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

Independent Bank Corp. (NASDAQ:INDB) has earned an average rating of “Buy” from the three research firms that are currently covering the company, Marketbeat reports. One investment analyst has rated the stock with a hold recommendation and two have issued a strong buy recommendation on the company. The average 1-year price objective among brokerages that have issued ratings on the stock in the last year is $79.00.

Several research firms have weighed in on INDB. Raymond James reiterated a “strong-buy” rating and set a $78.00 price objective (up previously from $74.00) on shares of Independent Bank in a research report on Tuesday, January 21st. 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. Finally, StockNews.com raised shares of Independent Bank from a “sell” rating to a “hold” rating in a report on Tuesday, March 25th.

Insider Buying and Selling

In related news, Director Donna L. Abelli sold 640 shares of the stock in a transaction that occurred on Tuesday, February 11th. The shares were sold at an average price of $70.03, for a total transaction of $44,819.20. Following the sale, the director now owns 12,516 shares in the company, valued at approximately $876,495.48. This trade represents a 4.86 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. 0.81% of the stock is owned by company insiders.

Institutional Investors Weigh In On Independent Bank

Several institutional investors and hedge funds have recently added to or reduced their stakes in INDB. CIBC Asset Management Inc increased its stake in shares of Independent Bank by 3.9% in the 4th 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 during the last quarter. GHP Investment Advisors Inc. grew its position 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 acquiring an additional 236 shares during the last quarter. Isthmus Partners LLC raised its stake in Independent Bank by 0.7% during the fourth quarter. Isthmus Partners LLC now owns 37,313 shares of the bank’s stock worth $2,395,000 after acquiring an additional 245 shares in the last quarter. GAMMA Investing LLC lifted its holdings in shares of Independent Bank by 156.9% in the first quarter. GAMMA Investing LLC now owns 429 shares of the bank’s stock worth $27,000 after acquiring an additional 262 shares during the last quarter. Finally, HighTower Advisors LLC lifted its holdings in shares of Independent Bank by 4.1% in the fourth quarter. HighTower Advisors LLC now owns 6,823 shares of the bank’s stock worth $438,000 after acquiring an additional 267 shares during the last quarter. 83.40% of the stock is currently owned by institutional investors.

Independent Bank Price Performance

Shares of INDB opened at $55.24 on Wednesday. The firm has a market capitalization of $2.35 billion, a PE ratio of 12.22 and a beta of 0.84. The company has a debt-to-equity ratio of 0.23, a current ratio of 0.95 and a quick ratio of 0.95. The company’s 50-day moving average is $63.51 and its 200-day moving average is $65.33. Independent Bank has a fifty-two week low of $45.11 and a fifty-two week high of $77.23.

Independent Bank (NASDAQ:INDB) last issued its quarterly earnings data 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 return on equity of 6.57% and a net margin of 19.58%. Equities analysts forecast that Independent Bank will post 5.41 EPS for the current year.

Independent Bank Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, April 7th. Stockholders of record on Monday, March 31st were issued a dividend of $0.59 per share. This is a positive change from Independent Bank’s previous quarterly dividend of $0.57. This represents a $2.36 annualized dividend and a dividend yield of 4.27%. The ex-dividend date of this dividend was Monday, March 31st. Independent Bank’s dividend payout ratio is 52.21%.

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.