Media headlines about Independent Bank Corp. (NASDAQ:INDB) have been trending positive recently, according to Accern. The research group identifies positive and negative media coverage by reviewing more than 20 million news and blog sources in real time. Accern ranks coverage of public companies on a scale of negative one to one, with scores closest to one being the most favorable. Independent Bank Corp. earned a news impact score of 0.31 on Accern’s scale. Accern also assigned media coverage about the bank an impact score of 45.5065431252695 out of 100, meaning that recent media coverage is somewhat unlikely to have an effect on the stock’s share price in the immediate future.
Several equities analysts recently commented on the company. Compass Point upgraded Independent Bank Corp. from a “neutral” rating to a “buy” rating and set a $72.00 price objective on the stock in a research note on Friday, July 21st. Piper Jaffray Companies assumed coverage on Independent Bank Corp. in a research note on Monday, May 15th. They issued a “neutral” rating and a $63.00 price objective on the stock. Sandler O’Neill upgraded Independent Bank Corp. from a “sell” rating to a “hold” rating in a research note on Monday, May 15th. BidaskClub upgraded Independent Bank Corp. from a “hold” rating to a “buy” rating in a research note on Tuesday, June 13th. Finally, Zacks Investment Research upgraded Independent Bank Corp. from a “hold” rating to a “buy” rating and set a $81.00 price objective on the stock in a research note on Wednesday, July 26th. Four research analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. Independent Bank Corp. currently has an average rating of “Hold” and an average price target of $67.60.
Shares of Independent Bank Corp. (NASDAQ INDB) opened at 66.80 on Friday. The company has a market cap of $1.83 billion, a PE ratio of 22.71 and a beta of 0.98. Independent Bank Corp. has a one year low of $47.50 and a one year high of $73.15. The firm’s 50-day moving average is $68.86 and its 200-day moving average is $64.91.
Independent Bank Corp. (NASDAQ:INDB) last issued its quarterly earnings results on Thursday, July 20th. The bank reported $0.82 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.81 by $0.01. The business had revenue of $85.15 million for the quarter, compared to analysts’ expectations of $85.20 million. Independent Bank Corp. had a net margin of 23.17% and a return on equity of 9.70%. During the same quarter last year, the company posted $0.78 EPS. On average, equities analysts anticipate that Independent Bank Corp. will post $3.33 EPS for the current year.
In other news, Director Carl Ribeiro sold 1,000 shares of Independent Bank Corp. stock in a transaction on Thursday, May 25th. The shares were sold at an average price of $62.24, for a total transaction of $62,240.00. Following the transaction, the director now owns 14,647 shares in the company, valued at approximately $911,629.28. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Mark J. Ruggiero sold 400 shares of Independent Bank Corp. stock in a transaction on Tuesday, July 25th. The stock was sold at an average price of $73.05, for a total transaction of $29,220.00. Following the transaction, the insider now owns 2,852 shares in the company, valued at approximately $208,338.60. The disclosure for this sale can be found here. Insiders have sold a total of 9,443 shares of company stock worth $669,348 in the last quarter. Corporate insiders own 2.67% of the company’s stock.
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About Independent Bank Corp.
Independent Bank Corp. is a bank holding company. The Company operates through its subsidiary, Rockland Trust Company (the Bank). The Bank is a community-oriented commercial bank. Its 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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