StockNews.com cut shares of Independent Bank (NASDAQ:INDB – Free Report) from a hold rating to a sell rating in a research note issued to investors on Tuesday.
Several other brokerages have also recently issued reports on INDB. Keefe, Bruyette & Woods dropped their target price on shares of Independent Bank from $64.00 to $60.00 and set a market perform rating on the stock in a report on Monday, April 22nd. TheStreet cut shares of Independent Bank from a b- rating to a c+ rating in a research note on Wednesday, March 13th.
Independent Bank Stock Performance
Independent Bank (NASDAQ:INDB – Get Free Report) last announced its earnings results on Thursday, April 18th. The bank reported $1.12 earnings per share for the quarter, missing analysts’ consensus estimates of $1.15 by ($0.03). Independent Bank had a net margin of 23.97% and a return on equity of 7.85%. The business had revenue of $167.38 million for the quarter, compared to the consensus estimate of $171.80 million. Sell-side analysts expect that Independent Bank will post 4.46 EPS for the current year.
Independent Bank Announces Dividend
The company also recently announced a quarterly dividend, which will be paid on Monday, July 8th. Investors of record on Monday, July 1st will be paid a dividend of $0.57 per share. This represents a $2.28 dividend on an annualized basis and a dividend yield of 4.59%. The ex-dividend date of this dividend is Monday, July 1st. Independent Bank’s dividend payout ratio (DPR) is 44.02%.
Institutional Inflows and Outflows
A number of large investors have recently modified their holdings of the company. HighTower Advisors LLC lifted its stake in shares of Independent Bank by 5.1% during the 3rd quarter. HighTower Advisors LLC now owns 5,892 shares of the bank’s stock valued at $289,000 after buying an additional 287 shares in the last quarter. Diversified Trust Co increased its holdings in Independent Bank by 3.5% in the 4th quarter. Diversified Trust Co now owns 10,116 shares of the bank’s stock valued at $666,000 after acquiring an additional 345 shares during the last quarter. Nisa Investment Advisors LLC increased its holdings in shares of Independent Bank by 4.2% in the 4th quarter. Nisa Investment Advisors LLC now owns 10,677 shares of the bank’s stock worth $703,000 after buying an additional 434 shares during the last quarter. Illinois Municipal Retirement Fund increased its holdings in shares of Independent Bank by 1.8% in the 1st quarter. Illinois Municipal Retirement Fund now owns 25,325 shares of the bank’s stock worth $1,317,000 after buying an additional 443 shares during the last quarter. Finally, Plimoth Trust Co. LLC increased its holdings in shares of Independent Bank by 6.0% in the 1st quarter. Plimoth Trust Co. LLC now owns 8,900 shares of the bank’s stock worth $463,000 after buying an additional 500 shares during the last quarter. Hedge funds and other institutional investors own 83.40% 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 in the United States. The company provides interest checking, money market, and savings accounts, as well as demand deposits and time certificates of deposit.
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