Independent Bank (NASDAQ:INDB) Raised to “Strong-Buy” at Seaport Res Ptn

Seaport Res Ptn upgraded shares of Independent Bank (NASDAQ:INDB) from a hold rating to a strong-buy rating in a report released on Monday morning, Zacks.com reports. Seaport Res Ptn also issued estimates for Independent Bank’s Q3 2024 earnings at $1.17 EPS, Q4 2024 earnings at $1.19 EPS, FY2024 earnings at $4.69 EPS, Q1 2025 earnings at $1.21 EPS, Q2 2025 earnings at $1.26 EPS, Q3 2025 earnings at $1.29 EPS, Q4 2025 earnings at $1.32 EPS and FY2025 earnings at $5.08 EPS.

INDB has been the subject of several other research reports. Keefe, Bruyette & Woods reduced their price objective on shares of Independent Bank from $64.00 to $60.00 and set a market perform rating for the company in a research note on Monday, April 22nd. StockNews.com upgraded shares of Independent Bank from a sell rating to a hold rating in a research report on Friday, July 12th.

Independent Bank Trading Up 1.4 %

Shares of INDB stock opened at $63.00 on Monday. Independent Bank has a 12-month low of $44.63 and a 12-month high of $68.75. 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 company has a 50 day moving average of $51.12 and a 200-day moving average of $52.53. The firm has a market cap of $2.68 billion, a P/E ratio of 12.16 and a beta of 0.77.

Independent Bank (NASDAQ:INDB) last released its quarterly earnings data on Thursday, July 18th. The bank reported $1.21 EPS for the quarter, beating the consensus estimate of $1.11 by $0.10. The business had revenue of $244.19 million for the quarter, compared to the consensus estimate of $169.07 million. Independent Bank had a net margin of 22.42% and a return on equity of 7.41%. During the same period in the prior year, the firm earned $1.42 earnings per share. Sell-side analysts anticipate that Independent Bank will post 4.61 earnings per share for the current year.

Independent Bank Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, July 8th. Investors of record on Monday, July 1st were paid a $0.57 dividend. This represents a $2.28 annualized dividend and a dividend yield of 3.62%. The ex-dividend date was Monday, July 1st. Independent Bank’s payout ratio is 44.02%.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of INDB. Norges Bank bought a new position in Independent Bank in the 4th quarter worth $32,784,000. Hsbc Holdings PLC boosted its position in Independent Bank by 902.8% during the 4th quarter. Hsbc Holdings PLC now owns 268,315 shares of the bank’s stock valued at $17,730,000 after acquiring an additional 241,558 shares in the last quarter. Dimensional Fund Advisors LP boosted its position in Independent Bank by 10.3% during the 4th quarter. Dimensional Fund Advisors LP now owns 1,753,697 shares of the bank’s stock valued at $115,415,000 after acquiring an additional 164,254 shares in the last quarter. Boston Trust Walden Corp raised its position in shares of Independent Bank by 22.1% in the 4th quarter. Boston Trust Walden Corp now owns 518,119 shares of the bank’s stock worth $34,097,000 after acquiring an additional 93,901 shares in the last quarter. Finally, Rockland Trust Co. lifted its stake 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 purchasing an additional 92,438 shares during the period. Institutional investors 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.