Independent Bank (NASDAQ:INDB) Stock Price Down 3.4%

Independent Bank Corp. (NASDAQ:INDBGet Rating) fell 3.4% during trading on Friday . The company traded as low as $76.27 and last traded at $76.58. 2,782 shares changed hands during mid-day trading, a decline of 99% from the average session volume of 201,274 shares. The stock had previously closed at $79.24.

Analyst Ratings Changes

INDB has been the subject of a number of research analyst reports. initiated coverage on shares of Independent Bank in a report on Wednesday, October 12th. They set a “hold” rating for the company. Keefe, Bruyette & Woods cut shares of Independent Bank from an “outperform” rating to a “market perform” rating and set a $100.00 target price for the company. in a research note on Monday, December 12th. Compass Point decreased their price target on shares of Independent Bank to $100.00 in a research note on Thursday, October 27th. Raymond James started coverage on Independent Bank in a research report on Tuesday, December 20th. They set a “market perform” rating for the company. Finally, Piper Sandler decreased their target price on Independent Bank to $83.00 in a research report on Wednesday, October 5th.

Independent Bank Stock Down 2.9 %

The company’s 50-day simple moving average is $84.74 and its 200 day simple moving average is $82.61. The company has a debt-to-equity ratio of 0.04, a current ratio of 0.89 and a quick ratio of 0.89. The firm has a market cap of $3.51 billion, a P/E ratio of 18.99 and a beta of 0.86.

Independent Bank (NASDAQ:INDBGet Rating) last announced its quarterly earnings results on Thursday, October 20th. The bank reported $1.57 EPS for the quarter, beating analysts’ consensus estimates of $1.40 by $0.17. Independent Bank had a net margin of 27.07% and a return on equity of 8.83%. The firm had revenue of $190.80 million during the quarter, compared to the consensus estimate of $178.60 million. Research analysts anticipate that Independent Bank Corp. will post 5.74 EPS for the current fiscal year.

Independent Bank Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, January 6th. Stockholders of record on Tuesday, December 27th were paid a $0.55 dividend. This represents a $2.20 annualized dividend and a dividend yield of 2.86%. This is a positive change from Independent Bank’s previous quarterly dividend of $0.51. The ex-dividend date was Friday, December 23rd. Independent Bank’s dividend payout ratio (DPR) is presently 54.32%.

Institutional Trading of Independent Bank

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Armstrong Advisory Group Inc. bought a new position in shares of Independent Bank during the fourth quarter valued at approximately $53,000. Venture Visionary Partners LLC purchased a new position in Independent Bank during the 2nd quarter valued at $57,000. Pinebridge Investments L.P. grew its position in Independent Bank by 257.5% in the 2nd quarter. Pinebridge Investments L.P. now owns 715 shares of the bank’s stock valued at $57,000 after acquiring an additional 515 shares during the last quarter. Standard Family Office LLC purchased a new stake in Independent Bank in the third quarter worth $66,000. Finally, Van ECK Associates Corp bought a new stake in shares of Independent Bank during the second quarter worth $94,000. Hedge funds and other institutional investors own 81.28% of the company’s stock.

Independent Bank Company Profile

(Get Rating)

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. The company accepts interest checking, money market, and savings accounts, as well as demand deposits and time certificates of deposit.

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