Independent Bank (NASDAQ:INDB) Hits New 12-Month High – Still a Buy?

Independent Bank Corp. (NASDAQ:INDB)’s stock price hit a new 52-week high during trading on Monday . The company traded as high as $76.24 and last traded at $76.24, with a volume of 3606 shares trading hands. The stock had previously closed at $73.98.

Wall Street Analysts Forecast Growth

INDB has been the subject of a number of analyst reports. Raymond James raised Independent Bank from a “market perform” rating to a “strong-buy” rating and set a $74.00 price target for the company in a report on Monday, October 21st. Keefe, Bruyette & Woods boosted their target price on shares of Independent Bank from $62.00 to $65.00 and gave the company a “market perform” rating in a research note on Monday, October 21st. Finally, StockNews.com cut shares of Independent Bank from a “hold” rating to a “sell” rating in a research note on Tuesday, September 17th. One analyst has rated the stock with a sell rating, one has given a hold rating and two have given a strong buy rating to the company’s stock. According to MarketBeat.com, Independent Bank presently has a consensus rating of “Moderate Buy” and a consensus price target of $69.50.

Independent Bank Stock Down 2.1 %

The firm has a market cap of $3.12 billion, a price-to-earnings ratio of 15.95 and a beta of 0.73. The firm has a fifty day moving average price of $64.35 and a 200-day moving average price of $58.37. The company has a quick ratio of 0.95, a current ratio of 0.95 and a debt-to-equity ratio of 0.22.

Independent Bank (NASDAQ:INDB) last posted its quarterly earnings results on Thursday, October 17th. The bank reported $1.01 EPS for the quarter, beating the consensus estimate of $0.99 by $0.02. The company had revenue of $250.07 million during the quarter, compared to analysts’ expectations of $173.24 million. Independent Bank had a return on equity of 6.74% and a net margin of 20.26%. During the same quarter in the previous year, the business earned $1.38 EPS. As a group, sell-side analysts forecast that Independent Bank Corp. will post 4.5 EPS for the current year.

Independent Bank Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, October 4th. Shareholders of record on Monday, September 30th were paid a dividend of $0.57 per share. This represents a $2.28 dividend on an annualized basis and a yield of 3.11%. The ex-dividend date of this dividend was Monday, September 30th. Independent Bank’s dividend payout ratio is currently 49.57%.

Institutional Trading of Independent Bank

Several institutional investors have recently made changes to their positions in INDB. Innealta Capital LLC acquired a new position in Independent Bank in the second quarter valued at $73,000. Connor Clark & Lunn Investment Management Ltd. purchased a new position in shares of Independent Bank in the 3rd quarter worth about $222,000. Profund Advisors LLC acquired a new position in shares of Independent Bank in the 2nd quarter valued at about $229,000. Los Angeles Capital Management LLC purchased a new stake in shares of Independent Bank during the 3rd quarter worth about $257,000. Finally, Vanguard Personalized Indexing Management LLC increased its position in Independent Bank by 29.7% during the 2nd quarter. Vanguard Personalized Indexing Management LLC now owns 5,378 shares of the bank’s stock worth $273,000 after purchasing an additional 1,231 shares in the last quarter. 83.40% of the stock is owned by hedge funds and other institutional investors.

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.