The Insider Activity Of Independent Bank Corp. (INDB) Is Worth Monitoring

Independent Bank Corp. (NASDAQ:INDB) finished Friday with an addition of $1.42 to close at $84.83, an upside of 1.70 percent. An average of 242,060 shares of common stock have been traded in the last five days. There was a gain of $4.41 in the past week, and it reached a new high 31 times over the past 12 months. The last 20 days have seen an average of 178,375 shares traded, while the 50-day average volume stands at 169,028.

INDB stock has increased by 14.84% in the last month. The company shares reached their 1-month lowest point of $71.75 on 09/23/21. With the stock rallying to its 52-week high on 03/12/21, shares of the company touched a low of $51.92 and a high of $99.85 in 52 weeks. It has reached a new high 18 times so far this year and achieved 16.14% or $11.79 in price. In spite of this, the price is down -15.04% from the 52-week high.

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Insider Transactions

44 days have passed since Independent Bank Corp. (INDB) last reported insider trading activity. Abelli Donna L, who is Director, most recently acquired $800 shares at $74.00 per share on Sep 09. In this transaction, the insider spent $59,200. Director, OBrien Daniel F, disposed of 1,365 shares at a price of $78.13 on Aug 23. The insider now owns more than $106,654 worth of shares. Prior to that, Director MISKELL EILEEN C went on to Sale 2,645 shares at $72.79 each on Aug 06. An amount of $192,517 was transacted.

Valuation Metrics

Independent Bank Corp. (INDB) has a trailing price-to-earnings (P/E) ratio of 19.45, which compares with the 16.80 for the broader industry and 13.15 for the sector. In the last five years, Independent Bank Corp.’s PE ratio has ranged between 27.02 and 10.41. The stock’s beta is 0.97. Other valuation ratios to consider include the trailing price-to-sales (P/S) ratio at 7.15, the price-to-book (PB) ratio at 1.61, and the price-to-cash flow ratio at 23.27.

Independent Bank Corp. pays a $1.92 dividend per share annually. It offers a dividend yield of 2.26%. The company has a payout ratio of 41.20%. The company’s most recent quarterly dividend payment took place on Oct. 8, and it was $0.48 a share, without any change from last year. Its dividend has been increased for the last 11 consecutive years with the latest increase dividend $0.02 reported on Friday March 19 2021.Dividends have grown by 43.75% each year over the last three years.

Further, the company has a long term debt to equity ratio of 0.08 and a total debt to equity ratio of 0.08 for the quarter ending June 29. Its gross profit as reported stood at $367.73 million compared to revenue of $402.07 million.

For investors, determining the potential profitability of the investment also depends on the performance of the company’s management. In the past 12 months, Independent Bank Corp.’s return on assets was 1.10%. For the broader industry, ROE averaged 11.10 over the past year.

Earnings Surprise

For the three-month period that ended June 29, Independent Bank Corp. had $73.17 million in total debt. The analyst consensus anticipated Independent Bank Corp.’s latest quarter earnings to come in at $1.08 per share, but it turned out to be $1.14, a 5.60% surprise. At the end of the quarter ending June 29, Independent Bank Corp.’s stock balance sheet showed total debt was $261.36 million. Shareholders own equity worth $33.04 million.

Technical Picture

From a technical analysis perspective, let’s take a brief look at Independent Bank Corp. (INDB) price momentum. RSI 9-day as of the close on 22 October was 73.60%, suggesting the stock is Overbought, with historical volatility in this time frame at 20.61%.

As of today, INDB’s price is $83.11 +5.48% or $4.41 from its 5-day moving average. INDB is currently trading +14.76% higher than its 20-day SMA and +4.90% higher than its 100-day SMA. However, the stock’s current price level is +11.33% above the SMA50 and +5.22% above the SMA200.

The stochastic %K and %D were 93.10% and 92.41%, respectively, and the average true range (ATR) was 2.06. With the 14-day stochastic at 98.21% and the average true range at 2.05, the RSI (14) stands at 69.65%. The stock has reached 2.28 on the 9-day MACD Oscillator while the 14-day reading was at 3.02.

Analyst Ratings

Seaport Global Securities upgraded Independent Bank Corp. (NASDAQ: INDB) to a a Buy rating in its most recent analyst report. Previously, the stock was rated as a Neutral. The consensus rating for Independent Bank Corp. (INDB) among analysts is Buy. According to current brokerage recommendations, 0 brokerage firms advise that investors sell INDB, while 0 suggest investors hold. There are 0 analysts who rate the stock as underweight. The stock is rated overweight by 0 analysts, while 4 others rate it as a “buy”.

What is INDB’s price target for the next 12 months?

Analysts predict a range of price targets between $82.00 and $100.00, with a median target of $90.50. Taking a look at these predictions, the average price target given by analysts for Independent Bank Corp. (INDB) stock is $90.75.


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