Independent Bank (NASDAQ:INDB) Stock Rating Upgraded by Zacks Investment Research
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. “
Other research analysts have also recently issued reports about the company. Compass Point cut Independent Bank from a buy rating to a neutral rating and decreased their price target for the stock from $91.00 to $76.00 in a research note on Wednesday, March 4th. DA Davidson cut Independent Bank from a buy rating to a neutral rating and increased their price objective for the company from $75.00 to $82.00 in a research note on Monday, June 8th. BidaskClub cut Independent Bank from a hold rating to a sell rating in a research note on Thursday, May 14th. TheStreet cut Independent Bank from a b rating to a c+ rating in a research note on Friday, March 13th. Finally, Piper Sandler cut Independent Bank from an overweight rating to a neutral rating and reduced their price objective for the company from $74.00 to $67.00 in a research note on Wednesday, June 24th. One equities research analyst has rated the stock with a sell rating and seven have given a hold rating to the stock. The stock presently has a consensus rating of Hold and an average price target of $80.75.
Independent Bank (NASDAQ:INDB) last released its quarterly earnings results on Thursday, April 23rd. The bank reported $0.78 EPS for the quarter, missing analysts’ consensus estimates of $1.19 by ($0.41). Independent Bank had a return on equity of 10.42% and a net margin of 26.88%. The firm had revenue of $120.74 million for the quarter, compared to analyst estimates of $123.70 million. On average, sell-side analysts expect that Independent Bank will post 3.54 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Friday, July 10th. Shareholders of record on Monday, June 29th will be paid a $0.46 dividend. This represents a $1.84 dividend on an annualized basis and a yield of 2.85%. The ex-dividend date is Friday, June 26th. Independent Bank’s dividend payout ratio is presently 32.74%.
In other Independent Bank news, COO Robert D. Cozzone sold 3,500 shares of the firm’s stock in a transaction on Tuesday, April 28th. The stock was sold at an average price of $72.02, for a total value of $252,070.00. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Donna L. Abelli sold 780 shares of the firm’s stock in a transaction on Wednesday, May 27th. The shares were sold at an average price of $72.00, for a total value of $56,160.00. The disclosure for this sale can be found here. 1.17% of the stock is owned by company insiders.
A number of institutional investors have recently bought and sold shares of INDB. Brinker Capital Inc. grew its holdings in shares of Independent Bank by 2.1% during the fourth quarter. Brinker Capital Inc. now owns 6,738 shares of the bank’s stock worth $561,000 after purchasing an additional 136 shares during the last quarter. Alliancebernstein L.P. grew its holdings in shares of Independent Bank by 0.3% during the fourth quarter. Alliancebernstein L.P. now owns 54,318 shares of the bank’s stock worth $4,522,000 after purchasing an additional 150 shares during the last quarter. Strs Ohio grew its holdings in shares of Independent Bank by 8.3% during the first quarter. Strs Ohio now owns 2,600 shares of the bank’s stock worth $167,000 after purchasing an additional 200 shares during the last quarter. Comerica Bank grew its holdings in shares of Independent Bank by 0.7% during the fourth quarter. Comerica Bank now owns 32,418 shares of the bank’s stock worth $2,379,000 after purchasing an additional 228 shares during the last quarter. Finally, PNC Financial Services Group Inc. grew its holdings in shares of Independent Bank by 9.6% during the first quarter. PNC Financial Services Group Inc. now owns 2,650 shares of the bank’s stock worth $171,000 after purchasing an additional 232 shares during the last quarter. Institutional investors own 82.24% of the company’s stock.
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 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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