Independent Bank Corp. (INDB) Rating Reiterated by Keefe, Bruyette & Woods
Independent Bank Corp. (NASDAQ:INDB)‘s stock had its “hold” rating reiterated by stock analysts at Keefe, Bruyette & Woods in a research report issued to clients and investors on Tuesday. They presently have a $73.00 price target on the bank’s stock. Keefe, Bruyette & Woods’ target price indicates a potential downside of 1.75% from the stock’s current price.
A number of other research analysts also recently issued reports on INDB. Zacks Investment Research downgraded shares of Independent Bank Corp. from a “buy” rating to a “hold” rating in a research note on Thursday, August 24th. BidaskClub downgraded shares of Independent Bank Corp. from a “buy” rating to a “hold” rating in a research note on Wednesday, June 21st. Finally, Compass Point upgraded shares of Independent Bank Corp. from a “neutral” rating to a “buy” rating and set a $72.00 price target for the company in a research note on Friday, July 21st. Four analysts have rated the stock with a hold rating and two have given a buy rating to the stock. Independent Bank Corp. presently has a consensus rating of “Hold” and a consensus target price of $72.00.
Independent Bank Corp. (NASDAQ INDB) opened at 74.30 on Tuesday. The company’s 50 day moving average is $70.51 and its 200 day moving average is $66.55. The company has a market cap of $2.04 billion, a price-to-earnings ratio of 25.26 and a beta of 1.01. Independent Bank Corp. has a 1-year low of $47.50 and a 1-year high of $76.30.
Independent Bank Corp. (NASDAQ:INDB) last issued its quarterly earnings results on Thursday, July 20th. The bank reported $0.82 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.81 by $0.01. Independent Bank Corp. had a net margin of 23.17% and a return on equity of 9.70%. The company had revenue of $85.15 million during the quarter, compared to the consensus estimate of $85.20 million. During the same quarter in the previous year, the firm earned $0.78 earnings per share. Equities research analysts forecast that Independent Bank Corp. will post $3.35 EPS for the current year.
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In other Independent Bank Corp. news, insider Gerard F. Nadeau sold 5,193 shares of the firm’s stock in a transaction that occurred on Monday, July 31st. The shares were sold at an average price of $71.75, for a total transaction of $372,597.75. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, insider Christopher Oddleifson sold 1,750 shares of the firm’s stock in a transaction that occurred on Wednesday, July 26th. The stock was sold at an average price of $72.02, for a total transaction of $126,035.00. Following the sale, the insider now directly owns 92,143 shares in the company, valued at approximately $6,636,138.86. The disclosure for this sale can be found here. In the last three months, insiders have sold 8,443 shares of company stock worth $607,108. 2.67% of the stock is owned by corporate insiders.
Hedge funds have recently added to or reduced their stakes in the business. Oppenheimer Asset Management Inc. raised its holdings in Independent Bank Corp. by 8.3% during the second quarter. Oppenheimer Asset Management Inc. now owns 1,566 shares of the bank’s stock worth $104,000 after purchasing an additional 120 shares in the last quarter. US Bancorp DE raised its holdings in Independent Bank Corp. by 4.7% during the first quarter. US Bancorp DE now owns 1,844 shares of the bank’s stock worth $120,000 after purchasing an additional 82 shares in the last quarter. D.A. Davidson & CO. raised its holdings in Independent Bank Corp. by 12.9% during the second quarter. D.A. Davidson & CO. now owns 1,995 shares of the bank’s stock worth $132,000 after purchasing an additional 228 shares in the last quarter. Ameritas Investment Partners Inc. acquired a new stake in Independent Bank Corp. during the first quarter worth approximately $145,000. Finally, SG Americas Securities LLC raised its holdings in Independent Bank Corp. by 47.3% during the first quarter. SG Americas Securities LLC now owns 3,032 shares of the bank’s stock worth $197,000 after purchasing an additional 973 shares in the last quarter. 76.45% of the stock is currently owned by institutional investors.
About Independent Bank Corp.
Independent Bank Corp. is a bank holding company. The Company operates through its subsidiary, Rockland Trust Company (the Bank). The Bank is a community-oriented commercial bank. Its community banking business provides a range of banking services, including lending activities, acceptance of demand, savings, and time deposits, and investment management.
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