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

Shares of Independent Bank Corp. (NASDAQ:INDB) have received an average rating of “Buy” from the three analysts that are covering the company, MarketBeat Ratings reports. One investment analyst has rated the stock with a hold rating and two have assigned a strong buy rating to the company. The average 1 year target price among brokerages that have updated their coverage on the stock in the last year is $79.00.

Several equities analysts recently weighed in on the company. Keefe, Bruyette & Woods cut their price target on Independent Bank from $82.00 to $80.00 and set a “market perform” rating for the company in a research note on Tuesday, January 21st. StockNews.com raised shares of Independent Bank from a “sell” rating to a “hold” rating in a research note on Friday, January 17th. Finally, Raymond James reaffirmed a “strong-buy” rating and set a $78.00 price objective (up from $74.00) on shares of Independent Bank in a report on Tuesday, January 21st.

Independent Bank Trading Down 0.7 %

Shares of NASDAQ:INDB opened at $68.53 on Tuesday. The company has a market capitalization of $2.91 billion, a PE ratio of 15.16 and a beta of 0.77. Independent Bank has a 12-month low of $45.11 and a 12-month high of $77.23. The business has a 50 day moving average of $66.63 and a two-hundred day moving average of $64.69. The company has a current ratio of 0.95, a quick ratio of 0.95 and a debt-to-equity ratio of 0.23.

Independent Bank (NASDAQ:INDB) last announced its quarterly earnings results on Thursday, January 16th. The bank reported $1.21 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.16 by $0.05. Independent Bank had a net margin of 19.58% and a return on equity of 6.57%. As a group, analysts forecast that Independent Bank will post 5.41 EPS for the current year.

Independent Bank Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, January 6th. Investors of record on Monday, December 30th were paid a dividend of $0.57 per share. The ex-dividend date was Monday, December 30th. This represents a $2.28 annualized dividend and a yield of 3.33%. Independent Bank’s payout ratio is 50.44%.

Insider Activity

In related news, Director Donna L. Abelli sold 640 shares of the company’s stock in a transaction on Tuesday, February 11th. The stock was sold at an average price of $70.03, for a total transaction of $44,819.20. Following the transaction, the director now owns 12,516 shares of the company’s stock, valued at $876,495.48. This represents a 4.86 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Company insiders own 0.87% of the company’s stock.

Hedge Funds Weigh In On Independent Bank

A number of institutional investors and hedge funds have recently made changes to their positions in INDB. CIBC Asset Management Inc increased its stake in shares of Independent Bank by 3.9% during the 4th quarter. CIBC Asset Management Inc now owns 4,206 shares of the bank’s stock worth $270,000 after purchasing an additional 158 shares in the last quarter. GHP Investment Advisors Inc. lifted its position in shares of Independent Bank by 0.7% in the fourth quarter. GHP Investment Advisors Inc. now owns 32,458 shares of the bank’s stock valued at $2,083,000 after acquiring an additional 236 shares in the last quarter. Isthmus Partners LLC boosted its stake in shares of Independent Bank by 0.7% during the fourth quarter. Isthmus Partners LLC now owns 37,313 shares of the bank’s stock valued at $2,395,000 after acquiring an additional 245 shares during the last quarter. HighTower Advisors LLC increased its position in Independent Bank by 4.1% during the 4th quarter. HighTower Advisors LLC now owns 6,823 shares of the bank’s stock worth $438,000 after purchasing an additional 267 shares in the last quarter. Finally, Summit Investment Advisors Inc. raised its stake in Independent Bank by 6.8% in the 4th quarter. Summit Investment Advisors Inc. now owns 4,441 shares of the bank’s stock valued at $285,000 after purchasing an additional 282 shares during the last quarter. 83.40% of the stock is 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.