Independent Bank Corp. (NASDAQ:INDB) declared a quarterly dividend on Thursday, June 15th, Fidelity reports. Shareholders of record on Monday, June 26th will be given a dividend of 0.32 per share by the bank on Friday, July 7th. This represents a $1.28 dividend on an annualized basis and a dividend yield of 2.01%. The ex-dividend date is Thursday, June 22nd.
Shares of Independent Bank Corp. (INDB) traded up 0.55% during mid-day trading on Friday, reaching $64.00. The company’s stock had a trading volume of 31,769 shares. The firm has a market cap of $1.73 billion, a PE ratio of 21.69 and a beta of 1.01. The firm’s 50 day moving average is $63.50 and its 200 day moving average is $64.80. Independent Bank Corp. has a one year low of $42.44 and a one year high of $71.95.
Independent Bank Corp. (NASDAQ:INDB) last posted its quarterly earnings data on Thursday, April 20th. The bank reported $0.78 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.78. The business had revenue of $79.11 million during the quarter, compared to analyst estimates of $80.19 million. Independent Bank Corp. had a net margin of 23.62% and a return on equity of 9.80%. During the same quarter in the previous year, the business posted $0.72 earnings per share. On average, equities analysts anticipate that Independent Bank Corp. will post $3.28 earnings per share for the current fiscal year.
In other news, insider Gerard F. Nadeau sold 6,103 shares of the firm’s stock in a transaction dated Monday, May 1st. The shares were sold at an average price of $63.71, for a total transaction of $388,822.13. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Kevin J. Jones sold 9,630 shares of the company’s stock in a transaction dated Friday, April 28th. The shares were sold at an average price of $64.11, for a total transaction of $617,379.30. Following the sale, the director now directly owns 77,534 shares of the company’s stock, valued at $4,970,704.74. The disclosure for this sale can be found here. Insiders have sold 16,733 shares of company stock worth $1,068,441 over the last three months. 2.67% of the stock is owned by corporate insiders.
An institutional investor recently raised its position in Independent Bank Corp. stock. Teachers Advisors LLC increased its position in Independent Bank Corp. (NASDAQ:INDB) by 3.5% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 43,941 shares of the bank’s stock after buying an additional 1,490 shares during the period. Teachers Advisors LLC owned approximately 0.16% of Independent Bank Corp. worth $2,856,000 as of its most recent SEC filing. Hedge funds and other institutional investors own 77.02% of the company’s stock.
A number of research firms have recently weighed in on INDB. BidaskClub raised shares of Independent Bank Corp. from a “hold” rating to a “buy” rating in a research report on Tuesday, June 13th. Sandler O’Neill upgraded shares of Independent Bank Corp. from a “sell” rating to a “hold” rating in a report on Monday, May 15th. Piper Jaffray Companies assumed coverage on shares of Independent Bank Corp. in a research note on Monday, May 15th. They set a “neutral” rating and a $63.00 price objective for the company. Compass Point upgraded shares of Independent Bank Corp. from a “sell” rating to a “neutral” rating in a research note on Tuesday, March 28th. Finally, Zacks Investment Research downgraded shares of Independent Bank Corp. from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, March 22nd. Five equities research analysts have rated the stock with a hold rating, Independent Bank Corp. currently has an average rating of “Hold” and a consensus price target of $58.50.
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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