Key Points
- Director Thomas Venables sold 405 shares on December 5 at an average price of $73.93 for $29,941.65, trimming his stake by 1.93% to 20,557 shares (valued at about $1.52M).
- Shares trading near a one‑year high — INDB opened at $74.15 (one‑year high $74.67) with 50‑ and 200‑day moving averages of $69.45 and $67.47; analysts have an average target of $76.75 and a consensus rating of "Moderate Buy."
- Dividend yield: the bank pays a $0.59 quarterly dividend ($2.36 annualized) for a 3.2% yield and a payout ratio of 57.42%.
Independent Bank Corp. (NASDAQ:INDB - Get Free Report) Director Thomas Venables sold 405 shares of the firm's stock in a transaction that occurred on Friday, December 5th. The shares were sold at an average price of $73.93, for a total transaction of $29,941.65. Following the completion of the transaction, the director owned 20,557 shares of the company's stock, valued at $1,519,779.01. This trade represents a 1.93% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink.
Independent Bank Price Performance
Shares of NASDAQ:INDB opened at $74.15 on Tuesday. The company's fifty day moving average price is $69.45 and its 200-day moving average price is $67.47. Independent Bank Corp. has a one year low of $52.15 and a one year high of $74.67. The company has a debt-to-equity ratio of 0.22, a current ratio of 0.95 and a quick ratio of 0.94. The firm has a market capitalization of $3.68 billion, a price-to-earnings ratio of 18.04 and a beta of 0.81.
Independent Bank (NASDAQ:INDB - Get Free Report) last announced its quarterly earnings data on Wednesday, February 12th. The bank reported $1.01 earnings per share for the quarter. The company 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, equities research analysts anticipate that Independent Bank Corp. will post 5.41 earnings per share for the current fiscal year.
Independent Bank Announces Dividend
The business also recently disclosed a quarterly dividend, which was paid on Tuesday, October 7th. Shareholders of record on Monday, September 29th were issued a $0.59 dividend. The ex-dividend date was Monday, September 29th. This represents a $2.36 annualized dividend and a yield of 3.2%. Independent Bank's dividend payout ratio (DPR) is 57.42%.
Institutional Investors Weigh In On Independent Bank
A number of large investors have recently bought and sold shares of INDB. First Horizon Corp purchased a new position in Independent Bank during the third quarter worth approximately $31,000. Advisory Services Network LLC acquired a new stake in Independent Bank in the 3rd quarter valued at about $32,000. EverSource Wealth Advisors LLC grew its holdings in shares of Independent Bank by 233.3% in the second 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 period. Cullen Frost Bankers Inc. acquired a new stake in shares of Independent Bank during the 3rd quarter worth approximately $37,000. Finally, Private Trust Co. NA raised its position in Independent Bank by 296.8% in the second quarter. Private Trust Co. NA now owns 619 shares of the bank's stock valued at $39,000 after purchasing an additional 463 shares during the period. Hedge funds and other institutional investors own 83.40% of the company's stock.
Analysts Set New Price Targets
Several research firms recently commented on INDB. Weiss Ratings reissued a "hold (c+)" rating on shares of Independent Bank in a research note on Wednesday, October 8th. Keefe, Bruyette & Woods upgraded shares of Independent Bank from a "market perform" rating to an "outperform" rating and lifted their target price for the company from $80.00 to $83.00 in a research note on Tuesday, October 21st. Zacks Research lowered shares of Independent Bank from a "strong-buy" rating to a "hold" rating in a report on Tuesday, August 19th. Finally, Independent Research set a $83.00 price target on Independent Bank in a research note on Tuesday, October 21st. One analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating and three have assigned a Hold rating to the stock. Based on data from MarketBeat.com, Independent Bank currently has an average rating of "Moderate Buy" and an average target price of $76.75.
Read Our Latest Report on Independent Bank
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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