Piper Sandler Lowers Independent Bank (NASDAQ:INDB) Price Target to $63.00

Independent Bank (NASDAQ:INDB) had its price target trimmed by Piper Sandler from $74.00 to $63.00 in a research note released on Monday,Benzinga reports. The brokerage currently has a neutral rating on the bank’s stock.

Several other equities analysts have also recently issued reports on INDB. StockNews.com upgraded shares of Independent Bank from a “sell” rating to a “hold” rating in a research note on Friday, April 18th. Keefe, Bruyette & Woods decreased their price objective on shares of Independent Bank from $82.00 to $80.00 and set a “market perform” rating for the company in a research report on Tuesday, January 21st. Finally, Raymond James restated a “strong-buy” rating and issued a $78.00 price target (up previously from $74.00) on shares of Independent Bank in a research note on Tuesday, January 21st. Three investment analysts have rated the stock with a hold rating and two have given a strong buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $71.00.

Independent Bank Stock Performance

NASDAQ INDB opened at $57.76 on Monday. The firm has a market capitalization of $2.46 billion, a P/E ratio of 12.78 and a beta of 0.84. The stock has a 50-day simple moving average of $61.92 and a two-hundred day simple moving average of $65.21. The company has a debt-to-equity ratio of 0.23, a quick ratio of 0.95 and a current ratio of 0.95. Independent Bank has a fifty-two week low of $45.11 and a fifty-two week high of $77.23.

Independent Bank (NASDAQ:INDB) last announced its quarterly earnings results on Thursday, April 17th. The bank reported $1.06 earnings per share for the quarter, missing the consensus estimate of $1.18 by ($0.12). Independent Bank had a net margin of 19.58% and a return on equity of 6.57%. The company had revenue of $178.04 million for the quarter, compared to analysts’ expectations of $175.03 million. On average, equities analysts forecast that Independent Bank will post 5.41 earnings per share for the current year.

Independent Bank Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, April 7th. Shareholders of record on Monday, March 31st were given a dividend of $0.59 per share. The ex-dividend date was Monday, March 31st. This is a boost from Independent Bank’s previous quarterly dividend of $0.57. This represents a $2.36 dividend on an annualized basis and a yield of 4.09%. Independent Bank’s dividend payout ratio is currently 53.15%.

Insider Activity

In related news, Director Donna L. Abelli sold 640 shares of the firm’s stock in a transaction dated Tuesday, February 11th. The shares were sold at an average price of $70.03, for a total value of $44,819.20. Following the transaction, the director now directly owns 12,516 shares of the company’s stock, valued at approximately $876,495.48. This trade represents a 4.86 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Company insiders own 0.81% of the company’s stock.

Hedge Funds Weigh In On Independent Bank

Several hedge funds and other institutional investors have recently made changes to their positions in INDB. GAMMA Investing LLC raised its stake in Independent Bank by 156.9% in the 1st quarter. GAMMA Investing LLC now owns 429 shares of the bank’s stock valued at $27,000 after purchasing an additional 262 shares during the last quarter. Venturi Wealth Management LLC purchased a new stake in shares of Independent Bank during the fourth quarter worth $62,000. Smartleaf Asset Management LLC raised its position in shares of Independent Bank by 105.4% in the fourth quarter. Smartleaf Asset Management LLC now owns 1,056 shares of the bank’s stock valued at $68,000 after buying an additional 542 shares during the last quarter. Sterling Capital Management LLC raised its position in shares of Independent Bank by 810.2% in the fourth quarter. Sterling Capital Management LLC now owns 1,338 shares of the bank’s stock valued at $86,000 after buying an additional 1,191 shares during the last quarter. Finally, KBC Group NV lifted its stake in shares of Independent Bank by 34.5% in the fourth quarter. KBC Group NV now owns 1,911 shares of the bank’s stock worth $123,000 after buying an additional 490 shares in the last quarter. Hedge funds and other institutional investors own 83.40% of the company’s stock.

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.