DA Davidson started coverage on shares of Independent Bank (NASDAQ:INDB) in a report released on Thursday morning, BenzingaRatingsTable reports. The brokerage issued a neutral rating and a $81.00 price objective on the bank’s stock.

Other equities research analysts also recently issued research reports about the stock. Zacks Investment Research downgraded shares of Hancock Jaffe Laboratories from a buy rating to a hold rating in a report on Wednesday, June 26th. ValuEngine downgraded shares of Zumiez from a hold rating to a sell rating in a report on Tuesday, July 2nd. Sandler O’Neill raised shares of Independent Bank from a hold rating to a buy rating in a report on Wednesday, April 3rd. Finally, BidaskClub raised shares of Zumiez from a sell rating to a hold rating in a report on Saturday, June 22nd. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and two have assigned a buy rating to the company. The stock has a consensus rating of Hold and an average price target of $86.00.

INDB stock traded down $0.38 during trading on Thursday, hitting $73.94. The company had a trading volume of 2,491 shares, compared to its average volume of 119,234. The company has a market capitalization of $2.54 billion, a price-to-earnings ratio of 15.77 and a beta of 1.14. The firm has a 50 day moving average price of $73.26. Independent Bank has a fifty-two week low of $66.12 and a fifty-two week high of $95.00. The company has a quick ratio of 0.97, a current ratio of 0.97 and a debt-to-equity ratio of 0.28.

Independent Bank (NASDAQ:INDB) last posted its quarterly earnings data on Thursday, April 18th. The bank reported $1.30 earnings per share for the quarter, missing the consensus estimate of $1.33 by ($0.03). The company had revenue of $104.06 million during the quarter, compared to analyst estimates of $106.30 million. Independent Bank had a return on equity of 13.38% and a net margin of 29.95%. As a group, equities analysts predict that Independent Bank will post 5.5 EPS for the current fiscal year.

The firm also recently declared a quarterly dividend, which will be paid on Friday, July 12th. Shareholders of record on Monday, July 1st will be issued a $0.44 dividend. This represents a $1.76 dividend on an annualized basis and a yield of 2.38%. The ex-dividend date is Friday, June 28th. Independent Bank’s payout ratio is 37.53%.

In other Independent Bank news, Director Daniel F. Obrien sold 1,712 shares of the company’s stock in a transaction dated Wednesday, May 29th. The shares were sold at an average price of $72.75, for a total value of $124,548.00. Following the completion of the sale, the director now directly owns 21,492 shares of the company’s stock, valued at approximately $1,563,543. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, President Gerard F. Nadeau sold 1,215 shares of the company’s stock in a transaction dated Tuesday, April 30th. The shares were sold at an average price of $80.27, for a total transaction of $97,528.05. Following the completion of the sale, the president now directly owns 17,791 shares of the company’s stock, valued at $1,428,083.57. The disclosure for this sale can be found here. Insiders sold a total of 7,727 shares of company stock valued at $603,916 over the last three months. 1.60% of the stock is owned by corporate insiders.

A number of hedge funds and other institutional investors have recently modified their holdings of the business. BlackRock Inc. lifted its holdings in Independent Bank by 12.6% in the 1st quarter. BlackRock Inc. now owns 4,538,233 shares of the bank’s stock valued at $367,642,000 after acquiring an additional 508,987 shares during the last quarter. Champlain Investment Partners LLC lifted its holdings in Independent Bank by 13.6% in the 1st quarter. Champlain Investment Partners LLC now owns 957,230 shares of the bank’s stock valued at $77,545,000 after acquiring an additional 114,280 shares during the last quarter. FMR LLC lifted its holdings in Independent Bank by 19.0% in the 1st quarter. FMR LLC now owns 861,271 shares of the bank’s stock valued at $69,772,000 after acquiring an additional 137,622 shares during the last quarter. Rockland Trust Co. lifted its holdings in Independent Bank by 5.1% in the 1st quarter. Rockland Trust Co. now owns 613,742 shares of the bank’s stock valued at $36,542,000 after acquiring an additional 29,758 shares during the last quarter. Finally, Macquarie Group Ltd. lifted its holdings in Independent Bank by 17.1% in the 4th quarter. Macquarie Group Ltd. now owns 592,782 shares of the bank’s stock valued at $41,679,000 after acquiring an additional 86,684 shares during the last quarter. 70.75% of the stock is owned by institutional investors.

About Independent Bank

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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