB Wealth Management LLC purchased a new stake in shares of Independent Bank during the second quarter worth about $223,000. 83.40% of the stock is currently owned by hedge funds and other institutional investors.

Independent Bank Trading Down 1.0%

Shares of Independent Bank stock traded down $0.83 on Friday, reaching $81.59. The company had a trading volume of 74,584 shares, compared to its average volume of 344,588. The firm’s 50 day moving average price is $83.97 and its two-hundred day moving average price is $80.66. The company has a debt-to-equity ratio of 0.20, a quick ratio of 0.94 and a current ratio of 0.94. Independent Bank has a 52-week low of $63.33 and a 52-week high of $87.50. The firm has a market cap of $3.87 billion, a PE ratio of 14.72 and a beta of 0.76.

Independent Bank (NASDAQ:INDB) last released its earnings results on Thursday, July 16th. The bank reported $1.70 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.79 by ($0.09). Independent Bank had a return on equity of 9.19% and a net margin of 20.31%.The business had revenue of $253.32 million for the quarter, compared to analyst estimates of $257.50 million. Sell-side analysts predict that Independent Bank will post 7.11 earnings per share for the current fiscal year.

Independent Bank Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, October 9th. Stockholders of record on Monday, September 28th will be given a dividend of $0.64 per share. This represents a $2.56 annualized dividend and a dividend yield of 3.1%. The ex-dividend date of this dividend is Monday, September 28th. Independent Bank’s dividend payout ratio is currently 46.21%.

About Independent Bank

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, families, businesses and institutions.

Rockland Trust offers a range of consumer and commercial banking products, including checking and savings accounts, residential and commercial lending, mortgages, home equity financing, business loans, cash-management services and online and mobile banking.