Key Points
- Director Thomas Venables sold 1,000 Independent Bank shares at an average of $84.32, totaling $84,320. The sale reduced his position by 5.67%, leaving him with 16,649 shares.
- Independent Bank reported quarterly EPS of $1.90, beating the $1.85 consensus estimate; revenue of $261.95 million also topped expectations.
- Analysts’ consensus rating is Buy, with an average price target of $92.43. The company’s quarterly dividend is $0.64 per share, equivalent to a 3.0% yield.
Independent Bank Corp. (NASDAQ:INDB - Get Free Report) Director Thomas Venables sold 1,000 shares of the company's stock in a transaction dated Friday, November 13th. The stock was sold at an average price of $84.32, for a total transaction of $84,320.00. Following the transaction, the director owned 16,649 shares of the company's stock, valued at approximately $1,403,843.68. This trade represents a 5.67% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website.
Independent Bank Price Performance
Independent Bank stock traded up $0.35 during midday trading on Friday, reaching $84.47. The company had a trading volume of 199,779 shares, compared to its average volume of 376,561. The company has a market capitalization of $3.91 billion, a P/E ratio of 12.51 and a beta of 0.74. Independent Bank Corp. has a 12-month low of $66.17 and a 12-month high of $88.58. The firm's fifty day simple moving average is $81.52 and its 200-day simple moving average is $80.98. The company has a debt-to-equity ratio of 0.18, a current ratio of 0.93 and a quick ratio of 0.93.
Independent Bank (NASDAQ:INDB - Get Free Report) last posted its quarterly earnings data on Thursday, October 15th. The bank reported $1.90 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.85 by $0.05. Independent Bank had a return on equity of 9.61% and a net margin of 24.27%. The company had revenue of $261.95 million for the quarter, compared to analysts' expectations of $261.27 million. As a group, equities analysts anticipate that Independent Bank Corp. will post 7.25 EPS for the current year.
Independent Bank Dividend Announcement
The company also recently announced a quarterly dividend, which was paid on Friday, October 9th. Stockholders of record on Monday, September 28th were given a $0.64 dividend. This represents a $2.56 annualized dividend and a dividend yield of 3.0%. The ex-dividend date was Monday, September 28th. Independent Bank's dividend payout ratio (DPR) is 37.93%.
Institutional Inflows and Outflows
A number of institutional investors have recently bought and sold shares of the business. BlackRock Inc. purchased a new stake in shares of Independent Bank in the second quarter valued at about $584,333,000. Bank of America Corp DE acquired a new stake in Independent Bank during the second quarter worth about $44,640,000. Bank of New York Mellon Corp acquired a new stake in Independent Bank during the second quarter worth about $41,268,000. NFJ Investment Group LLC acquired a new stake in Independent Bank during the second quarter worth about $35,278,000. Finally, The Manufacturers Life Insurance Company purchased a new position in Independent Bank during the second quarter worth about $27,297,000. 83.40% of the stock is owned by hedge funds and other institutional investors.
Wall Street Analysts Forecast Growth
Several research analysts recently commented on the company. Keefe, Bruyette & Woods reduced their price objective on Independent Bank from $99.00 to $96.00 and set an "outperform" rating for the company in a research note on Monday, July 20th. Barclays lifted their target price on shares of Independent Bank from $82.00 to $86.00 and gave the stock an "underweight" rating in a research note on Tuesday, November 3rd. Piper Sandler raised shares of Independent Bank from a "hold" rating to a "strong-buy" rating in a report on Friday, October 2nd. Finally, Weiss Ratings reiterated a "buy (b)" rating on shares of Independent Bank in a research report on Tuesday, November 3rd. Two equities research analysts have rated the stock with a Strong Buy rating, four have issued a Buy rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, Independent Bank currently has a consensus rating of "Buy" and an average target price of $92.43.
Get Our Latest Stock Report on Independent Bank
Independent Bank Company Profile
(
Get Free Report)
Independent Bank Corp. is a bank holding company headquartered in Rockland, Massachusetts. Its principal subsidiary, Rockland Trust Company, provides banking and financial services to individuals, businesses and organizations. Rockland Trust offers checking and savings accounts, loans, mortgages, and other deposit and lending services. Its business banking services include cash management and financing, while wealth management services include investment and trust services. Founded in 1907, Rockland Trust serves communities across Massachusetts through its branch network and digital banking channels.
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