DA Davidson reissued their neutral rating on shares of Independent Bank (NASDAQ:INDB) in a report issued on Monday, Zacks.com reports.
Other equities research analysts also recently issued research reports about the company. Sandler O’Neill upgraded Independent Bank from a hold rating to a buy rating in a research report on Wednesday, April 3rd. Compass Point upgraded Independent Bank from a neutral rating to a buy rating and increased their price objective for the company from $77.00 to $83.00 in a research report on Friday, July 19th. BidaskClub downgraded Westport Fuel Systems from a buy rating to a hold rating in a research report on Friday, July 19th. ValuEngine downgraded Zumiez from a hold rating to a sell rating in a research report on Tuesday, July 2nd. Finally, Zacks Investment Research downgraded Sorrento Therapeutics from a hold rating to a sell rating in a research report on Friday. Two investment analysts have rated the stock with a sell rating, two have given a hold rating and two have given a buy rating to the company’s stock. The stock has an average rating of Hold and an average price target of $84.33.
NASDAQ INDB traded up $1.50 on Monday, reaching $77.64. 63,348 shares of the stock traded hands, compared to its average volume of 103,509. The stock’s fifty day moving average price is $73.61. The company has a debt-to-equity ratio of 0.31, a quick ratio of 0.98 and a current ratio of 0.99. The company has a market capitalization of $2.64 billion, a P/E ratio of 16.55 and a beta of 1.14. Independent Bank has a 12 month low of $66.12 and a 12 month high of $92.75.
The firm also recently announced a quarterly dividend, which was paid on Friday, July 12th. Stockholders of record on Monday, July 1st were issued a $0.44 dividend. The ex-dividend date was Friday, June 28th. This represents a $1.76 dividend on an annualized basis and a dividend yield of 2.27%. Independent Bank’s payout ratio is currently 37.53%.
In other news, Director Daniel F. Obrien sold 1,712 shares of the stock in a transaction on Wednesday, May 29th. The stock was sold at an average price of $72.75, for a total value of $124,548.00. Following the completion of the sale, the director now owns 21,492 shares in the company, valued at $1,563,543. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Kevin J. Jones sold 4,000 shares of the stock in a transaction on Tuesday, May 7th. The shares were sold at an average price of $79.46, for a total value of $317,840.00. The disclosure for this sale can be found here. Insiders sold 6,927 shares of company stock valued at $539,916 in the last 90 days. Corporate insiders own 1.60% of the company’s stock.
Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Huntington National Bank purchased a new stake in shares of Independent Bank during the first quarter worth $34,000. Strs Ohio raised its holdings in shares of Independent Bank by 40.0% during the first quarter. Strs Ohio now owns 700 shares of the bank’s stock worth $56,000 after acquiring an additional 200 shares in the last quarter. Steward Partners Investment Advisory LLC purchased a new stake in shares of Independent Bank during the second quarter worth $80,000. PNC Financial Services Group Inc. raised its holdings in shares of Independent Bank by 16.1% during the fourth quarter. PNC Financial Services Group Inc. now owns 1,155 shares of the bank’s stock worth $81,000 after acquiring an additional 160 shares in the last quarter. Finally, Bessemer Group Inc. purchased a new stake in shares of Independent Bank during the second quarter worth $88,000. Institutional investors own 70.63% 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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