Independent Bank Corp. (INDB) Upgraded at Zacks Investment Research

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.

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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.

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