Key Points
- Independent Bank director Gerard Nadeau sold 3,000 shares on Nov. 21 at an average price of $70 for a total of $210,000, reducing his stake by 11.81% to 22,395 shares, according to an SEC filing.
- Independent Bank trades near $71 with a 52-week range of $52.15–$77.23, pays a quarterly dividend of $0.59 (annualized yield 3.3%), and carries a consensus analyst rating of “Moderate Buy” with an average price target of $76.75.
Independent Bank Corp. (NASDAQ:INDB - Get Free Report) Director Gerard Nadeau sold 3,000 shares of Independent Bank stock in a transaction that occurred on Friday, November 21st. The shares were sold at an average price of $70.00, for a total transaction of $210,000.00. Following the completion of the transaction, the director owned 22,395 shares of the company's stock, valued at $1,567,650. This trade represents a 11.81% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link.
Independent Bank Price Performance
Independent Bank stock opened at $70.96 on Tuesday. The company has a quick ratio of 0.94, a current ratio of 0.95 and a debt-to-equity ratio of 0.22. Independent Bank Corp. has a 52-week low of $52.15 and a 52-week high of $77.23. The firm has a market cap of $3.52 billion, a PE ratio of 17.27 and a beta of 0.89. The company's 50 day moving average is $68.91 and its two-hundred day moving average is $66.79.
Independent Bank (NASDAQ:INDB - Get Free Report) last posted its quarterly earnings data on Wednesday, February 12th. The bank reported $1.01 earnings per share for the quarter. The business had revenue of $175.25 million for the quarter. Independent Bank had a return on equity of 7.19% and a net margin of 16.64%. On average, research analysts expect that Independent Bank Corp. will post 5.41 EPS for the current fiscal year.
Independent Bank Dividend Announcement
The business also recently declared a quarterly dividend, which was paid on Tuesday, October 7th. Shareholders of record on Monday, September 29th were given a $0.59 dividend. The ex-dividend date of this dividend was Monday, September 29th. This represents a $2.36 dividend on an annualized basis and a yield of 3.3%. Independent Bank's dividend payout ratio (DPR) is currently 57.42%.
Analysts Set New Price Targets
A number of equities analysts have recently commented on the company. Keefe, Bruyette & Woods raised Independent Bank from a "market perform" rating to an "outperform" rating and boosted their price objective for the stock from $80.00 to $83.00 in a research report on Tuesday, October 21st. Wall Street Zen upgraded shares of Independent Bank from a "sell" rating to a "hold" rating in a report on Sunday, August 10th. Independent Research set a $83.00 price objective on shares of Independent Bank in a report on Tuesday, October 21st. Weiss Ratings reaffirmed a "hold (c+)" rating on shares of Independent Bank in a research report on Wednesday, October 8th. Finally, Zacks Research lowered Independent Bank from a "strong-buy" rating to a "hold" rating in a report on Tuesday, August 19th. One research analyst has rated the stock with a Strong Buy rating, one has given a Buy rating and three have given a Hold rating to the company. According to data from MarketBeat, Independent Bank has a consensus rating of "Moderate Buy" and an average price target of $76.75.
Read Our Latest Stock Report on INDB
Institutional Inflows and Outflows
Several large investors have recently modified their holdings of the stock. First Horizon Corp acquired a new stake in Independent Bank during the 3rd quarter worth $31,000. Advisory Services Network LLC purchased a new position in shares of Independent Bank during the third quarter worth about $32,000. Cullen Frost Bankers Inc. acquired a new stake in shares of Independent Bank during the third quarter worth about $37,000. EverSource Wealth Advisors LLC lifted its holdings in shares of Independent Bank by 233.3% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 550 shares of the bank's stock valued at $35,000 after purchasing an additional 385 shares during the last quarter. Finally, Danske Bank A S acquired a new stake in shares of Independent Bank in the 3rd quarter valued at about $42,000. Institutional investors and hedge funds own 83.40% of the company's stock.
About Independent Bank
(
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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