Independent Bank (NASDAQ:INDB) Reaches New 1-Year High – Here’s Why

Shares of Independent Bank Corp. (NASDAQ:INDB) reached a new 52-week high on Wednesday . The stock traded as high as $74.60 and last traded at $74.3450, with a volume of 55661 shares traded. The stock had previously closed at $73.27.

Analyst Upgrades and Downgrades

Several analysts have commented on INDB shares. Keefe, Bruyette & Woods raised shares of Independent Bank from a “market perform” rating to an “outperform” rating and lifted their price objective for the stock from $80.00 to $83.00 in a research report on Tuesday, October 21st. Zacks Research downgraded Independent Bank from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, August 19th. Independent Research set a $83.00 price objective on Independent Bank in a research note on Tuesday, October 21st. Wall Street Zen upgraded shares of Independent Bank from a “sell” rating to a “hold” rating in a research note on Sunday, August 10th. Finally, Weiss Ratings reissued a “hold (c+)” rating on shares of Independent Bank in a research report on Wednesday, October 8th. One investment analyst has rated the stock with a Strong Buy rating, one has given a Buy rating and three have given a Hold rating to the company. According to MarketBeat, Independent Bank has a consensus rating of “Moderate Buy” and a consensus price target of $76.75.

Independent Bank Trading Up 1.3%

The company has a market capitalization of $3.68 billion, a PE ratio of 18.08 and a beta of 0.81. The company has a debt-to-equity ratio of 0.22, a current ratio of 0.95 and a quick ratio of 0.94. The firm’s 50 day moving average is $69.17 and its 200 day moving average is $67.16.

Independent Bank (NASDAQ:INDB) last announced its earnings results on Wednesday, February 12th. The bank reported $1.01 EPS for the quarter. Independent Bank had a return on equity of 7.19% and a net margin of 16.64%.The company had revenue of $175.25 million during the quarter. As a group, equities analysts predict that Independent Bank Corp. will post 5.41 EPS for the current year.

Independent Bank Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, October 7th. Investors of record on Monday, September 29th were given a dividend of $0.59 per share. This represents a $2.36 dividend on an annualized basis and a yield of 3.2%. The ex-dividend date of this dividend was Monday, September 29th. Independent Bank’s dividend payout ratio (DPR) is 57.42%.

Insider Transactions at Independent Bank

In related news, Director Gerard F. Nadeau sold 3,000 shares of the firm’s stock in a transaction that occurred on Friday, November 21st. The stock was sold at an average price of $70.00, for a total transaction of $210,000.00. Following the completion of the transaction, the director owned 22,395 shares of the company’s stock, valued at $1,567,650. This trade represents a 11.81% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Ken S. Ansin sold 53,000 shares of Independent Bank stock in a transaction on Friday, November 14th. The shares were sold at an average price of $69.06, for a total value of $3,660,180.00. Following the transaction, the director owned 53,738 shares of the company’s stock, valued at $3,711,146.28. The trade was a 49.65% decrease in their position. The SEC filing for this sale provides additional information. In the last 90 days, insiders sold 200,000 shares of company stock worth $13,941,540. Corporate insiders own 0.81% of the company’s stock.

Hedge Funds Weigh In On Independent Bank

Several institutional investors and hedge funds have recently modified their holdings of INDB. Nisa Investment Advisors LLC increased its stake in Independent Bank by 1.5% during the 2nd quarter. Nisa Investment Advisors LLC now owns 10,705 shares of the bank’s stock valued at $680,000 after purchasing an additional 162 shares in the last quarter. Profund Advisors LLC grew its holdings in shares of Independent Bank by 5.0% during the third quarter. Profund Advisors LLC now owns 3,732 shares of the bank’s stock valued at $258,000 after buying an additional 177 shares during the last quarter. Osaic Holdings Inc. increased its position in shares of Independent Bank by 23.3% during the second quarter. Osaic Holdings Inc. now owns 1,116 shares of the bank’s stock valued at $70,000 after acquiring an additional 211 shares in the last quarter. Vanguard Personalized Indexing Management LLC raised its holdings in Independent Bank by 2.9% in the 2nd quarter. Vanguard Personalized Indexing Management LLC now owns 7,862 shares of the bank’s stock worth $495,000 after acquiring an additional 218 shares during the last quarter. Finally, California State Teachers Retirement System lifted its position in Independent Bank by 0.6% in the 2nd quarter. California State Teachers Retirement System now owns 39,289 shares of the bank’s stock valued at $2,471,000 after acquiring an additional 224 shares in the last quarter. 83.40% of the stock is currently owned by institutional investors.

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 in the United States. The company provides interest checking, money market, and savings accounts, as well as demand deposits and time certificates of deposit.