Independent Bank (NASDAQ:INDB) Raised to “Buy” at Compass Point

Compass Point upgraded shares of Independent Bank (NASDAQ:INDB) from a neutral rating to a buy rating in a report published on Friday, BenzingaRatingsTable reports. They currently have $83.00 price target on the bank’s stock, up from their prior price target of $77.00.

Other equities research analysts also recently issued reports about the company. DA Davidson began coverage on Western New England Bancorp in a report on Thursday, July 11th. They issued a neutral rating and a $10.00 target price on the stock. ValuEngine downgraded Zumiez from a hold rating to a sell rating in a report on Tuesday, July 2nd. Zacks Investment Research downgraded Hancock Jaffe Laboratories from a buy rating to a hold rating in a report on Wednesday, June 26th. Sandler O’Neill raised Independent Bank from a hold rating to a buy rating in a report on Wednesday, April 3rd. Finally, BidaskClub downgraded Weyco Group from a sell rating to a strong sell rating in a report on Saturday, July 13th. One analyst has rated the stock with a sell rating, three have issued a hold rating and three have given a buy rating to the stock. Independent Bank presently has an average rating of Hold and an average price target of $84.33.

NASDAQ INDB opened at $74.06 on Friday. The company has a quick ratio of 0.97, a current ratio of 0.97 and a debt-to-equity ratio of 0.28. Independent Bank has a twelve month low of $66.12 and a twelve month high of $95.00. The company has a market capitalization of $2.54 billion, a price-to-earnings ratio of 15.79 and a beta of 1.14. The company’s 50 day moving average price is $73.12.

Independent Bank (NASDAQ:INDB) last released its quarterly earnings results on Thursday, July 18th. The bank reported $1.42 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $1.33 by $0.09. Independent Bank had a return on equity of 14.76% and a net margin of 26.75%. The company had revenue of $134.67 million for the quarter, compared to analyst estimates of $129.20 million. On average, research analysts predict that Independent Bank will post 5.5 EPS for the current year.

The business also recently announced a quarterly dividend, which was paid on Friday, July 12th. Shareholders of record on Monday, July 1st were issued a $0.44 dividend. This represents a $1.76 annualized dividend and a yield of 2.38%. The ex-dividend date of this dividend was Friday, June 28th. Independent Bank’s dividend payout ratio (DPR) is 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 owns 21,492 shares in the company, valued at $1,563,543. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Kevin J. Jones sold 4,000 shares of the business’s stock in a transaction on Tuesday, May 7th. The stock was 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 7,727 shares of company stock worth $603,916 over the last three months. Corporate insiders own 1.60% of the company’s stock.

Hedge funds have recently bought and sold shares of the company. Huntington National Bank purchased a new position in shares of Independent Bank in the first quarter worth $34,000. Strs Ohio raised its stake in shares of Independent Bank by 40.0% in the first quarter. Strs Ohio now owns 700 shares of the bank’s stock worth $56,000 after purchasing an additional 200 shares during the last quarter. Bessemer Group Inc. purchased a new position in shares of Independent Bank in the second quarter worth $88,000. PNC Financial Services Group Inc. raised its stake in shares of Independent Bank by 16.1% in the fourth quarter. PNC Financial Services Group Inc. now owns 1,155 shares of the bank’s stock worth $81,000 after purchasing an additional 160 shares during the last quarter. Finally, Winslow Evans & Crocker Inc. raised its stake in shares of Independent Bank by 24.2% in the second quarter. Winslow Evans & Crocker Inc. now owns 1,180 shares of the bank’s stock worth $92,000 after purchasing an additional 230 shares during the last quarter. Hedge funds and other institutional investors own 70.63% of the company’s stock.

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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