Independent Bank Corp. (NASDAQ:INDB) Receives Consensus Recommendation of “Buy” from Analysts

Independent Bank Corp. (NASDAQ:INDB) has been given a consensus recommendation of “Buy” by the three analysts that are presently covering the firm, Marketbeat.com reports. One analyst has rated the stock with a hold recommendation and two have given a strong buy recommendation to the company. The average 12-month price objective among brokers that have covered the stock in the last year is $78.00.

Several equities research analysts have commented on the company. Keefe, Bruyette & Woods upped their price objective on Independent Bank from $77.00 to $82.00 and gave the stock a “market perform” rating in a research report on Thursday, December 12th. StockNews.com cut shares of Independent Bank from a “hold” rating to a “sell” rating in a research note on Tuesday, September 17th. Finally, Raymond James upgraded shares of Independent Bank from a “market perform” rating to a “strong-buy” rating and set a $74.00 price target on the stock in a research report on Monday, October 21st.

Institutional Investors Weigh In On Independent Bank

A number of institutional investors have recently added to or reduced their stakes in INDB. Connor Clark & Lunn Investment Management Ltd. acquired a new position in Independent Bank during the third quarter worth $222,000. Profund Advisors LLC acquired a new position in shares of Independent Bank during the 2nd quarter worth about $229,000. Los Angeles Capital Management LLC purchased a new position in Independent Bank in the 3rd quarter valued at about $257,000. Vanguard Personalized Indexing Management LLC boosted its holdings 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 worth $273,000 after buying an additional 1,231 shares during the last quarter. Finally, Point72 Asia Singapore Pte. Ltd. increased its stake in Independent Bank by 59.0% during the 2nd quarter. Point72 Asia Singapore Pte. Ltd. now owns 5,737 shares of the bank’s stock worth $291,000 after buying an additional 2,129 shares in the last quarter. Institutional investors and hedge funds own 83.40% of the company’s stock.

Independent Bank Stock Up 1.2 %

NASDAQ:INDB opened at $63.92 on Monday. The firm has a market capitalization of $2.72 billion, a P/E ratio of 13.90 and a beta of 0.78. The company’s fifty day moving average price is $69.01 and its 200-day moving average price is $61.90. Independent Bank has a 1-year low of $45.11 and a 1-year high of $77.23. The company has a debt-to-equity ratio of 0.22, a current ratio of 0.95 and a quick ratio of 0.95.

Independent Bank (NASDAQ:INDB) last released its quarterly earnings data on Thursday, October 17th. The bank reported $1.01 earnings per share for the quarter, beating analysts’ consensus estimates of $0.99 by $0.02. Independent Bank had a return on equity of 6.74% and a net margin of 20.26%. The business had revenue of $250.07 million during the quarter, compared to analyst estimates of $173.24 million. During the same quarter last year, the business posted $1.38 EPS. As a group, equities research analysts anticipate that Independent Bank will post 4.5 EPS for the current year.

Independent Bank Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, January 6th. Stockholders of record on Monday, December 30th will be paid a dividend of $0.57 per share. This represents a $2.28 annualized dividend and a dividend yield of 3.57%. The ex-dividend date of this dividend is Monday, December 30th. Independent Bank’s payout ratio is 49.57%.

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.