Independent Bank (NASDAQ:INDB) Sets New 12-Month High – Should You Buy?

by · The Cerbat Gem

Shares of Independent Bank Corp. (NASDAQ:INDB – Get Free Report) reached a new 52-week high on Tuesday . The company traded as high as $78.00 and last traded at $77.5220, with a volume of 11199 shares changing hands. The stock had previously closed at $77.58.

Wall Street Analyst Weigh In

A number of research firms recently issued reports on INDB. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Independent Bank in a research note on Wednesday, October 8th. Zacks Research downgraded shares of Independent Bank from a “strong-buy” rating to a “hold” rating in a report on Tuesday, August 19th. Keefe, Bruyette & Woods raised shares of Independent Bank from a “market perform” rating to an “outperform” rating and increased their price target for the company from $80.00 to $83.00 in a report on Tuesday, October 21st. Finally, Independent Research set a $83.00 price target on Independent Bank in a research report on Tuesday, October 21st. One research analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating and three have assigned a Hold rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $76.75.

View Our Latest Stock Report on INDB

Independent Bank Stock Down 0.2%

The company has a debt-to-equity ratio of 0.22, a quick ratio of 0.94 and a current ratio of 0.95. The company’s fifty day moving average price is $70.15 and its 200-day moving average price is $67.99. The stock has a market cap of $3.84 billion, a P/E ratio of 18.84 and a beta of 0.81.

Independent Bank (NASDAQ:INDB – Get Free Report) last issued its quarterly earnings results on Wednesday, February 12th. The bank reported $1.01 EPS for the quarter. Independent Bank had a net margin of 16.64% and a return on equity of 7.19%. The company had revenue of $175.25 million for the quarter. Equities analysts forecast 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 will be paid on Wednesday, January 7th. Stockholders of record on Monday, December 29th will be issued a $0.59 dividend. This represents a $2.36 annualized dividend and a dividend yield of 3.0%. The ex-dividend date is Monday, December 29th. Independent Bank’s dividend payout ratio is presently 57.42%.

Insider Buying and Selling

In related news, Director Thomas R. Venables sold 405 shares of the business’s stock in a transaction on Friday, December 5th. The stock was sold at an average price of $73.93, for a total transaction of $29,941.65. Following the completion of the transaction, the director owned 20,557 shares in the company, valued at $1,519,779.01. The trade was a 1.93% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Gerard F. Nadeau sold 3,000 shares of the company’s stock in a transaction on Friday, November 21st. The shares were sold at an average price of $70.00, for a total value of $210,000.00. Following the completion of the transaction, the director directly owned 22,395 shares in the company, valued at $1,567,650. This trade represents a 11.81% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders sold 200,405 shares of company stock valued at $13,971,482. Insiders own 0.81% of the company’s stock.

Institutional Investors Weigh In On Independent Bank

Several large investors have recently added to or reduced their stakes in the stock. LPL Financial LLC increased its position in shares of Independent Bank by 4.7% during the first quarter. LPL Financial LLC now owns 25,252 shares of the bank’s stock worth $1,582,000 after acquiring an additional 1,129 shares during the period. Vanguard Group Inc. boosted its holdings in shares of Independent Bank by 2.3% in the first quarter. Vanguard Group Inc. now owns 5,134,903 shares of the bank’s stock valued at $321,702,000 after purchasing an additional 116,820 shares during the period. Charles Schwab Investment Management Inc. grew its stake in Independent Bank by 0.8% in the first quarter. Charles Schwab Investment Management Inc. now owns 549,547 shares of the bank’s stock worth $34,429,000 after purchasing an additional 4,599 shares in the last quarter. Nuveen LLC purchased a new position in Independent Bank during the 1st quarter worth $13,414,000. Finally, HighTower Advisors LLC raised its position in Independent Bank by 3.3% during the 1st quarter. HighTower Advisors LLC now owns 7,049 shares of the bank’s stock valued at $442,000 after purchasing an additional 226 shares in the last quarter. 83.40% of the stock is owned by hedge funds and other institutional investors.

Independent Bank Company Profile

(Get Free Report)

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.

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