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 analysts have also recently issued reports about the stock. DA Davidson cut shares of Independent Bank from a buy rating to a neutral rating and lifted their target price for the stock from $75.00 to $82.00 in a research note on Monday, June 8th. Compass Point cut shares of Independent Bank from a buy rating to a neutral rating and lowered their target price for the stock from $91.00 to $76.00 in a research note on Wednesday, March 4th. TheStreet cut shares of Independent Bank from a b rating to a c+ rating in a research note on Friday, March 13th. Piper Sandler cut shares of Independent Bank from an overweight rating to a neutral rating and lowered their price objective for the company from $74.00 to $67.00 in a research note on Wednesday, June 24th. Finally, BidaskClub cut shares of Independent Bank from a hold rating to a sell rating in a research note on Thursday, May 14th. One equities research analyst has rated the stock with a sell rating and seven have issued a hold rating to the company. The company has an average rating of Hold and an average price target of $80.75.
Independent Bank (NASDAQ:INDB) last released its earnings results on Thursday, April 23rd. The bank reported $0.78 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $1.19 by ($0.41). The firm had revenue of $120.74 million during the quarter, compared to analysts’ expectations of $123.70 million. Independent Bank had a return on equity of 10.42% and a net margin of 26.88%. Research analysts forecast that Independent Bank will post 3.54 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, July 10th. Stockholders of record on Monday, June 29th will be paid a dividend of $0.46 per share. The ex-dividend date of this dividend is Friday, June 26th. This represents a $1.84 annualized dividend and a dividend yield of 2.85%. Independent Bank’s dividend payout ratio is presently 32.74%.
In related news, Director Donna L. Abelli sold 780 shares of the company’s stock in a transaction on Wednesday, May 27th. The shares were sold at an average price of $72.00, for a total transaction of $56,160.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, COO Robert D. Cozzone sold 3,500 shares of the company’s stock in a transaction on Tuesday, April 28th. The stock was sold at an average price of $72.02, for a total transaction of $252,070.00. The disclosure for this sale can be found here. 1.17% of the stock is owned by insiders.
A number of institutional investors have recently made changes to their positions in the stock. Victory Capital Management Inc. lifted its holdings in Independent Bank by 46.7% in the 1st quarter. Victory Capital Management Inc. now owns 1,446,035 shares of the bank’s stock worth $93,081,000 after buying an additional 460,518 shares in the last quarter. Norges Bank acquired a new position in Independent Bank in the 4th quarter worth $24,576,000. Eaton Vance Management acquired a new position in Independent Bank in the 4th quarter worth $10,994,000. Champlain Investment Partners LLC lifted its holdings in Independent Bank by 10.1% in the 4th quarter. Champlain Investment Partners LLC now owns 1,222,600 shares of the bank’s stock worth $101,781,000 after buying an additional 112,195 shares in the last quarter. Finally, Macquarie Group Ltd. lifted its holdings in Independent Bank by 14.5% in the 4th quarter. Macquarie Group Ltd. now owns 647,849 shares of the bank’s stock worth $53,934,000 after buying an additional 81,862 shares in the last quarter. 82.24% of the stock is owned by hedge funds and other 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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