News articles about Independent Bank Corp. (NASDAQ:INDB) have trended somewhat positive this week, Accern Sentiment reports. Accern identifies negative and positive news coverage by monitoring more than twenty million blog and news sources in real-time. Accern ranks coverage of public companies on a scale of -1 to 1, with scores closest to one being the most favorable. Independent Bank Corp. earned a daily sentiment score of 0.17 on Accern’s scale. Accern also gave news coverage about the bank an impact score of 46.2867689207792 out of 100, indicating that recent news coverage is somewhat unlikely to have an effect on the stock’s share price in the near term.
Shares of Independent Bank Corp. (NASDAQ INDB) traded down 4.66% during mid-day trading on Wednesday, hitting $72.60. 43,864 shares of the stock traded hands. The stock has a 50 day moving average price of $71.43 and a 200-day moving average price of $66.98. The company has a market cap of $1.99 billion, a P/E ratio of 24.61 and a beta of 1.01. Independent Bank Corp. has a one year low of $47.50 and a one year high of $76.30.
Independent Bank Corp. (NASDAQ:INDB) last released its quarterly earnings results on Thursday, July 20th. The bank reported $0.82 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.81 by $0.01. Independent Bank Corp. had a return on equity of 9.70% and a net margin of 23.17%. The company had revenue of $85.15 million during the quarter, compared to analysts’ expectations of $85.20 million. During the same quarter in the prior year, the business posted $0.78 earnings per share. On average, analysts forecast that Independent Bank Corp. will post $3.35 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which was paid on Friday, October 6th. Stockholders of record on Monday, September 25th were paid a $0.32 dividend. The ex-dividend date of this dividend was Friday, September 22nd. This represents a $1.28 annualized dividend and a dividend yield of 1.68%. Independent Bank Corp.’s payout ratio is 43.69%.
INDB has been the topic of several research reports. BidaskClub raised shares of Independent Bank Corp. from a “hold” rating to a “buy” rating in a research report on Tuesday, June 13th. Keefe, Bruyette & Woods reissued a “hold” rating and set a $71.00 price target on shares of Independent Bank Corp. in a research report on Wednesday, June 28th. Compass Point raised shares of Independent Bank Corp. from a “neutral” rating to a “buy” rating and set a $72.00 price target on the stock in a research report on Friday, July 21st. Finally, Zacks Investment Research raised shares of Independent Bank Corp. from a “hold” rating to a “buy” rating and set a $81.00 price target on the stock in a research report on Wednesday, July 26th. Five equities research analysts have rated the stock with a hold rating and one has given a buy rating to the stock. The stock has a consensus rating of “Hold” and a consensus price target of $72.00.
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In other news, insider Christopher Oddleifson sold 1,750 shares of the company’s stock in a transaction on Wednesday, July 26th. The stock was sold at an average price of $72.02, for a total value of $126,035.00. Following the completion of the sale, the insider now owns 92,143 shares in the company, valued at $6,636,138.86. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Gerard F. Nadeau sold 5,193 shares of the company’s stock in a transaction on Monday, July 31st. The shares were sold at an average price of $71.75, for a total value of $372,597.75. The disclosure for this sale can be found here. In the last three months, insiders sold 8,443 shares of company stock valued at $607,108. Company insiders own 2.67% of the company’s stock.
Independent Bank Corp. Company Profile
Independent Bank Corp. is a bank holding company. The Company operates through its subsidiary, Rockland Trust Company (the Bank). The Bank is a community-oriented commercial bank. Its community banking business provides a range of banking services, including lending activities, acceptance of demand, savings, and time deposits, and investment management.
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