Independent Bank Corp. (NASDAQ:INDB) Receives $60.00 Consensus Price Target from Analysts

Shares of Independent Bank Corp. (NASDAQ:INDB) have been assigned an average recommendation of “Buy” from the two brokerages that are presently covering the firm, MarketBeat reports. One analyst has rated the stock with a hold recommendation and one has issued a strong buy recommendation on the company. The average twelve-month target price among brokers that have issued ratings on the stock in the last year is $60.00.

A number of research analysts have issued reports on INDB shares. StockNews.com upgraded shares of Independent Bank from a “sell” rating to a “hold” rating in a research note on Friday, July 12th. Seaport Res Ptn upgraded shares of Independent Bank from a “hold” rating to a “strong-buy” rating in a research note on Monday, July 22nd. Finally, Keefe, Bruyette & Woods cut their price objective on shares of Independent Bank from $64.00 to $60.00 and set a “market perform” rating on the stock in a research note on Monday, April 22nd.

Independent Bank Trading Up 0.6 %

NASDAQ:INDB opened at $58.24 on Friday. Independent Bank has a 52 week low of $44.63 and a 52 week high of $68.75. The firm has a 50 day moving average of $52.66 and a 200 day moving average of $52.35. 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 stock has a market capitalization of $2.47 billion, a price-to-earnings ratio of 11.24 and a beta of 0.77.

Independent Bank (NASDAQ:INDB) last issued its quarterly earnings results on Thursday, July 18th. The bank reported $1.21 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.11 by $0.10. Independent Bank had a net margin of 22.42% and a return on equity of 7.41%. The business had revenue of $244.19 million for the quarter, compared to analyst estimates of $169.07 million. During the same quarter in the prior year, the business posted $1.42 EPS. As a group, sell-side analysts anticipate that Independent Bank will post 4.75 earnings per share for the current fiscal year.

Independent Bank Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, July 8th. Stockholders of record on Monday, July 1st were paid a $0.57 dividend. The ex-dividend date was Monday, July 1st. This represents a $2.28 dividend on an annualized basis and a dividend yield of 3.91%. Independent Bank’s payout ratio is currently 44.02%.

Institutional Trading of Independent Bank

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. EntryPoint Capital LLC acquired a new stake in Independent Bank during the first quarter valued at $47,000. Sachetta LLC acquired a new stake in Independent Bank during the fourth quarter valued at $56,000. Innealta Capital LLC acquired a new stake in Independent Bank during the second quarter valued at $73,000. Vanguard Personalized Indexing Management LLC acquired a new stake in Independent Bank during the fourth quarter valued at $217,000. Finally, SG Americas Securities LLC grew 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 valued at $276,000 after buying an additional 2,687 shares during the period. 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.