Zacks Investment Research Lowers Independent Bank Corp (INDB) to Hold

Zacks Investment Research downgraded shares of Independent Bank Corp (NASDAQ:INDB) from a strong-buy rating to a hold rating in a research report report published on Wednesday.

According to Zacks, “Independent Bank Corp. is a bank holding company for Rockland Trust Company. They are a community-oriented commercial bank. The community banking business consists of commercial banking, retail banking and trust services and is managed as a single strategic unit. The community banking business derives its revenues from a wide range of banking services, including lending activities, acceptance of demand, savings and time deposits, trust and investment management, and mortgage servicing income from investors. “

Independent Bank Corp (NASDAQ:INDB) opened at 58.50 on Wednesday. Independent Bank Corp has a 12-month low of $42.44 and a 12-month high of $71.95. The firm has a market capitalization of $1.58 billion, a price-to-earnings ratio of 20.17 and a beta of 0.96. The firm has a 50-day moving average of $63.64 and a 200 day moving average of $61.56.

Independent Bank Corp (NASDAQ:INDB) last announced its quarterly earnings results on Thursday, January 19th. The company reported $0.76 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.79 by $0.03. Independent Bank Corp had a net margin of 23.29% and a return on equity of 9.83%. On average, equities analysts predict that Independent Bank Corp will post $3.34 EPS for the current year.

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The business also recently declared a quarterly dividend, which will be paid on Friday, April 7th. Stockholders of record on Monday, March 27th will be issued a $0.32 dividend. This represents a $1.28 dividend on an annualized basis and a dividend yield of 2.12%. The ex-dividend date of this dividend is Thursday, March 23rd. This is an increase from Independent Bank Corp’s previous quarterly dividend of $0.29. Independent Bank Corp’s dividend payout ratio (DPR) is currently 40.00%.

In other news, Director Maurice H. Sullivan, Jr. sold 4,275 shares of the stock in a transaction dated Friday, March 10th. The shares were sold at an average price of $64.65, for a total value of $276,378.75. Following the completion of the transaction, the director now owns 28,455 shares in the company, valued at approximately $1,839,615.75. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, General Counsel Edward H. Seksay sold 2,000 shares of the stock in a transaction dated Wednesday, January 25th. The shares were sold at an average price of $63.20, for a total transaction of $126,400.00. Following the completion of the transaction, the general counsel now owns 10,640 shares of the company’s stock, valued at approximately $672,448. The disclosure for this sale can be found here. Insiders sold a total of 9,550 shares of company stock valued at $609,416 in the last quarter. Insiders own 3.02% of the company’s stock.

Several institutional investors have recently made changes to their positions in INDB. Elkfork Partners LLC bought a new position in shares of Independent Bank Corp during the fourth quarter worth about $124,000. Beaumont Financial Partners LLC bought a new position in shares of Independent Bank Corp during the fourth quarter worth about $232,000. SG Americas Securities LLC bought a new position in shares of Independent Bank Corp during the third quarter worth about $311,000. BlackRock Inc. increased its position in shares of Independent Bank Corp by 7.6% in the third quarter. BlackRock Inc. now owns 6,768 shares of the company’s stock worth $366,000 after buying an additional 478 shares in the last quarter. Finally, Citadel Advisors LLC increased its position in shares of Independent Bank Corp by 34.2% in the third quarter. Citadel Advisors LLC now owns 7,088 shares of the company’s stock worth $383,000 after buying an additional 1,806 shares in the last quarter. Institutional investors and hedge funds own 77.67% of the company’s stock.

Independent Bank Corp Company Profile

Independent Bank Corp. is a bank holding company. The Company is the sole stockholder of Rockland Trust Company (Rockland or the Bank). The Bank is a community-oriented commercial bank. The Company operates in community banking business segment. The Company’s 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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