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.
Several other equities research analysts also recently commented on INDB. Keefe, Bruyette & Woods dropped their target price on Independent Bank from $82.00 to $80.00 and set a "market perform" rating on the stock in a report on Tuesday, January 21st. Raymond James reiterated a "strong-buy" rating and set a $78.00 price objective (up previously from $74.00) on shares of Independent Bank in a research note on Tuesday, January 21st.
Read Our Latest Analysis on INDB
Independent Bank Trading Down 2.3 %
Shares of INDB stock traded down $1.51 during trading hours on Tuesday, hitting $63.19. 167,662 shares of the company were exchanged, compared to its average volume of 279,490. The firm has a fifty day moving average of $66.48 and a 200 day moving average of $65.61. The company has a quick ratio of 0.95, a current ratio of 0.95 and a debt-to-equity ratio of 0.23. Independent Bank has a 1 year low of $45.11 and a 1 year high of $77.23. The firm has a market cap of $2.69 billion, a PE ratio of 13.98 and a beta of 0.77.
Independent Bank (NASDAQ:INDB - Get Free Report) last announced its quarterly earnings results on Thursday, January 16th. The bank reported $1.21 earnings per share for the quarter, beating analysts' consensus estimates of $1.16 by $0.05. Independent Bank had a net margin of 19.58% and a return on equity of 6.57%. Analysts expect that Independent Bank will post 5.41 earnings per share for the current year.
Independent Bank Increases Dividend
The firm also recently declared a quarterly dividend, which will be paid on Monday, April 7th. Investors of record on Monday, March 31st will be paid a $0.59 dividend. This is a boost from Independent Bank's previous quarterly dividend of $0.57. The ex-dividend date of this dividend is Monday, March 31st. This represents a $2.36 annualized dividend and a dividend yield of 3.73%. Independent Bank's payout ratio is 52.21%.
Insider Activity at Independent Bank
In other Independent Bank news, Director Donna L. Abelli sold 640 shares of the company's stock in a transaction that occurred 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 transaction, the director now directly owns 12,516 shares of the company's stock, valued at $876,495.48. This represents a 4.86 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. 0.87% of the stock is currently owned by company insiders.
Institutional Trading of Independent Bank
A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Jefferies Financial Group Inc. acquired a new position in Independent Bank during the 4th quarter worth $2,157,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its position in shares of Independent Bank by 17.1% during 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 last quarter. Voloridge Investment Management LLC increased its holdings in Independent Bank by 2.3% in the fourth quarter. Voloridge Investment Management LLC now owns 209,963 shares of the bank's stock valued at $13,478,000 after buying an additional 4,798 shares during the last quarter. Squarepoint Ops LLC acquired a new stake in Independent Bank during the fourth quarter valued at approximately $3,207,000. Finally, Twinbeech Capital LP bought a new position in Independent Bank during the 4th quarter worth approximately $503,000. Institutional investors own 83.40% of the company's stock.
Independent Bank Company Profile
(
Get Free Report)
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.
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