DA Davidson started coverage on shares of Independent Bank (NASDAQ:INDB) in a report issued on Thursday morning, BenzingaRatingsTable reports. The firm issued a neutral rating and a $81.00 price objective on the bank’s stock.
INDB has been the topic of a number of other reports. Zacks Investment Research downgraded shares of Hancock Jaffe Laboratories from a buy rating to a hold rating in a research note on Wednesday, June 26th. ValuEngine downgraded shares of Zumiez from a hold rating to a sell rating in a research note on Tuesday, July 2nd. Sandler O’Neill upgraded shares of Independent Bank from a hold rating to a buy rating in a research note on Wednesday, April 3rd. Finally, BidaskClub upgraded shares of Zumiez from a sell rating to a hold rating in a research note on Saturday, June 22nd. One analyst has rated the stock with a sell rating, four have given a hold rating and two have given a buy rating to the stock. The stock has an average rating of Hold and a consensus price target of $86.00.
Shares of NASDAQ:INDB opened at $73.36 on Thursday. The company has a market cap of $2.52 billion, a P/E ratio of 15.64 and a beta of 1.14. Independent Bank has a 12 month low of $66.12 and a 12 month high of $95.00. The firm’s 50-day moving average price is $73.25. The company has a debt-to-equity ratio of 0.28, a current ratio of 0.97 and a quick ratio of 0.97.
The business also recently announced a quarterly dividend, which was paid on Friday, July 12th. Shareholders of record on Monday, July 1st were paid a $0.44 dividend. The ex-dividend date was Friday, June 28th. This represents a $1.76 dividend on an annualized basis and a yield of 2.40%. Independent Bank’s dividend payout ratio is currently 37.53%.
In other news, Director Daniel F. Obrien sold 1,712 shares of the stock in a transaction that occurred on Wednesday, May 29th. The shares were sold at an average price of $72.75, for a total transaction of $124,548.00. Following the transaction, the director now directly owns 21,492 shares in the company, valued at $1,563,543. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, President Gerard F. Nadeau sold 1,215 shares of the stock in a transaction that occurred on Tuesday, April 30th. The shares were sold at an average price of $80.27, for a total transaction of $97,528.05. Following the transaction, the president now owns 17,791 shares in the company, valued at $1,428,083.57. The disclosure for this sale can be found here. Insiders sold a total of 7,727 shares of company stock worth $603,916 over the last 90 days. Insiders own 1.60% of the company’s stock.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Huntington National Bank bought a new position in shares of Independent Bank during the first quarter valued at approximately $34,000. Strs Ohio boosted its stake in shares of Independent Bank by 40.0% during the first quarter. Strs Ohio now owns 700 shares of the bank’s stock valued at $56,000 after purchasing an additional 200 shares in the last quarter. PNC Financial Services Group Inc. boosted its stake in shares of Independent Bank by 16.1% during the fourth 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 in the last quarter. Evergreen Capital Management LLC bought a new position in shares of Independent Bank during the first quarter valued at approximately $213,000. Finally, Welch & Forbes LLC bought a new position in shares of Independent Bank during the first quarter valued at approximately $223,000. Hedge funds and other institutional investors own 70.63% of the company’s stock.
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.
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