Piper Sandler Issues Pessimistic Forecast for Independent Bank (NASDAQ:INDB) Stock Price

Independent Bank (NASDAQ:INDB) had its price target decreased by stock analysts at Piper Sandler from $74.00 to $63.00 in a report released on Monday,Benzinga reports. The brokerage currently has a “neutral” rating on the bank’s stock. Piper Sandler’s price objective indicates a potential upside of 15.58% from the stock’s previous close.

Several other equities analysts have also recently issued reports on the stock. Raymond James reissued a “strong-buy” rating and issued a $78.00 price objective (up from $74.00) on shares of Independent Bank in a research note on Tuesday, January 21st. StockNews.com raised Independent Bank from a “sell” rating to a “hold” rating in a research note on Friday. Finally, Keefe, Bruyette & Woods cut their target price on shares of Independent Bank from $82.00 to $80.00 and set a “market perform” rating for the company in a research report on Tuesday, January 21st. Three investment analysts have rated the stock with a hold rating and two have given a strong buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $73.67.

Independent Bank Trading Down 2.4 %

Shares of NASDAQ INDB opened at $54.51 on Monday. The stock has a fifty day simple moving average of $62.66 and a 200-day simple moving average of $65.34. Independent Bank has a twelve month low of $45.11 and a twelve month high of $77.23. The company has a current ratio of 0.95, a quick ratio of 0.95 and a debt-to-equity ratio of 0.23. The stock has a market capitalization of $2.32 billion, a PE ratio of 12.06 and a beta of 0.84.

Independent Bank (NASDAQ:INDB) last announced its quarterly earnings data on Thursday, April 17th. The bank reported $1.06 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.18 by ($0.12). The company had revenue of $178.04 million during the quarter, compared to analyst estimates of $175.03 million. Independent Bank had a net margin of 19.58% and a return on equity of 6.57%. On average, equities analysts forecast that Independent Bank will post 5.41 earnings per share for the current year.

Insider Activity

In other news, Director Donna L. Abelli sold 640 shares of the business’s stock in a transaction dated Tuesday, February 11th. The shares were sold at an average price of $70.03, for a total value of $44,819.20. Following the completion of the sale, the director now owns 12,516 shares of the company’s stock, valued at approximately $876,495.48. The trade was a 4.86 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 0.81% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Dimensional Fund Advisors LP boosted its position in Independent Bank by 1.6% during the fourth quarter. Dimensional Fund Advisors LP now owns 2,318,650 shares of the bank’s stock valued at $148,835,000 after purchasing an additional 36,335 shares during the last quarter. Deprince Race & Zollo Inc. lifted its stake in Independent Bank by 687.2% in the fourth quarter. Deprince Race & Zollo Inc. now owns 948,244 shares of the bank’s stock valued at $60,868,000 after acquiring an additional 827,793 shares during the last quarter. Charles Schwab Investment Management Inc. grew its position in Independent Bank by 4.1% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 544,948 shares of the bank’s stock worth $34,980,000 after acquiring an additional 21,289 shares in the last quarter. American Century Companies Inc. increased its stake in shares of Independent Bank by 10.9% during the 4th quarter. American Century Companies Inc. now owns 469,359 shares of the bank’s stock worth $30,128,000 after purchasing an additional 46,046 shares during the last quarter. Finally, Norges Bank bought a new position in shares of Independent Bank during the 4th quarter valued at $28,810,000. 83.40% of the stock is owned by hedge funds and other institutional investors.

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.