Shares of Independent Bank Corp. (NASDAQ:INDB – Get Free Report) have received a consensus rating of “Hold” from the two analysts that are currently covering the stock, MarketBeat Ratings reports. Two investment analysts have rated the stock with a hold rating. The average twelve-month price target among brokers that have issued ratings on the stock in the last year is $60.00.
INDB has been the topic of several research analyst reports. Keefe, Bruyette & Woods cut their price target on shares of Independent Bank from $64.00 to $60.00 and set a “market perform” rating on the stock in a research note on Monday, April 22nd. TheStreet lowered shares of Independent Bank from a “b-” rating to a “c+” rating in a research note on Wednesday, March 13th.
Get Our Latest Stock Report on Independent Bank
Independent Bank Price Performance
Independent Bank (NASDAQ:INDB – Get Free Report) last announced its quarterly earnings data on Thursday, April 18th. The bank reported $1.12 earnings per share for the quarter, missing analysts’ consensus estimates of $1.15 by ($0.03). Independent Bank had a net margin of 23.97% and a return on equity of 7.85%. The firm had revenue of $167.38 million during the quarter, compared to analyst estimates of $171.80 million. Equities analysts forecast that Independent Bank will post 4.46 EPS for the current fiscal year.
Independent Bank Increases Dividend
The firm also recently disclosed a quarterly dividend, which was paid on Friday, April 5th. Shareholders of record on Monday, April 1st were paid a $0.57 dividend. The ex-dividend date of this dividend was Thursday, March 28th. This is a positive change from Independent Bank’s previous quarterly dividend of $0.55. This represents a $2.28 dividend on an annualized basis and a yield of 4.90%. Independent Bank’s payout ratio is currently 44.02%.
Institutional Inflows and Outflows
A number of institutional investors have recently bought and sold shares of the business. EntryPoint Capital LLC purchased a new stake in shares of Independent Bank in the first quarter valued at about $47,000. Sachetta LLC purchased a new stake in shares of Independent Bank in the fourth quarter valued at about $56,000. Covestor Ltd boosted its holdings in shares of Independent Bank by 13.5% in the third quarter. Covestor Ltd now owns 2,598 shares of the bank’s stock valued at $128,000 after acquiring an additional 310 shares in the last quarter. Janney Montgomery Scott LLC purchased a new stake in shares of Independent Bank in the third quarter valued at about $217,000. Finally, Vanguard Personalized Indexing Management LLC purchased a new stake in shares of Independent Bank in the fourth quarter valued at about $217,000. 83.40% of the stock is currently owned by institutional investors and hedge funds.
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.
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