Analysts Set Independent Bank Corp. (NASDAQ:INDB) Target Price at $71.00

Shares of Independent Bank Corp. (NASDAQ:INDB) have been given an average recommendation of “Buy” by the four ratings firms that are covering the company, MarketBeat.com reports. Two investment analysts have rated the stock with a hold recommendation and two have assigned a strong buy recommendation to the company. The average 12 month price objective among brokers that have issued a report on the stock in the last year is $71.00.

A number of equities analysts have issued reports on the company. Piper Sandler lowered their target price on Independent Bank from $74.00 to $63.00 and set a “neutral” rating for the company in a report on Monday, April 21st. Keefe, Bruyette & Woods lowered their target price on shares of Independent Bank from $80.00 to $72.00 and set a “market perform” rating for the company in a research note on Monday, April 21st. StockNews.com downgraded Independent Bank from a “hold” rating to a “sell” rating in a report on Saturday, April 26th. Finally, Raymond James restated a “strong-buy” rating and issued a $78.00 price target (up from $74.00) on shares of Independent Bank in a report on Tuesday, January 21st.

Insider Buying and Selling

In other Independent Bank news, Director Donna L. Abelli sold 640 shares of the firm’s stock in a transaction on Tuesday, February 11th. The shares were sold at an average price of $70.03, for a total value of $44,819.20. Following the completion of the transaction, the director now directly owns 12,516 shares of the company’s stock, valued at $876,495.48. This trade represents a 4.86 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 0.81% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. raised its position in Independent Bank by 2.3% during the 1st quarter. Vanguard Group Inc. now owns 5,134,903 shares of the bank’s stock valued at $321,702,000 after purchasing an additional 116,820 shares during the last quarter. Dimensional Fund Advisors LP increased its position in Independent Bank by 1.6% during the 4th quarter. Dimensional Fund Advisors LP now owns 2,318,650 shares of the bank’s stock valued at $148,835,000 after purchasing an additional 36,335 shares during the period. Deprince Race & Zollo Inc. raised its holdings in Independent Bank by 687.2% in the 4th quarter. Deprince Race & Zollo Inc. now owns 948,244 shares of the bank’s stock worth $60,868,000 after purchasing an additional 827,793 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its position in shares of Independent Bank by 0.8% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 549,547 shares of the bank’s stock worth $34,429,000 after purchasing an additional 4,599 shares during the period. Finally, American Century Companies Inc. boosted its stake in shares of Independent Bank by 10.9% during the 4th quarter. American Century Companies Inc. now owns 469,359 shares of the bank’s stock valued at $30,128,000 after purchasing an additional 46,046 shares in the last quarter. Institutional investors own 83.40% of the company’s stock.

Independent Bank Price Performance

Shares of NASDAQ:INDB opened at $61.83 on Friday. The company has a current ratio of 0.95, a quick ratio of 0.95 and a debt-to-equity ratio of 0.23. The stock has a market capitalization of $2.63 billion, a PE ratio of 13.68 and a beta of 0.82. The firm has a 50 day moving average of $60.00 and a 200-day moving average of $65.18. Independent Bank has a 12 month low of $45.11 and a 12 month high of $77.23.

Independent Bank (NASDAQ:INDB) last announced its quarterly earnings data 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 return on equity of 6.57% and a net margin of 19.58%. The business had revenue of $178.04 million for the quarter, compared to the consensus estimate of $175.03 million. On average, equities research analysts predict that Independent Bank will post 5.41 EPS for the current fiscal year.

Independent Bank Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, April 7th. Investors of record on Monday, March 31st were paid a $0.59 dividend. 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 3.82%. The ex-dividend date was Monday, March 31st. Independent Bank’s payout ratio is currently 53.15%.

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.