Independent Bank Corp. (NASDAQ:INDB) Receives Average Recommendation of “Buy” from Analysts

Shares of Independent Bank Corp. (NASDAQ:INDB) have earned a consensus rating of “Buy” from the three ratings firms that are covering the stock, MarketBeat.com reports. One equities research analyst has rated the stock with a hold rating and two have issued a strong buy rating on the company. The average 12 month target price among brokerages that have issued ratings on the stock in the last year is $75.50.

INDB has been the topic of several recent analyst reports. Keefe, Bruyette & Woods lifted their target price on Independent Bank from $65.00 to $77.00 and gave the stock a “market perform” rating in a report on Wednesday, December 4th. Raymond James upgraded Independent Bank from a “market perform” rating to a “strong-buy” rating and set a $74.00 price objective on the stock in a report on Monday, October 21st. Finally, StockNews.com lowered Independent Bank from a “hold” rating to a “sell” rating in a research report on Tuesday, September 17th.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the company. Innealta Capital LLC bought a new stake in Independent Bank in the 2nd quarter valued at approximately $73,000. Connor Clark & Lunn Investment Management Ltd. acquired a new stake in shares of Independent Bank in the third quarter valued at approximately $222,000. Los Angeles Capital Management LLC bought a new stake in shares of Independent Bank in the third quarter worth $257,000. Profund Advisors LLC acquired a new position in Independent Bank during the second quarter worth $229,000. Finally, Vanguard Personalized Indexing Management LLC grew its position in Independent Bank by 29.7% in the second quarter. Vanguard Personalized Indexing Management LLC now owns 5,378 shares of the bank’s stock valued at $273,000 after purchasing an additional 1,231 shares in the last quarter. 83.40% of the stock is owned by institutional investors and hedge funds.

Independent Bank Stock Performance

Shares of INDB stock opened at $70.69 on Thursday. The stock has a market cap of $3.00 billion, a PE ratio of 15.37 and a beta of 0.76. The stock has a 50-day moving average of $66.51 and a 200-day moving average of $59.60. The company has a debt-to-equity ratio of 0.22, a current ratio of 0.95 and a quick ratio of 0.95. Independent Bank has a one year low of $45.11 and a one year high of $77.23.

Independent Bank (NASDAQ:INDB) last issued its earnings results on Thursday, October 17th. The bank reported $1.01 EPS for the quarter, beating the consensus estimate of $0.99 by $0.02. The firm had revenue of $250.07 million during the quarter, compared to the consensus estimate of $173.24 million. Independent Bank had a net margin of 20.26% and a return on equity of 6.74%. During the same quarter in the prior year, the firm earned $1.38 earnings per share. As a group, sell-side analysts expect that Independent Bank will post 4.5 earnings per share for the current year.

Independent Bank Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, October 4th. Shareholders of record on Monday, September 30th were paid a $0.57 dividend. This represents a $2.28 annualized dividend and a dividend yield of 3.23%. The ex-dividend date was Monday, September 30th. Independent Bank’s dividend payout ratio is 49.57%.

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.