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Independent Bank Corp (NASDAQ:INDB) reached a new 52-week low during trading on Tuesday after Piper Sandler lowered their price target on the stock from $68.00 to $58.00. Piper Sandler currently has a neutral rating on the stock. Independent Bank traded as low as $49.31 and last traded at $49.31, with a volume of 419 shares. The stock had previously closed at $50.34.
A number of other research firms have also recently commented on INDB. BidaskClub cut Independent Bank from a “sell” rating to a “strong sell” rating in a research note on Saturday, August 29th. DA Davidson reaffirmed a “neutral” rating on shares of Independent Bank in a research note on Monday, September 14th. Finally, Zacks Investment Research downgraded Independent Bank from a “hold” rating to a “strong sell” rating in a research note on Friday, July 31st. Two analysts have rated the stock with a sell rating and six have given a hold rating to the company. The company presently has an average rating of “Hold” and a consensus target price of $78.50.
In related news, Director Daniel F. Obrien sold 2,000 shares of the business’s stock in a transaction on Monday, August 17th. The stock was sold at an average price of $67.54, for a total transaction of $135,080.00. Following the transaction, the director now directly owns 22,940 shares in the company, valued at approximately $1,549,367.60. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. 1.17% of the stock is owned by insiders.
A number of hedge funds have recently made changes to their positions in INDB. Victory Capital Management Inc. grew its stake in Independent Bank by 46.7% during the 1st quarter. Victory Capital Management Inc. now owns 1,446,035 shares of the bank’s stock worth $93,081,000 after buying an additional 460,518 shares during the last quarter. FMR LLC grew its stake in Independent Bank by 207.0% during the 2nd quarter. FMR LLC now owns 630,289 shares of the bank’s stock worth $42,286,000 after buying an additional 424,978 shares during the last quarter. Palisade Capital Management LLC NJ purchased a new position in Independent Bank during the 2nd quarter worth $13,423,000. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp grew its stake in Independent Bank by 58.4% during the 2nd quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 176,970 shares of the bank’s stock worth $11,873,000 after buying an additional 65,270 shares during the last quarter. Finally, State Street Corp grew its stake in Independent Bank by 4.9% during the 1st quarter. State Street Corp now owns 1,226,455 shares of the bank’s stock valued at $79,509,000 after purchasing an additional 57,668 shares during the last quarter. Hedge funds and other institutional investors own 82.24% of the company’s stock.
The company has a debt-to-equity ratio of 0.18, a quick ratio of 0.97 and a current ratio of 0.97. The company has a 50 day simple moving average of $60.57 and a two-hundred day simple moving average of $64.23. The firm has a market cap of $1.67 billion, a PE ratio of 11.43 and a beta of 0.87.
Independent Bank (NASDAQ:INDB) last posted its quarterly earnings results on Thursday, July 23rd. The bank reported $0.76 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.62 by $0.14. The business had revenue of $119.29 million for the quarter, compared to the consensus estimate of $124.80 million. Independent Bank had a return on equity of 8.95% and a net margin of 26.94%. As a group, research analysts predict that Independent Bank Corp will post 3.34 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, October 9th. Stockholders of record on Monday, September 28th will be issued a $0.46 dividend. The ex-dividend date is Friday, September 25th. This represents a $1.84 annualized dividend and a dividend yield of 3.63%. Independent Bank’s dividend payout ratio (DPR) is presently 32.74%.
About Independent Bank (NASDAQ:INDB)
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. Its products and services include demand deposits and time certificates of deposit, as well as checking, money market, and savings accounts.
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