Independent Bank (NASDAQ:INDB) Rating Increased to Buy at Compass Point

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Compass Point upgraded shares of Independent Bank (NASDAQ:INDB) from a neutral rating to a buy rating in a research note published on Friday morning, BenzingaRatingsTable reports. The brokerage currently has $83.00 target price on the bank’s stock, up from their previous target price of $77.00.

A number of other brokerages have also commented on INDB. Sandler O’Neill raised Independent Bank from a hold rating to a buy rating in a research note on Wednesday, April 3rd. BidaskClub lowered Weyco Group from a sell rating to a strong sell rating in a research note on Saturday, July 13th. Zacks Investment Research lowered Hancock Jaffe Laboratories from a buy rating to a hold rating in a research note on Wednesday, June 26th. ValuEngine lowered Zumiez from a hold rating to a sell rating in a research note on Tuesday, July 2nd. Finally, DA Davidson began coverage on Western New England Bancorp in a research note on Thursday, July 11th. They set a neutral rating and a $10.00 price target for the company. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and three have issued a buy rating to the company. Independent Bank currently has an average rating of Hold and an average target price of $84.33.

NASDAQ INDB opened at $74.06 on Friday. The company has a market capitalization of $2.54 billion, a price-to-earnings ratio of 15.79 and a beta of 1.14. The company has a debt-to-equity ratio of 0.28, a quick ratio of 0.97 and a current ratio of 0.97. The stock has a 50-day simple moving average of $73.12. Independent Bank has a twelve month low of $66.12 and a twelve month high of $95.00.

Independent Bank (NASDAQ:INDB) last released its quarterly earnings data on Thursday, July 18th. The bank reported $1.42 earnings per share for the quarter, topping analysts’ consensus estimates of $1.33 by $0.09. The firm had revenue of $134.67 million during the quarter, compared to analyst estimates of $129.20 million. Independent Bank had a return on equity of 14.76% and a net margin of 26.75%. On average, sell-side analysts forecast that Independent Bank will post 5.5 earnings per share for the current fiscal year.

The company also recently declared a quarterly dividend, which was paid on Friday, July 12th. Investors of record on Monday, July 1st were paid a dividend of $0.44 per share. This represents a $1.76 dividend on an annualized basis and a yield of 2.38%. The ex-dividend date of this dividend was Friday, June 28th. Independent Bank’s payout ratio is presently 37.53%.

In other news, Director Donna L. Abelli sold 800 shares of the firm’s stock in a transaction that occurred on Friday, April 26th. The stock was sold at an average price of $80.00, for a total value of $64,000.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, President Gerard F. Nadeau sold 1,215 shares of the firm’s stock in a transaction that occurred on Tuesday, April 30th. The shares were sold at an average price of $80.27, for a total value of $97,528.05. Following the completion of the sale, the president now directly owns 17,791 shares of the company’s stock, valued at $1,428,083.57. The disclosure for this sale can be found here. Over the last three months, insiders have sold 7,727 shares of company stock valued at $603,916. 1.60% of the stock is owned by corporate insiders.

Large investors have recently bought and sold shares of the company. Huntington National Bank bought a new stake in shares of Independent Bank in the 1st quarter valued at approximately $34,000. Strs Ohio lifted its stake in shares of Independent Bank by 40.0% in the 1st quarter. Strs Ohio now owns 700 shares of the bank’s stock valued at $56,000 after purchasing an additional 200 shares during the last quarter. PNC Financial Services Group Inc. lifted its stake in shares of Independent Bank by 16.1% in the 4th quarter. PNC Financial Services Group Inc. now owns 1,155 shares of the bank’s stock valued at $81,000 after purchasing an additional 160 shares during the last quarter. Bessemer Group Inc. bought a new stake in shares of Independent Bank in the 2nd quarter valued at approximately $88,000. Finally, Winslow Evans & Crocker Inc. lifted its stake in shares of Independent Bank by 24.2% in the 2nd quarter. Winslow Evans & Crocker Inc. now owns 1,180 shares of the bank’s stock valued at $92,000 after purchasing an additional 230 shares during the last quarter. 70.63% of the stock is owned by institutional investors and hedge funds.

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 primarily in Massachusetts. Its products and services include demand deposits and time certificates of deposit, as well as checking, money market, and savings accounts.

Further Reading: Fiduciary

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