Independent Bank (NASDAQ:INDB) Stock Rating Upgraded by StockNews.com

StockNews.com upgraded shares of Independent Bank (NASDAQ:INDB) from a sell rating to a hold rating in a report issued on Tuesday.

Other research analysts have also issued research reports about the company. Keefe, Bruyette & Woods reduced 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. Raymond James reiterated a “strong-buy” rating and issued a $78.00 target price (up from $74.00) on shares of Independent Bank in a report on Tuesday, January 21st.

Independent Bank Price Performance

Independent Bank stock opened at $64.70 on Tuesday. The company has a fifty day simple moving average of $66.48 and a 200-day simple moving average of $65.61. The firm has a market capitalization of $2.76 billion, a price-to-earnings ratio of 14.31 and a beta of 0.77. The company has a quick ratio of 0.95, a current ratio of 0.95 and a debt-to-equity ratio of 0.23. Independent Bank has a 52-week low of $45.11 and a 52-week high of $77.23.

Independent Bank (NASDAQ:INDB) last released its quarterly earnings data on Thursday, January 16th. The bank reported $1.21 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, equities analysts anticipate that Independent Bank will post 5.41 EPS for the current fiscal year.

Independent Bank Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, April 7th. Shareholders of record on Monday, March 31st will be given a dividend of $0.59 per share. The ex-dividend date of this dividend is Monday, March 31st. This is a boost from Independent Bank’s previous quarterly dividend of $0.57. This represents a $2.36 dividend on an annualized basis and a dividend yield of 3.65%. Independent Bank’s dividend payout ratio (DPR) is currently 52.21%.

Insider Activity

In other Independent Bank 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 directly owns 12,516 shares in the company, valued at $876,495.48. This represents a 4.86 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 0.87% of the company’s stock.

Hedge Funds Weigh In On Independent Bank

Hedge funds have recently bought and sold shares of the company. CIBC Asset Management Inc grew its holdings in shares of Independent Bank by 3.9% in the fourth quarter. CIBC Asset Management Inc now owns 4,206 shares of the bank’s stock valued at $270,000 after purchasing an additional 158 shares in the last quarter. GHP Investment Advisors Inc. boosted its holdings in 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 purchasing an additional 236 shares during the period. Isthmus Partners LLC grew its stake in Independent Bank by 0.7% during the 4th quarter. Isthmus Partners LLC now owns 37,313 shares of the bank’s stock worth $2,395,000 after purchasing an additional 245 shares in the last quarter. HighTower Advisors LLC increased its holdings 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 during the period. Finally, Summit Investment Advisors Inc. raised its position 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 in the last quarter. 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.