Zacks Investment Research upgraded shares of Independent Bank Corp. (NASDAQ:INDB) from a hold rating to a buy rating in a research note published on Wednesday morning. They currently have $81.00 price objective on the bank’s stock.
According to Zacks, “Independent Bank Corp. is a bank holding company for Rockland Trust Company. They are a community-oriented commercial bank. The community banking business consists of commercial banking, retail banking and trust services and is managed as a single strategic unit. The community banking business derives its revenues from a wide range of banking services, including lending activities, acceptance of demand, savings and time deposits, trust and investment management, and mortgage servicing income from investors. “
Several other research analysts have also commented on INDB. Compass Point upgraded Independent Bank Corp. from a neutral rating to a buy rating and set a $72.00 price target for the company in a research report on Friday, July 21st. BidaskClub lowered Independent Bank Corp. from a buy rating to a hold rating in a research report on Wednesday, June 21st. Keefe, Bruyette & Woods restated a hold rating and set a $71.00 price target on shares of Independent Bank Corp. in a research report on Wednesday, June 28th. Sandler O’Neill upgraded Independent Bank Corp. from a sell rating to a hold rating in a research report on Monday, May 15th. Finally, Piper Jaffray Companies assumed coverage on Independent Bank Corp. in a research report on Monday, May 15th. They set a neutral rating and a $63.00 price target for the company. Four analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. Independent Bank Corp. presently has a consensus rating of Hold and an average target price of $67.60.
Shares of Independent Bank Corp. (NASDAQ:INDB) opened at 71.30 on Wednesday. The firm has a 50-day moving average price of $67.25 and a 200-day moving average price of $64.50. The company has a market cap of $1.96 billion, a P/E ratio of 24.24 and a beta of 0.97. Independent Bank Corp. has a 1-year low of $46.75 and a 1-year high of $73.15.
Independent Bank Corp. (NASDAQ:INDB) last released its quarterly earnings results on Thursday, July 20th. The bank reported $0.82 EPS for the quarter, topping the consensus estimate of $0.81 by $0.01. Independent Bank Corp. had a return on equity of 9.70% and a net margin of 23.17%. The business had revenue of $85.15 million during the quarter, compared to analyst estimates of $85.20 million. During the same period last year, the business posted $0.78 earnings per share. On average, equities analysts expect that Independent Bank Corp. will post $3.31 EPS for the current year.
TRADEMARK VIOLATION WARNING: This piece was first published by Sports Perspectives and is the property of of Sports Perspectives. If you are viewing this piece on another website, it was stolen and reposted in violation of US and international trademark and copyright legislation. The legal version of this piece can be accessed at https://sportsperspectives.com/2017/07/29/independent-bank-corp-indb-upgraded-at-zacks-investment-research.html.
The business also recently announced a quarterly dividend, which was paid on Friday, July 7th. Investors of record on Monday, June 26th were issued a $0.32 dividend. The ex-dividend date was Thursday, June 22nd. This represents a $1.28 dividend on an annualized basis and a yield of 1.80%. Independent Bank Corp.’s dividend payout ratio (DPR) is presently 43.69%.
In related news, insider Mark J. Ruggiero sold 400 shares of Independent Bank Corp. stock in a transaction on Tuesday, July 25th. The stock was sold at an average price of $73.05, for a total value of $29,220.00. Following the completion of the transaction, the insider now directly owns 2,852 shares in the company, valued at $208,338.60. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Christopher Oddleifson sold 1,750 shares of Independent Bank Corp. stock in a transaction on Wednesday, July 26th. The shares were sold at an average price of $72.02, for a total value of $126,035.00. Following the completion of the transaction, the insider now owns 92,143 shares of the company’s stock, valued at $6,636,138.86. The disclosure for this sale can be found here. Over the last quarter, insiders sold 10,353 shares of company stock valued at $685,572. 2.67% of the stock is currently owned by company insiders.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. BlackRock Inc. raised its position in Independent Bank Corp. by 49,979.6% in the first quarter. BlackRock Inc. now owns 3,281,718 shares of the bank’s stock worth $213,310,000 after buying an additional 3,275,165 shares during the period. Denver Investment Advisors LLC bought a new position in Independent Bank Corp. during the first quarter worth about $12,268,000. Norges Bank bought a new position in Independent Bank Corp. during the fourth quarter worth about $11,157,000. Bank of New York Mellon Corp raised its position in Independent Bank Corp. by 26.8% in the first quarter. Bank of New York Mellon Corp now owns 555,720 shares of the bank’s stock worth $36,122,000 after buying an additional 117,428 shares during the period. Finally, State Street Corp raised its position in Independent Bank Corp. by 15.2% in the first quarter. State Street Corp now owns 841,085 shares of the bank’s stock worth $54,681,000 after buying an additional 111,161 shares during the period. Hedge funds and other institutional investors own 76.91% of the company’s stock.
About Independent Bank Corp.
Independent Bank Corp. is a bank holding company. The Company operates through its subsidiary, Rockland Trust Company (the Bank). The Bank is a community-oriented commercial bank. Its community banking business provides a range of banking services, including lending activities, acceptance of demand, savings, and time deposits, and investment management.
Get a free copy of the Zacks research report on Independent Bank Corp. (INDB)
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for Independent Bank Corp. Daily – Enter your email address below to receive a concise daily summary of the latest news and analysts’ ratings for Independent Bank Corp. and related companies with MarketBeat.com’s FREE daily email newsletter.