Independent Bank (NASDAQ:INDB) Shares Gap Down – Here’s What Happened

Shares of Independent Bank Corp. (NASDAQ:INDB) gapped down prior to trading on Friday . The stock had previously closed at $65.09, but opened at $63.17. Independent Bank shares last traded at $62.77, with a volume of 97,004 shares trading hands.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on INDB shares. Seaport Res Ptn upgraded shares of Independent Bank from a “hold” rating to a “strong-buy” rating in a report on Monday, July 22nd. StockNews.com cut Independent Bank from a “hold” rating to a “sell” rating in a research note on Tuesday, September 17th.

Independent Bank Stock Performance

The stock has a 50-day moving average price of $60.26 and a 200 day moving average price of $54.95. The company has a quick ratio of 0.95, a current ratio of 0.95 and a debt-to-equity ratio of 0.24. The firm has a market capitalization of $2.61 billion, a price-to-earnings ratio of 11.89 and a beta of 0.74.

Independent Bank (NASDAQ:INDB) last posted its quarterly earnings results on Thursday, October 17th. The bank reported $1.01 EPS for the quarter, topping the consensus estimate of $0.99 by $0.02. Independent Bank had a net margin of 22.42% and a return on equity of 7.41%. The company had revenue of $250.07 million during the quarter, compared to analysts’ expectations of $173.24 million. During the same quarter in the previous year, the business posted $1.38 EPS. On average, analysts forecast that Independent Bank Corp. will post 4.49 EPS for the current year.

Independent Bank Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, October 4th. Shareholders of record on Monday, September 30th were paid a $0.57 dividend. This represents a $2.28 dividend on an annualized basis and a yield of 3.70%. The ex-dividend date was Monday, September 30th. Independent Bank’s dividend payout ratio is presently 44.02%.

Institutional Trading of Independent Bank

Institutional investors have recently bought and sold shares of the business. Vanguard Group Inc. raised its position in shares of Independent Bank by 1.3% during the 4th quarter. Vanguard Group Inc. now owns 5,272,986 shares of the bank’s stock worth $347,015,000 after acquiring an additional 69,312 shares in the last quarter. Dimensional Fund Advisors LP lifted its position in shares of Independent Bank by 9.5% during the 2nd quarter. Dimensional Fund Advisors LP now owns 2,157,917 shares of the bank’s stock worth $109,443,000 after buying an additional 186,680 shares during the last quarter. Victory Capital Management Inc. boosted its holdings in shares of Independent Bank by 25.2% in the 2nd quarter. Victory Capital Management Inc. now owns 1,701,156 shares of the bank’s stock valued at $86,283,000 after buying an additional 342,201 shares in the last quarter. Rockland Trust Co. grew its position in shares of Independent Bank by 14.3% in the 2nd quarter. Rockland Trust Co. now owns 737,477 shares of the bank’s stock valued at $37,405,000 after buying an additional 92,438 shares during the last quarter. Finally, Goldman Sachs Group Inc. raised its stake in Independent Bank by 5.3% during the 4th quarter. Goldman Sachs Group Inc. now owns 509,236 shares of the bank’s stock worth $33,513,000 after acquiring an additional 25,664 shares in the last quarter. 83.40% of the stock is owned by hedge funds and other institutional investors.

Independent Bank Company Profile

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.