Brokerages Set Independent Bank Corp. (NASDAQ:INDB) PT at $79.00

Independent Bank Corp. (NASDAQ:INDBGet Free Report) has earned an average rating of “Buy” from the three research firms that are presently covering the stock, Marketbeat.com reports. One investment analyst has rated the stock with a hold recommendation and two have given a strong buy recommendation to the company. The average 12-month price target among brokerages that have updated their coverage on the stock in the last year is $79.00.

Several equities analysts have recently commented on INDB shares. StockNews.com upgraded Independent Bank from a “sell” rating to a “hold” rating in a report on Friday, January 17th. Raymond James restated a “strong-buy” rating and set a $78.00 target price (up previously from $74.00) on shares of Independent Bank in a report on Tuesday, January 21st. Finally, Keefe, Bruyette & Woods cut their price target on Independent Bank from $82.00 to $80.00 and set a “market perform” rating on the stock in a report on Tuesday, January 21st.

Get Our Latest Analysis on INDB

Independent Bank Trading Up 0.9 %

Shares of NASDAQ INDB opened at $67.28 on Friday. The business’s 50 day moving average price is $67.66 and its 200-day moving average price is $63.94. The company has a market cap of $2.86 billion, a price-to-earnings ratio of 14.88 and a beta of 0.78. The company has a debt-to-equity ratio of 0.23, a quick ratio of 0.95 and a current ratio of 0.95. Independent Bank has a fifty-two week low of $45.11 and a fifty-two week high of $77.23.

Independent Bank (NASDAQ:INDBGet Free Report) last issued its earnings results on Thursday, January 16th. The bank reported $1.21 earnings per share (EPS) for the quarter, beating 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%. On average, sell-side analysts expect that Independent Bank will post 5.42 earnings per share for the current year.

Independent Bank Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, January 6th. Shareholders of record on Monday, December 30th were paid a $0.57 dividend. The ex-dividend date of this dividend was Monday, December 30th. This represents a $2.28 annualized dividend and a yield of 3.39%. Independent Bank’s dividend payout ratio (DPR) is 50.44%.

Institutional Trading of Independent Bank

Several hedge funds and other institutional investors have recently made changes to their positions in INDB. GHP Investment Advisors Inc. grew its stake in Independent Bank by 0.7% during the 4th quarter. GHP Investment Advisors Inc. now owns 32,458 shares of the bank’s stock worth $2,083,000 after buying an additional 236 shares during the last quarter. Stablepoint Partners LLC grew its stake in shares of Independent Bank by 1.2% during the third quarter. Stablepoint Partners LLC now owns 23,033 shares of the bank’s stock worth $1,362,000 after acquiring an additional 283 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its holdings in shares of Independent Bank by 0.3% during the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 83,048 shares of the bank’s stock valued at $4,911,000 after acquiring an additional 285 shares in the last quarter. HighTower Advisors LLC raised its position in shares of Independent Bank by 6.8% in the 3rd quarter. HighTower Advisors LLC now owns 6,556 shares of the bank’s stock valued at $383,000 after purchasing an additional 415 shares during the last quarter. Finally, KBC Group NV boosted its stake in Independent Bank by 34.5% in the 4th quarter. KBC Group NV now owns 1,911 shares of the bank’s stock worth $123,000 after purchasing an additional 490 shares in the last quarter. Hedge funds and other institutional investors own 83.40% of the company’s stock.

Independent Bank Company Profile

(Get Free Report

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.

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