Independent Bank (NASDAQ:INDB) Now Covered by Barclays

Barclays initiated coverage on shares of Independent Bank (NASDAQ:INDB) in a research report sent to investors on Wednesday morning, Marketbeat Ratings reports. The brokerage issued an equal weight rating and a $80.00 target price on the bank’s stock.

A number of other equities research analysts have also issued reports on the company. Weiss Ratings reiterated a “hold (c+)” rating on shares of Independent Bank in a research note on Wednesday, October 8th. Keefe, Bruyette & Woods raised shares of Independent Bank from a “market perform” rating to an “outperform” rating and increased their price objective for the company from $80.00 to $83.00 in a research report on Tuesday, October 21st. Independent Research set a $80.00 target price on shares of Independent Bank in a research report on Wednesday. Finally, Zacks Research lowered shares of Independent Bank from a “strong-buy” rating to a “hold” rating in a report on Tuesday, August 19th. One research analyst has rated the stock with a Strong Buy rating, one has given a Buy rating and four have issued a Hold rating to the stock. Based on data from MarketBeat, Independent Bank presently has a consensus rating of “Moderate Buy” and an average price target of $76.80.

Independent Bank Price Performance

INDB opened at $76.68 on Wednesday. Independent Bank has a 52-week low of $52.15 and a 52-week high of $78.16. The company has a 50 day moving average of $70.44 and a two-hundred day moving average of $68.16. The company has a market cap of $3.80 billion, a P/E ratio of 18.66 and a beta of 0.81. The company has a quick ratio of 0.94, a current ratio of 0.95 and a debt-to-equity ratio of 0.22.

Independent Bank (NASDAQ:INDB) last posted its earnings results on Wednesday, February 12th. The bank reported $1.01 earnings per share for the quarter. Independent Bank had a net margin of 16.64% and a return on equity of 7.19%. The business had revenue of $175.25 million for the quarter. On average, analysts expect that Independent Bank will post 5.41 earnings per share for the current year.

Independent Bank Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, January 7th. Investors of record on Monday, December 29th will be issued a $0.59 dividend. The ex-dividend date of this dividend is Monday, December 29th. This represents a $2.36 annualized dividend and a yield of 3.1%. Independent Bank’s dividend payout ratio is currently 57.42%.

Insider Buying and Selling at Independent Bank

In related news, Director Gerard F. Nadeau sold 3,000 shares of Independent Bank stock in a transaction dated Friday, November 21st. The stock was sold at an average price of $70.00, for a total value of $210,000.00. Following the completion of the transaction, the director directly owned 22,395 shares in the company, valued at approximately $1,567,650. This trade represents a 11.81% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Ken S. Ansin sold 144,000 shares of the business’s stock in a transaction dated Monday, November 10th. The shares were sold at an average price of $69.94, for a total value of $10,071,360.00. Following the completion of the sale, the director directly owned 288,481 shares of the company’s stock, valued at approximately $20,176,361.14. This represents a 33.30% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 200,405 shares of company stock worth $13,971,482 in the last ninety days. 0.81% of the stock is owned by insiders.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the company. First Horizon Corp acquired a new stake in shares of Independent Bank during the 3rd quarter valued at approximately $31,000. Advisory Services Network LLC acquired a new stake in shares of Independent Bank during the third quarter worth $32,000. Cullen Frost Bankers Inc. bought a new position in shares of Independent Bank in the 3rd quarter worth about $37,000. EverSource Wealth Advisors LLC boosted its holdings in shares of Independent Bank by 233.3% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 550 shares of the bank’s stock valued at $35,000 after buying an additional 385 shares during the period. Finally, Danske Bank A S bought a new stake in shares of Independent Bank during the 3rd quarter valued at about $42,000. Institutional investors and hedge funds own 83.40% 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 in the United States. The company provides interest checking, money market, and savings accounts, as well as demand deposits and time certificates of deposit.