Independent Bank Corp. (NASDAQ:INDB) Receives Consensus Rating of “Hold” from Brokerages

Shares of Independent Bank Corp. (NASDAQ:INDB) have earned a consensus rating of “Hold” from the two research firms that are currently covering the firm, Marketbeat.com reports. Two analysts have rated the stock with a hold recommendation. The average 1-year target price among analysts that have issued a report on the stock in the last year is $60.00.

Several equities analysts have commented on the stock. Keefe, Bruyette & Woods lowered their target price on shares of Independent Bank from $64.00 to $60.00 and set a “market perform” rating on the stock in a research report on Monday, April 22nd. StockNews.com raised Independent Bank from a “sell” rating to a “hold” rating in a report on Friday.

Independent Bank Trading Down 1.1 %

Shares of NASDAQ INDB opened at $52.27 on Monday. The business has a 50 day simple moving average of $49.80 and a 200 day simple moving average of $52.71. Independent Bank has a 52 week low of $44.63 and a 52 week high of $68.75. The stock has a market cap of $2.22 billion, a price-to-earnings ratio of 10.09 and a beta of 0.77. The company has a debt-to-equity ratio of 0.36, a quick ratio of 0.96 and a current ratio of 0.96.

Independent Bank (NASDAQ:INDB) last posted its earnings results on Thursday, April 18th. The bank reported $1.12 EPS for the quarter, missing the consensus estimate of $1.15 by ($0.03). The business had revenue of $167.38 million during the quarter, compared to the consensus estimate of $171.80 million. Independent Bank had a return on equity of 7.85% and a net margin of 23.97%. On average, research analysts predict that Independent Bank will post 4.46 earnings per share for the current fiscal year.

Independent Bank Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, July 8th. Shareholders of record on Monday, July 1st were issued a dividend of $0.57 per share. This represents a $2.28 dividend on an annualized basis and a yield of 4.36%. The ex-dividend date of this dividend was Monday, July 1st. Independent Bank’s dividend payout ratio (DPR) is 44.02%.

Hedge Funds Weigh In On Independent Bank

Institutional investors have recently made changes to their positions in the business. CWM LLC boosted its stake in Independent Bank by 2.7% during the 2nd quarter. CWM LLC now owns 8,704 shares of the bank’s stock valued at $441,000 after purchasing an additional 232 shares during the period. Diversified Trust Co boosted its position in shares of Independent Bank by 3.5% in the fourth quarter. Diversified Trust Co now owns 10,116 shares of the bank’s stock valued at $666,000 after acquiring an additional 345 shares during the period. Nisa Investment Advisors LLC grew its stake in shares of Independent Bank by 4.2% in the fourth quarter. Nisa Investment Advisors LLC now owns 10,677 shares of the bank’s stock worth $703,000 after acquiring an additional 434 shares during the last quarter. Illinois Municipal Retirement Fund increased its position in Independent Bank by 1.8% during the first quarter. Illinois Municipal Retirement Fund now owns 25,325 shares of the bank’s stock worth $1,317,000 after acquiring an additional 443 shares during the period. Finally, Plimoth Trust Co. LLC raised its stake in Independent Bank by 6.0% during the 1st quarter. Plimoth Trust Co. LLC now owns 8,900 shares of the bank’s stock valued at $463,000 after purchasing an additional 500 shares during the last quarter. 83.40% of the stock is currently 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.