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

Shares of Independent Bank Corp. (NASDAQ:INDB) have earned an average recommendation of “Buy” from the two research firms that are presently covering the stock, MarketBeat reports. One research analyst has rated the stock with a hold rating and one has given a strong buy rating to the company. The average 1-year price target among analysts that have covered the stock in the last year is $60.00.

Several equities analysts recently weighed in on the stock. StockNews.com cut shares of Independent Bank from a “hold” rating to a “sell” rating in a research note on Tuesday, September 17th. Seaport Res Ptn upgraded Independent Bank from a “hold” rating to a “strong-buy” rating in a research report on Monday, July 22nd.

Independent Bank Stock Performance

NASDAQ:INDB opened at $63.04 on Wednesday. The stock has a 50-day moving average price of $59.93 and a 200 day moving average price of $54.70. The stock has a market capitalization of $2.68 billion, a P/E ratio of 12.17 and a beta of 0.74. Independent Bank has a 12-month low of $44.63 and a 12-month high of $68.75. The company has a current ratio of 0.95, a quick ratio of 0.95 and a debt-to-equity ratio of 0.24.

Independent Bank (NASDAQ:INDB) last posted its quarterly earnings results on Thursday, July 18th. The bank reported $1.21 earnings per share for the quarter, topping the consensus estimate of $1.11 by $0.10. The business had revenue of $244.19 million during the quarter, compared to the consensus estimate of $169.07 million. Independent Bank had a return on equity of 7.41% and a net margin of 22.42%. During the same period in the prior year, the company posted $1.42 EPS. Equities research analysts forecast that Independent Bank will post 4.49 EPS for the current fiscal year.

Independent Bank Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, October 4th. Investors of record on Monday, September 30th were given a $0.57 dividend. This represents a $2.28 annualized dividend and a yield of 3.62%. The ex-dividend date of this dividend was Monday, September 30th. Independent Bank’s dividend payout ratio is presently 44.02%.

Hedge Funds Weigh In On Independent Bank

Several institutional investors have recently bought and sold shares of INDB. Louisiana State Employees Retirement System raised its position in shares of Independent Bank by 0.9% during the 2nd quarter. Louisiana State Employees Retirement System now owns 21,400 shares of the bank’s stock valued at $1,085,000 after buying an additional 200 shares in the last quarter. CWM LLC raised its position in Independent Bank by 2.7% during the second quarter. CWM LLC now owns 8,704 shares of the bank’s stock valued at $441,000 after purchasing an additional 232 shares during the period. Aries Wealth Management lifted its stake in shares of Independent Bank by 1.5% in the 2nd quarter. Aries Wealth Management now owns 16,122 shares of the bank’s stock valued at $818,000 after purchasing an additional 232 shares during the last quarter. Stablepoint Partners LLC lifted its stake in shares of Independent Bank by 1.2% in the 3rd quarter. Stablepoint Partners LLC now owns 23,033 shares of the bank’s stock valued at $1,362,000 after purchasing an additional 283 shares during the last quarter. Finally, Illinois Municipal Retirement Fund boosted its holdings in shares of Independent Bank by 1.8% in the 1st quarter. Illinois Municipal Retirement Fund now owns 25,325 shares of the bank’s stock worth $1,317,000 after purchasing an additional 443 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.