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

Independent Bank Corp. (NASDAQ:INDB) has received an average recommendation of “Buy” from the three research firms that are presently covering the company, Marketbeat.com 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 12 month price target among brokers that have covered the stock in the last year is $79.00.

Several equities analysts recently commented on INDB shares. StockNews.com upgraded shares of Independent Bank from a “sell” rating to a “hold” rating in a research note on Saturday. Raymond James restated a “strong-buy” rating and issued a $78.00 price objective (up previously from $74.00) on shares of Independent Bank in a research note on Tuesday, January 21st. Finally, Keefe, Bruyette & Woods dropped their price objective on shares of 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.

Independent Bank Price Performance

NASDAQ:INDB opened at $63.66 on Friday. The stock has a market cap of $2.71 billion, a P/E ratio of 14.08 and a beta of 0.77. Independent Bank has a one year low of $45.11 and a one year high of $77.23. The company has a fifty day moving average price of $66.20 and a 200 day moving average price of $65.49. The company has a debt-to-equity ratio of 0.23, a current ratio of 0.95 and a quick ratio of 0.95.

Independent Bank (NASDAQ:INDB) last released its earnings results on Thursday, January 16th. The bank reported $1.21 EPS for the quarter, beating the consensus estimate of $1.16 by $0.05. Independent Bank had a net margin of 19.58% and a return on equity of 6.57%. Analysts anticipate that Independent Bank will post 5.41 earnings per share for the current year.

Insider Activity

In related news, Director Donna L. Abelli sold 640 shares of the stock in a transaction dated Tuesday, February 11th. The shares were sold at an average price of $70.03, for a total transaction of $44,819.20. Following the completion of the sale, the director now owns 12,516 shares in the company, valued at $876,495.48. This trade represents a 4.86 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Corporate insiders own 0.97% of the company’s stock.

Institutional Investors Weigh In On Independent Bank

A number of hedge funds have recently made changes to their positions in the company. Jefferies Financial Group Inc. acquired a new stake in shares of Independent Bank during the 4th quarter worth about $2,157,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its position in shares of Independent Bank by 17.1% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 97,284 shares of the bank’s stock worth $6,245,000 after purchasing an additional 14,236 shares in the last quarter. Voloridge Investment Management LLC increased its position in shares of Independent Bank by 2.3% during the 4th quarter. Voloridge Investment Management LLC now owns 209,963 shares of the bank’s stock worth $13,478,000 after purchasing an additional 4,798 shares in the last quarter. Squarepoint Ops LLC acquired a new stake in shares of Independent Bank during the 4th quarter worth about $3,207,000. Finally, Twinbeech Capital LP acquired a new stake in shares of Independent Bank during the 4th quarter worth about $503,000. Institutional investors and hedge funds 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.