Independent Bank (NASDAQ:INDB) Price Target Lowered to $60.00 at Keefe, Bruyette & Woods

Independent Bank (NASDAQ:INDB) had its price target reduced by Keefe, Bruyette & Woods from $64.00 to $60.00 in a research report released on Monday, Benzinga reports. Keefe, Bruyette & Woods currently has a market perform rating on the bank’s stock.

Separately, TheStreet cut Independent Bank from a b- rating to a c+ rating in a research report on Wednesday, March 13th.

Independent Bank Stock Down 1.1 %

Shares of INDB stock opened at $52.35 on Monday. The firm’s fifty day moving average price is $50.87 and its two-hundred day moving average price is $54.94. Independent Bank has a 1 year low of $43.28 and a 1 year high of $68.75. The company has a current ratio of 0.96, a quick ratio of 0.96 and a debt-to-equity ratio of 0.36. The firm has a market capitalization of $2.22 billion, a P/E ratio of 10.11 and a beta of 0.83.

Independent Bank Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, April 5th. Stockholders of record on Monday, April 1st were given a $0.57 dividend. This represents a $2.28 dividend on an annualized basis and a dividend yield of 4.36%. The ex-dividend date was Thursday, March 28th. This is an increase from Independent Bank’s previous quarterly dividend of $0.55. Independent Bank’s dividend payout ratio (DPR) is 44.02%.

Insider Activity

In other Independent Bank news, Director Donna L. Abelli sold 800 shares of the company’s stock in a transaction that occurred on Thursday, February 29th. The stock was sold at an average price of $52.83, for a total value of $42,264.00. Following the sale, the director now owns 11,640 shares in the company, valued at $614,941.20. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 0.87% of the stock is owned by insiders.

Hedge Funds Weigh In On Independent Bank

Large investors have recently modified their holdings of the stock. Sachetta LLC bought a new position in Independent Bank in the 4th quarter valued at about $56,000. Covestor Ltd lifted its holdings in Independent Bank by 13.5% during the 3rd quarter. Covestor Ltd now owns 2,598 shares of the bank’s stock worth $128,000 after purchasing an additional 310 shares during the last quarter. Eastern Bank bought a new stake in Independent Bank in the 3rd quarter valued at $206,000. Janney Montgomery Scott LLC bought a new position in Independent Bank during the 3rd quarter worth $217,000. Finally, Vanguard Personalized Indexing Management LLC acquired a new stake in shares of Independent Bank during the fourth quarter worth $217,000. 83.40% of the stock is owned by institutional investors.

About Independent Bank

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.