Independent Bank (NASDAQ:INDB) Rating Reiterated by DA Davidson

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DA Davidson reiterated their neutral rating on shares of Independent Bank (NASDAQ:INDB) in a report published on Monday morning, Zacks.com reports.

A number of other research firms also recently weighed in on INDB. BidaskClub downgraded Westport Fuel Systems from a buy rating to a hold rating in a research note on Friday, July 19th. ValuEngine downgraded Zumiez from a hold rating to a sell rating in a research note on Tuesday, July 2nd. Compass Point upgraded Independent Bank from a neutral rating to a buy rating and lifted their price target for the company from $77.00 to $83.00 in a research note on Friday, July 19th. Zacks Investment Research cut Bancorp from a buy rating to a hold rating in a report on Friday. Finally, Sandler O’Neill raised Independent Bank from a hold rating to a buy rating in a report on Wednesday, April 3rd. Two investment analysts have rated the stock with a sell rating, two have assigned a hold rating and two have given a buy rating to the stock. The stock presently has an average rating of Hold and an average target price of $84.33.

Shares of Independent Bank stock traded up $1.50 during trading on Monday, reaching $77.64. The company’s stock had a trading volume of 9,573 shares, compared to its average volume of 103,509. The company has a quick ratio of 0.98, a current ratio of 0.99 and a debt-to-equity ratio of 0.31. Independent Bank has a 12-month low of $66.12 and a 12-month high of $92.75. The firm has a market capitalization of $2.64 billion, a P/E ratio of 16.54 and a beta of 1.14. The business’s 50 day simple moving average is $73.61.

Independent Bank (NASDAQ:INDB) last posted its quarterly earnings results on Thursday, July 18th. The bank reported $1.42 earnings per share for the quarter, beating the Zacks’ consensus estimate of $1.33 by $0.09. Independent Bank had a return on equity of 12.99% and a net margin of 26.75%. The firm had revenue of $134.67 million for the quarter, compared to the consensus estimate of $129.20 million. Analysts predict that Independent Bank will post 5.42 EPS for the current fiscal year.

The company also recently disclosed a quarterly dividend, which was paid on Friday, July 12th. Investors of record on Monday, July 1st were issued a dividend of $0.44 per share. The ex-dividend date of this dividend was Friday, June 28th. This represents a $1.76 annualized dividend and a yield of 2.27%. Independent Bank’s dividend payout ratio is presently 37.53%.

In other news, Director Daniel F. Obrien sold 1,712 shares of the business’s 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 transaction, the director now directly owns 21,492 shares of the company’s stock, valued at $1,563,543. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, President Gerard F. Nadeau sold 1,215 shares of the business’s stock in a transaction on Tuesday, April 30th. The stock was sold at an average price of $80.27, for a total value of $97,528.05. Following the completion of the transaction, the president now directly owns 17,791 shares of the company’s stock, valued at $1,428,083.57. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 6,927 shares of company stock valued at $539,916. 1.60% of the stock is currently owned by insiders.

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Geode Capital Management LLC increased its stake in Independent Bank by 7.4% in the fourth quarter. Geode Capital Management LLC now owns 319,369 shares of the bank’s stock valued at $22,454,000 after purchasing an additional 21,991 shares during the last quarter. BTIM Corp. increased its stake in Independent Bank by 7.1% in the first quarter. BTIM Corp. now owns 169,583 shares of the bank’s stock valued at $13,737,000 after purchasing an additional 11,303 shares during the last quarter. Rockland Trust Co. increased its stake in Independent Bank by 5.1% in the first quarter. Rockland Trust Co. now owns 613,742 shares of the bank’s stock valued at $36,542,000 after purchasing an additional 29,758 shares during the last quarter. Comerica Bank increased its stake in Independent Bank by 2.1% in the first quarter. Comerica Bank now owns 27,878 shares of the bank’s stock valued at $2,396,000 after purchasing an additional 562 shares during the last quarter. Finally, Great West Life Assurance Co. Can increased its stake in Independent Bank by 2.0% in the first quarter. Great West Life Assurance Co. Can now owns 37,403 shares of the bank’s stock valued at $3,027,000 after purchasing an additional 730 shares during the last quarter. 70.63% of the stock is owned by 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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