Independent Bank (NASDAQ:INDB) Upgraded to Strong-Buy at Piper Sandler

Piper Sandler upgraded shares of Independent Bank (NASDAQ:INDB) from a hold rating to a strong-buy rating in a report issued on Friday,Zacks reports.

INDB has been the topic of a number of other reports. Keefe, Bruyette & Woods dropped their price target on shares of Independent Bank from $99.00 to $96.00 and set an “outperform” rating on the stock in a research note on Monday, July 20th. Weiss Ratings restated a “buy (b)” rating on shares of Independent Bank in a research report on Wednesday, August 5th. Two analysts have rated the stock with a Strong Buy rating, four have issued a Buy rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and a consensus price target of $91.86.

Independent Bank Stock Performance

Shares of INDB stock opened at $80.06 on Friday. The stock’s 50-day moving average is $82.89 and its two-hundred day moving average is $80.84. The firm has a market cap of $3.79 billion, a price-to-earnings ratio of 14.45 and a beta of 0.78. Independent Bank has a 1 year low of $63.33 and a 1 year high of $87.50. The company has a debt-to-equity ratio of 0.20, a quick ratio of 0.94 and a current ratio of 0.94.

Independent Bank (NASDAQ:INDB) last announced its earnings results on Thursday, July 16th. The bank reported $1.70 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.79 by ($0.09). Independent Bank had a net margin of 20.31% and a return on equity of 9.19%. The firm had revenue of $253.32 million during the quarter, compared to analyst estimates of $257.50 million. Analysts predict that Independent Bank will post 7.14 earnings per share for the current year.

Independent Bank Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, October 9th. Investors of record on Monday, September 28th will be given a dividend of $0.64 per share. This represents a $2.56 annualized dividend and a dividend yield of 3.2%. The ex-dividend date is Monday, September 28th. Independent Bank’s payout ratio is currently 46.21%.

Insiders Place Their Bets

In related news, Director Thomas R. Venables sold 3,750 shares of Independent Bank stock in a transaction dated Tuesday, August 25th. The stock was sold at an average price of $83.00, for a total transaction of $311,250.00. Following the completion of the sale, the director owned 17,649 shares in the company, valued at approximately $1,464,867. This trade represents a 17.52% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Gerard F. Nadeau sold 5,307 shares of the business’s stock in a transaction dated Monday, August 3rd. The shares were sold at an average price of $84.69, for a total transaction of $449,449.83. Following the completion of the transaction, the director directly owned 16,907 shares of the company’s stock, valued at $1,431,853.83. The trade was a 23.89% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders own 1.60% of the company’s stock.

Institutional Investors Weigh In On Independent Bank

Several hedge funds have recently modified their holdings of INDB. EverSource Wealth Advisors LLC lifted its position in Independent Bank by 27.4% during the first quarter. EverSource Wealth Advisors LLC now owns 898 shares of the bank’s stock worth $68,000 after buying an additional 193 shares during the period. Sachetta LLC increased its stake in shares of Independent Bank by 3.2% during the 1st quarter. Sachetta LLC now owns 8,304 shares of the bank’s stock valued at $625,000 after acquiring an additional 259 shares during the last quarter. Rockefeller Capital Management L.P. increased its stake in shares of Independent Bank by 76.4% during the 4th quarter. Rockefeller Capital Management L.P. now owns 836 shares of the bank’s stock valued at $61,000 after acquiring an additional 362 shares during the last quarter. Ballast Advisors LLC acquired a new position in shares of Independent Bank during the 1st quarter valued at about $30,000. Finally, GHP Investment Advisors Inc. lifted its holdings in shares of Independent Bank by 1.6% during the 1st quarter. GHP Investment Advisors Inc. now owns 35,763 shares of the bank’s stock worth $2,690,000 after acquiring an additional 573 shares during the period. 83.40% of the stock is owned by institutional investors and hedge funds.

Independent Bank Company Profile

Independent Bank Corp. is the bank holding company for Rockland Trust Company, a full-service community bank headquartered in Rockland, Massachusetts. Through Rockland Trust, the company provides banking and financial services to individuals, families, businesses, nonprofits and municipalities.

Its products and services include checking and savings accounts, certificates of deposit, residential and commercial lending, home equity loans, mortgages, cash management, online and mobile banking, and other treasury management solutions.