In yesterday’s Wall Street session, Independent Bank Corp. (NASDAQ:INDB) shares traded at $86.00, up 0.10% from the previous session.
3 analysts cover Independent Bank Corp. (NASDAQ:INDB), according to research data. The consensus rating among analysts is ‘Overweight’. As we calculate the median target price by taking the range between a high of $100.00 and a low of $82.50, we find $100.00. Given the previous closing price of $85.91, this indicates a potential upside of 16.4 percent. INDB stock price is now 6.29% away from the 50-day moving average and 5.50% away from the 200-day moving average. The market capitalization of the company currently stands at $4.01B.
The stock has received a hold rating from 1 analysts and a buy rating from 2. Brokers who have rated the stock have averaged $94.17 as their price target over the next twelve months.
With the price target enhanced from $82 to $88, Piper Sandler Downgraded its rating from Overweight to Neutral for Independent Bank Corp. (NASDAQ: INDB). On April 26, 2021, Seaport Global Securities Upgraded its previous ‘Neutral’ rating to ‘Buy’ on the stock keeping its target price maintained at $94, while ‘Piper Sandler’ rates the stock as ‘Overweight’.
In other news, SEKSAY EDWARD H, General Counsel sold 700 shares of the company’s stock on Aug 16. The stock was sold for $61,784 at an average price of $88.26. Upon completion of the transaction, the General Counsel now directly owns 7,336 shares in the company, valued at $0.63 million. An SEC document containing details of the transaction can be found on the SEC’s website. On Aug 16, Director MISKELL EILEEN C sold 858 shares of the business’s stock. A total of $75,387 was realized by selling the stock at an average price of $87.86. This leaves the insider owning 12,647 shares of the company worth $1.09 million. Insiders disposed of 41,697 shares of company stock worth roughly $3.59 million over the past 1 year. A total of 0.60% of the company’s stock is owned by insiders.
There have been several recent changes in the stakes of large investors in INDB stock. A new stake in Independent Bank Corp. shares was purchased by T. ROWE PRICE INVESTMENT MANAGEMENT, INC. during the first quarter worth $137,094,000. OCCUDO QUANTITATIVE STRATEGIES LP invested $2,189,000 in shares of INDB during the first quarter. In the first quarter, AMALGAMATED FINANCIAL CORP. acquired a new stake in Independent Bank Corp. valued at approximately $1,817,000. SCHONFELD STRATEGIC ADVISORS LLC acquired a new stake in INDB for approximately $1,671,000. GRAHAM CAPITAL MANAGEMENT, L.P. purchased a new stake in INDB valued at around $1,591,000 in the second quarter.
During the past 12 months, Independent Bank Corp. has had a low of $74.28 and a high of $89.50.
The net profit margin was 32.20% and return on equity was 6.50% for INDB. The company reported revenue of $169.97 million for the quarter, compared to $93.02 million a year earlier. Comparatively to last year’s same quarter, the company’s quarterly revenue rose 82.73 percent.
Moreover, the firm recently paid out its quarterly dividend on 10/07/2022. Investors who held shares on 09/26/2022 were paid a $0.51 dividend. On an annualized basis, this represents a $2.04 dividend and a 2.37% percent yield. There was an ex-dividend date of 09/23/2022 for this dividend. In terms of dividend payout ratio, INDB is presently at 48.80%.