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

Independent Bank Corp. (NASDAQ:INDB) has been assigned a consensus recommendation of “Buy” from the three brokerages that are currently covering the firm, Marketbeat reports. One equities research analyst has rated the stock with a hold recommendation and two have issued a strong buy recommendation on the company. The average twelve-month target price among brokerages that have updated their coverage on the stock in the last year is $78.00.

INDB has been the subject of a number of recent research reports. Keefe, Bruyette & Woods boosted their target price on shares of Independent Bank from $77.00 to $82.00 and gave the company a “market perform” rating in a research report on Thursday, December 12th. StockNews.com downgraded shares of Independent Bank from a “hold” rating to a “sell” rating in a report on Tuesday, September 17th. Finally, Raymond James raised shares of Independent Bank from a “market perform” rating to a “strong-buy” rating and set a $74.00 target price on the stock in a report on Monday, October 21st.

Institutional Trading of Independent Bank

Institutional investors and hedge funds have recently modified their holdings of the business. Commonwealth Equity Services LLC grew its holdings in shares of Independent Bank by 9.7% during the 2nd quarter. Commonwealth Equity Services LLC now owns 55,715 shares of the bank’s stock valued at $2,826,000 after purchasing an additional 4,938 shares during the last quarter. Stablepoint Partners LLC increased its holdings in shares of Independent Bank by 7.2% during the second quarter. Stablepoint Partners LLC now owns 22,750 shares of the bank’s stock worth $1,154,000 after buying an additional 1,537 shares in the last quarter. Victory Capital Management Inc. lifted its stake in shares of Independent Bank by 25.2% in the 2nd quarter. Victory Capital Management Inc. now owns 1,701,156 shares of the bank’s stock valued at $86,283,000 after acquiring an additional 342,201 shares during the last quarter. Great Lakes Advisors LLC acquired a new stake in shares of Independent Bank during the 2nd quarter valued at $5,405,000. Finally, Quest Partners LLC grew its position in Independent Bank by 110.8% during the 2nd quarter. Quest Partners LLC now owns 47,285 shares of the bank’s stock worth $2,398,000 after acquiring an additional 24,854 shares during the last quarter. 83.40% of the stock is currently owned by institutional investors.

Independent Bank Price Performance

NASDAQ:INDB opened at $65.00 on Monday. 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 has a 12-month low of $45.11 and a 12-month high of $77.23. The stock’s 50 day moving average price is $68.85 and its two-hundred day moving average price is $61.40. The firm has a market capitalization of $2.76 billion, a price-to-earnings ratio of 14.13 and a beta of 0.76.

Independent Bank (NASDAQ:INDB) last released its quarterly earnings results on Thursday, October 17th. The bank reported $1.01 earnings per share for the quarter, beating the consensus estimate of $0.99 by $0.02. Independent Bank had a net margin of 20.26% and a return on equity of 6.74%. The firm had revenue of $250.07 million for the quarter, compared to analysts’ expectations of $173.24 million. During the same period in the prior year, the firm earned $1.38 EPS. On average, analysts anticipate that Independent Bank will post 4.5 earnings per share for the current year.

Independent Bank Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, January 6th. Shareholders of record on Monday, December 30th will be given a dividend of $0.57 per share. The ex-dividend date of this dividend is Monday, December 30th. This represents a $2.28 annualized dividend and a yield of 3.51%. Independent Bank’s dividend payout ratio is currently 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.