Independent Bank Corp. (NASDAQ:INDB) Given Consensus Recommendation of “Buy” by Brokerages

Shares of Independent Bank Corp. (NASDAQ:INDB) have received an average rating of “Buy” from the three ratings firms that are covering the stock, MarketBeat.com reports. One research analyst has rated the stock with a hold rating and two have assigned a strong buy rating to the company. The average twelve-month target price among analysts that have issued a report on the stock in the last year is $79.00.

INDB has been the topic of several research analyst reports. Keefe, Bruyette & Woods dropped their price objective on Independent Bank from $82.00 to $80.00 and set a “market perform” rating on the stock in a research note on Tuesday, January 21st. Raymond James reaffirmed a “strong-buy” rating and set a $78.00 price target (up previously from $74.00) on shares of Independent Bank in a research report on Tuesday, January 21st. Finally, StockNews.com upgraded Independent Bank from a “sell” rating to a “hold” rating in a research report on Tuesday, March 25th.

Independent Bank Price Performance

Independent Bank stock opened at $55.24 on Wednesday. The firm has a market capitalization of $2.35 billion, a P/E ratio of 12.22 and a beta of 0.84. The business has a 50-day moving average of $63.51 and a 200-day moving average of $65.33. The company has a current ratio of 0.95, a quick ratio of 0.95 and a debt-to-equity ratio of 0.23. Independent Bank has a 1 year low of $45.11 and a 1 year high of $77.23.

Independent Bank (NASDAQ:INDB) last issued its earnings results on Thursday, January 16th. The bank reported $1.21 EPS for the quarter, beating the consensus estimate of $1.16 by $0.05. Independent Bank had a net margin of 19.58% and a return on equity of 6.57%. On average, equities analysts anticipate that Independent Bank will post 5.41 EPS for the current year.

Independent Bank Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, April 7th. Stockholders of record on Monday, March 31st were given a $0.59 dividend. This represents a $2.36 dividend on an annualized basis and a dividend yield of 4.27%. The ex-dividend date of this dividend was Monday, March 31st. This is a positive change from Independent Bank’s previous quarterly dividend of $0.57. Independent Bank’s payout ratio is currently 52.21%.

Insider Activity at Independent Bank

In other Independent Bank news, Director Donna L. Abelli sold 640 shares of the business’s stock in a transaction that occurred on Tuesday, February 11th. The stock was sold at an average price of $70.03, for a total transaction of $44,819.20. Following the transaction, the director now owns 12,516 shares of the company’s stock, valued at $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 through this link. 0.81% of the stock is owned by insiders.

Hedge Funds Weigh In On Independent Bank

Hedge funds and other institutional investors have recently made changes to their positions in the company. JPMorgan Chase & Co. lifted its stake in Independent Bank by 59.8% in the third quarter. JPMorgan Chase & Co. now owns 338,640 shares of the bank’s stock valued at $20,024,000 after acquiring an additional 126,791 shares during the last quarter. Principal Financial Group Inc. lifted its stake in Independent Bank by 2.9% in the 4th quarter. Principal Financial Group Inc. now owns 206,079 shares of the bank’s stock valued at $13,228,000 after purchasing an additional 5,792 shares during the last quarter. Assenagon Asset Management S.A. bought a new position in Independent Bank during the fourth quarter worth about $5,586,000. Barclays PLC grew its holdings in Independent Bank by 75.0% during the third quarter. Barclays PLC now owns 94,976 shares of the bank’s stock worth $5,616,000 after purchasing an additional 40,697 shares during the period. Finally, Franklin Resources Inc. acquired a new position in Independent Bank during the third quarter worth approximately $2,060,000. 83.40% of the stock is owned by 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.