Independent Bank (NASDAQ:INDB) Upgraded to "Hold" at StockNews.com

StockNews.com upgraded shares of Independent Bank (NASDAQ:INDB - Free Report) from a sell rating to a hold rating in a report published on Tuesday morning.

INDB has been the subject of a number of other research reports. Keefe, Bruyette & Woods dropped their target price on shares of Independent Bank from $82.00 to $80.00 and set a "market perform" rating for the company in a research report on Tuesday, January 21st. Raymond James restated a "strong-buy" rating and set a $78.00 price objective (up previously from $74.00) on shares of Independent Bank in a research report on Tuesday, January 21st.

Independent Bank Price Performance

Independent Bank stock traded down $0.45 during mid-day trading on Tuesday, hitting $64.70. The stock had a trading volume of 219,337 shares, compared to its average volume of 250,420. Independent Bank has a one year low of $45.11 and a one year high of $77.23. The company has a current ratio of 0.95, a quick ratio of 0.95 and a debt-to-equity ratio of 0.23. The firm has a market capitalization of $2.76 billion, a P/E ratio of 14.31 and a beta of 0.77. The firm's 50 day moving average is $66.48 and its 200 day moving average is $65.61.

Remove Ads

Independent Bank (NASDAQ:INDB - Get Free Report) last released its earnings results on Thursday, January 16th. The bank reported $1.21 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.16 by $0.05. Independent Bank had a return on equity of 6.57% and a net margin of 19.58%. On average, sell-side analysts forecast that Independent Bank will post 5.41 earnings per share for the current fiscal year.

Independent Bank Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, April 7th. Shareholders of record on Monday, March 31st will be given a dividend of $0.59 per share. The ex-dividend date is Monday, March 31st. This is an increase from Independent Bank's previous quarterly dividend of $0.57. This represents a $2.36 dividend on an annualized basis and a yield of 3.65%. Independent Bank's dividend payout ratio is 52.21%.

Insider Transactions at Independent Bank

In related news, Director Donna L. Abelli sold 640 shares of the firm's stock in a transaction on Tuesday, February 11th. The stock was sold at an average price of $70.03, for a total value of $44,819.20. Following the completion of the sale, the director now directly owns 12,516 shares in the company, valued at $876,495.48. This trade represents a 4.86 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Company insiders own 0.87% of the company's stock.

Hedge Funds Weigh In On Independent Bank

Several hedge funds have recently added to or reduced their stakes in INDB. Jefferies Financial Group Inc. bought a new position in shares of Independent Bank during the fourth quarter valued at approximately $2,157,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its stake in Independent Bank by 17.1% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 97,284 shares of the bank's stock worth $6,245,000 after purchasing an additional 14,236 shares during the period. Voloridge Investment Management LLC lifted its position in shares of Independent Bank by 2.3% during the fourth quarter. Voloridge Investment Management LLC now owns 209,963 shares of the bank's stock worth $13,478,000 after purchasing an additional 4,798 shares during the last quarter. Squarepoint Ops LLC bought a new position in shares of Independent Bank in the fourth quarter worth about $3,207,000. Finally, Twinbeech Capital LP purchased a new position in Independent Bank in the 4th quarter worth about $503,000. 83.40% of the stock is currently owned by institutional investors.

Independent Bank Company Profile

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 in the United States. The company provides interest checking, money market, and savings accounts, as well as demand deposits and time certificates of deposit.