Independent Bank (NASDAQ:INDB) Reaches New 52-Week High – What’s Next?

Independent Bank Corp. (NASDAQ:INDB) shares reached a new 52-week high on Wednesday . The company traded as high as $70.63 and last traded at $70.46, with a volume of 2144 shares. The stock had previously closed at $63.20.

Analyst Ratings Changes

A number of research firms have weighed in on INDB. 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 note 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. StockNews.com downgraded shares of Independent Bank from a “hold” rating to a “sell” rating in a research note on Tuesday, September 17th. Finally, 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. One investment analyst has rated the stock with a sell rating, one has issued a hold rating and two have issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Independent Bank presently has an average rating of “Moderate Buy” and an average target price of $69.50.

Independent Bank Trading Up 15.5 %

The company’s 50-day moving average is $60.97 and its 200-day moving average is $56.15. The firm has a market cap of $3.10 billion, a price-to-earnings ratio of 15.39 and a beta of 0.73. The company has a debt-to-equity ratio of 0.24, a quick ratio of 0.95 and a current ratio of 0.95.

Independent Bank (NASDAQ:INDB) last announced its quarterly earnings data on Thursday, October 17th. The bank reported $1.01 earnings per share for the quarter, topping the consensus estimate of $0.99 by $0.02. The firm 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 6.79% and a net margin of 20.26%. During the same period in the previous year, the business posted $1.38 EPS. On average, research analysts predict that Independent Bank Corp. will post 4.5 earnings per share for the current year.

Independent Bank Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, October 4th. Stockholders of record on Monday, September 30th were paid a $0.57 dividend. The ex-dividend date was Monday, September 30th. This represents a $2.28 dividend on an annualized basis and a dividend yield of 3.12%. Independent Bank’s dividend payout ratio (DPR) is presently 49.57%.

Institutional Trading of Independent Bank

Hedge funds have recently modified their holdings of the company. Quantbot Technologies LP acquired a new stake in shares of Independent Bank in the 1st quarter valued at approximately $1,169,000. BNP Paribas Financial Markets raised its position in shares of Independent Bank by 89.8% in the 1st quarter. BNP Paribas Financial Markets now owns 23,769 shares of the bank’s stock valued at $1,236,000 after acquiring an additional 11,244 shares during the period. Edgestream Partners L.P. raised its position in shares of Independent Bank by 462.0% in the 1st quarter. Edgestream Partners L.P. now owns 52,784 shares of the bank’s stock valued at $2,746,000 after acquiring an additional 43,391 shares during the period. Virtu Financial LLC acquired a new stake in shares of Independent Bank in the 1st quarter valued at approximately $461,000. Finally, ProShare Advisors LLC raised its position in shares of Independent Bank by 15.3% in the 1st quarter. ProShare Advisors LLC now owns 154,652 shares of the bank’s stock valued at $8,045,000 after acquiring an additional 20,490 shares during the period. 83.40% of the stock is currently owned by institutional investors and hedge funds.

About Independent Bank

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.