Independent Bank (NASDAQ:INDB) Shares Gap Down – What’s Next?

Independent Bank Corp. (NASDAQ:INDB)’s stock price gapped down before the market opened 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 traded.

Analyst Ratings Changes

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

Independent Bank Trading Down 4.8 %

The business’s 50 day moving average price is $60.19 and its 200-day moving average price is $54.84. The company has a market cap of $2.63 billion, a price-to-earnings ratio of 12.57 and a beta of 0.74. The company has a current ratio of 0.95, a quick ratio of 0.95 and a debt-to-equity ratio of 0.24.

Independent Bank (NASDAQ:INDB) last announced its quarterly earnings data on Thursday, October 17th. The bank reported $1.01 earnings per share for the quarter, beating the consensus estimate of $0.99 by $0.02. Independent Bank had a return on equity of 7.41% and a net margin of 22.42%. The firm had revenue of $250.07 million during the quarter, compared to analysts’ expectations of $173.24 million. During the same period in the previous year, the firm earned $1.38 EPS. On average, equities analysts anticipate that Independent Bank Corp. will post 4.49 EPS for the current fiscal year.

Independent Bank Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, October 4th. Shareholders of record on Monday, September 30th were issued a $0.57 dividend. The ex-dividend date of this dividend was Monday, September 30th. This represents a $2.28 dividend on an annualized basis and a yield of 3.68%. Independent Bank’s payout ratio is presently 44.02%.

Institutional Investors Weigh In On Independent Bank

Several institutional investors and hedge funds have recently made changes to their positions in INDB. EntryPoint Capital LLC bought a new position in shares of Independent Bank in the 1st quarter worth $47,000. Innealta Capital LLC bought a new stake in shares of Independent Bank in the 2nd quarter worth approximately $73,000. Profund Advisors LLC bought a new position in shares of Independent Bank during the 2nd quarter worth $229,000. SG Americas Securities LLC boosted its position in Independent Bank by 102.6% during the first quarter. SG Americas Securities LLC now owns 5,305 shares of the bank’s stock worth $276,000 after purchasing an additional 2,687 shares during the period. Finally, Vanguard Personalized Indexing Management LLC grew its stake in Independent Bank by 29.7% in the 2nd quarter. Vanguard Personalized Indexing Management LLC now owns 5,378 shares of the bank’s stock valued at $273,000 after buying an additional 1,231 shares in the last quarter. Institutional investors and hedge funds own 83.40% of the company’s stock.

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.