Independent Bank (NASDAQ:INDB) Earns Neutral Rating from Analysts at DA Davidson

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DA Davidson initiated coverage on shares of Independent Bank (NASDAQ:INDB) in a research note released on Thursday, BenzingaRatingsTable reports. The brokerage issued a neutral rating and a $81.00 price target on the bank’s stock.

A number of other research analysts have also recently issued reports on INDB. BidaskClub raised shares of Zumiez from a sell rating to a hold rating in a research report on Saturday, June 22nd. Sandler O’Neill raised shares of Independent Bank from a hold rating to a buy rating in a research report on Wednesday, April 3rd. Zacks Investment Research cut shares of Hancock Jaffe Laboratories from a buy rating to a hold rating in a research report on Wednesday, June 26th. Finally, ValuEngine cut shares of Zumiez from a hold rating to a sell rating in a research report on Tuesday, July 2nd. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and two have given a buy rating to the company. The stock has an average rating of Hold and a consensus target price of $86.00.

Shares of NASDAQ INDB opened at $73.36 on Thursday. Independent Bank has a 1 year low of $66.12 and a 1 year high of $95.00. The stock has a market cap of $2.52 billion, a PE ratio of 14.67 and a beta of 1.14. The company’s 50-day simple moving average is $73.25. The company has a debt-to-equity ratio of 0.28, a quick ratio of 0.97 and a current ratio of 0.97.

Independent Bank (NASDAQ:INDB) last issued its quarterly earnings results on Thursday, April 18th. The bank reported $1.30 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.33 by ($0.03). Independent Bank had a net margin of 29.95% and a return on equity of 13.38%. The business had revenue of $104.06 million for the quarter, compared to analysts’ expectations of $106.30 million. On average, research analysts anticipate that Independent Bank will post 5.5 earnings per share for the current year.

The company also recently disclosed a quarterly dividend, which was paid on Friday, July 12th. Shareholders of record on Monday, July 1st were paid a dividend of $0.44 per share. The ex-dividend date of this dividend was Friday, June 28th. This represents a $1.76 dividend on an annualized basis and a yield of 2.40%. Independent Bank’s dividend payout ratio is currently 37.53%.

In other Independent Bank news, President Gerard F. Nadeau sold 1,215 shares of the firm’s stock in a transaction dated Tuesday, April 30th. The shares were sold at an average price of $80.27, for a total transaction of $97,528.05. Following the completion of the sale, the president now directly owns 17,791 shares in the company, valued at approximately $1,428,083.57. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Kevin J. Jones sold 4,000 shares of the firm’s stock in a transaction dated Tuesday, May 7th. The shares were sold at an average price of $79.46, for a total transaction of $317,840.00. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 7,727 shares of company stock valued at $603,916. 1.60% of the stock is owned by company insiders.

Large investors have recently added to or reduced their stakes in the business. Huntington National Bank bought a new stake in Independent Bank during the 1st quarter valued at about $34,000. Strs Ohio grew 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 acquiring an additional 200 shares during the period. PNC Financial Services Group Inc. grew 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 acquiring an additional 160 shares during the period. Evergreen Capital Management LLC bought a new stake in shares of Independent Bank in the first quarter worth approximately $213,000. Finally, Welch & Forbes LLC bought a new stake in shares of Independent Bank in the first quarter worth approximately $223,000. Institutional investors and hedge funds own 70.75% of the company’s stock.

Independent Bank Company Profile

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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