Independent Bank (NASDAQ:INDB) Shares Up 7.9%

Independent Bank Corp (NASDAQ:INDB) shares traded up 7.9% on Tuesday . The stock traded as high as $57.97 and last traded at $56.85, 452,600 shares were traded during mid-day trading. An increase of 135% from the average session volume of 192,212 shares. The stock had previously closed at $52.71.

Several brokerages have recently weighed in on INDB. BidaskClub upgraded shares of Independent Bank from a “strong sell” rating to a “sell” rating in a report on Thursday, March 19th. Compass Point lowered Independent Bank from a “buy” rating to a “neutral” rating and decreased their target price for the company from $91.00 to $76.00 in a research report on Wednesday, March 4th. G.Research reaffirmed a “hold” rating on shares of Independent Bank in a research report on Monday, December 9th. Gabelli initiated coverage on Independent Bank in a research note on Monday, December 9th. They set a “hold” rating and a $98.00 price target on the stock. Finally, DA Davidson upgraded Independent Bank from a “neutral” rating to a “buy” rating and cut their price target for the stock from $83.00 to $68.00 in a report on Monday, March 16th. One investment analyst has rated the stock with a sell rating, five have given a hold rating and two have given a buy rating to the stock. Independent Bank presently has an average rating of “Hold” and a consensus target price of $80.67.

The firm has a market cap of $1.81 billion, a P/E ratio of 11.51, a price-to-earnings-growth ratio of 1.68 and a beta of 1.11. The stock’s 50 day simple moving average is $67.99 and its 200 day simple moving average is $76.83. The company has a debt-to-equity ratio of 0.18, a quick ratio of 0.98 and a current ratio of 0.98.

Independent Bank (NASDAQ:INDB) last issued its quarterly earnings data on Thursday, January 16th. The bank reported $1.38 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.40 by ($0.02). The business had revenue of $133.29 million for the quarter, compared to analyst estimates of $131.07 million. Independent Bank had a net margin of 29.37% and a return on equity of 12.05%. As a group, analysts forecast that Independent Bank Corp will post 5.14 EPS for the current fiscal year.

The firm also recently declared a quarterly dividend, which will be paid on Thursday, April 9th. Investors of record on Monday, March 30th will be given a $0.46 dividend. This is a boost from Independent Bank’s previous quarterly dividend of $0.44. The ex-dividend date of this dividend is Friday, March 27th. This represents a $1.84 annualized dividend and a yield of 3.18%. Independent Bank’s dividend payout ratio (DPR) is presently 31.32%.

In other Independent Bank news, CEO Christopher Oddleifson sold 1,500 shares of the business’s stock in a transaction that occurred on Wednesday, February 5th. The stock was sold at an average price of $76.13, for a total transaction of $114,195.00. Following the completion of the sale, the chief executive officer now directly owns 92,936 shares of the company’s stock, valued at approximately $7,075,217.68. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. 1.60% of the stock is currently owned by insiders.

Several hedge funds have recently bought and sold shares of INDB. First Trust Advisors LP grew its holdings in Independent Bank by 3.8% during the first quarter. First Trust Advisors LP now owns 54,466 shares of the bank’s stock worth $4,412,000 after buying an additional 1,998 shares in the last quarter. Russell Investments Group Ltd. bought a new stake in shares of Independent Bank in the 3rd quarter worth $211,000. Tower Research Capital LLC TRC grew its stake in shares of Independent Bank by 704.3% in the 3rd quarter. Tower Research Capital LLC TRC now owns 1,303 shares of the bank’s stock worth $97,000 after acquiring an additional 1,141 shares in the last quarter. California State Teachers Retirement System raised its holdings in shares of Independent Bank by 1.2% in the third quarter. California State Teachers Retirement System now owns 51,755 shares of the bank’s stock valued at $3,864,000 after purchasing an additional 618 shares during the last quarter. Finally, Public Employees Retirement System of Ohio raised its holdings in shares of Independent Bank by 51.3% in the third quarter. Public Employees Retirement System of Ohio now owns 410 shares of the bank’s stock valued at $31,000 after purchasing an additional 139 shares during the last quarter. Institutional investors own 80.55% of the company’s stock.

Independent Bank Company Profile (NASDAQ:INDB)

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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