McNamara Financial Services Inc. acquired a new position in shares of Independent Bank Corp (NASDAQ:INDB) during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund acquired 11,460 shares of the bank’s stock, valued at approximately $873,000. Independent Bank accounts for about 0.4% of McNamara Financial Services Inc.’s investment portfolio, making the stock its 20th biggest holding.
Several other large investors also recently bought and sold shares of the company. Toronto Dominion Bank acquired a new stake in shares of Independent Bank during the 2nd quarter valued at about $27,000. Doyle Wealth Management acquired a new stake in shares of Independent Bank during the 2nd quarter valued at about $29,000. Meeder Asset Management Inc. acquired a new stake in shares of Independent Bank during the 2nd quarter valued at about $38,000. Point72 Asset Management L.P. acquired a new stake in shares of Independent Bank during the 2nd quarter valued at about $38,000. Finally, Steward Partners Investment Advisory LLC acquired a new stake in shares of Independent Bank during the 2nd quarter valued at about $80,000. Institutional investors own 78.36% of the company’s stock.
Several analysts have recently weighed in on the stock. Zacks Investment Research upgraded shares of Independent Bank from a “sell” rating to a “hold” rating in a research report on Tuesday, October 15th. Compass Point upgraded shares of Independent Bank from a “neutral” rating to a “buy” rating and lifted their target price for the company from $77.00 to $83.00 in a research report on Friday, July 19th. DA Davidson reiterated a “neutral” rating on shares of Independent Bank in a research report on Monday, July 22nd. BidaskClub upgraded shares of Independent Bank from a “strong sell” rating to a “sell” rating in a research report on Saturday, September 14th. Finally, ValuEngine upgraded shares of Independent Bank from a “sell” rating to a “hold” rating in a research report on Wednesday, October 2nd. One equities research analyst has rated the stock with a sell rating, three have issued 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.
In other Independent Bank news, Director William M. Parent sold 7,500 shares of the business’s stock in a transaction dated Wednesday, September 11th. The shares were sold at an average price of $75.00, for a total value of $562,500.00. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 1.60% of the stock is owned by insiders.
Shares of Independent Bank stock opened at $80.05 on Friday. 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 firm’s 50-day simple moving average is $72.43 and its 200-day simple moving average is $75.02. Independent Bank Corp has a twelve month low of $62.33 and a twelve month high of $87.64. The firm has a market cap of $2.61 billion, a P/E ratio of 17.07 and a beta of 1.20.
Independent Bank (NASDAQ:INDB) last released its quarterly earnings results on Thursday, October 17th. The bank reported $1.49 EPS for the quarter, beating the Zacks’ consensus estimate of $1.40 by $0.09. The firm had revenue of $136.41 million for the quarter. Independent Bank had a net margin of 28.03% and a return on equity of 13.62%. On average, equities analysts forecast that Independent Bank Corp will post 5.45 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which was paid on Friday, October 11th. Shareholders of record on Monday, September 30th were given a $0.44 dividend. The ex-dividend date was Friday, September 27th. This represents a $1.76 dividend on an annualized basis and a yield of 2.20%. Independent Bank’s dividend payout ratio (DPR) is presently 37.53%.
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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