Independent Bank Corp. (NASDAQ:INDB) Stock Has Average Price Target of $92.43

Independent Bank Corp. (NASDAQ:INDB) has been assigned a consensus recommendation of “Buy” from the seven analysts that are covering the stock, Marketbeat.com reports. One analyst has rated the stock with a sell rating, four have given a buy rating and two have given a strong buy rating to the company. The average twelve-month price objective among analysts that have covered the stock in the last year is $92.43.

INDB has been the topic of several analyst reports. Barclays boosted their price objective on Independent Bank from $82.00 to $86.00 and gave the stock an “underweight” rating in a research note on Tuesday. Keefe, Bruyette & Woods dropped their target price on Independent Bank from $99.00 to $96.00 and set an “outperform” rating for the company in a report on Monday, July 20th. Weiss Ratings reissued a “buy (b)” rating on shares of Independent Bank in a research report on Tuesday. Finally, Piper Sandler raised Independent Bank from a “hold” rating to a “strong-buy” rating in a research report on Friday, October 2nd.

Independent Bank Price Performance

Independent Bank stock traded down $0.30 during mid-day trading on Friday, reaching $84.10. 193,946 shares of the company’s stock traded hands, compared to its average volume of 481,454. Independent Bank has a 12-month low of $66.17 and a 12-month high of $88.58. The company has a quick ratio of 0.93, a current ratio of 0.93 and a debt-to-equity ratio of 0.18. The stock has a 50 day moving average of $81.20 and a two-hundred day moving average of $80.85. The company has a market cap of $3.91 billion, a price-to-earnings ratio of 12.46 and a beta of 0.74.

Independent Bank (NASDAQ:INDB) last issued its quarterly earnings data on Thursday, October 15th. The bank reported $1.90 EPS for the quarter, topping analysts’ consensus estimates of $1.85 by $0.05. Independent Bank had a net margin of 24.27% and a return on equity of 9.61%. The business had revenue of $261.95 million during the quarter, compared to analysts’ expectations of $261.27 million. Equities analysts forecast that Independent Bank will post 7.25 earnings per share for the current year.

Independent Bank Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, October 9th. Shareholders of record on Monday, September 28th were given a dividend of $0.64 per share. The ex-dividend date was Monday, September 28th. This represents a $2.56 dividend on an annualized basis and a yield of 3.0%. Independent Bank’s payout ratio is 37.93%.

Insiders Place Their Bets

In other news, Director Thomas R. Venables sold 3,750 shares of the stock in a transaction on Tuesday, August 25th. The shares were sold at an average price of $83.00, for a total value of $311,250.00. Following the sale, the director owned 17,649 shares of the company’s stock, valued at approximately $1,464,867. This represents a 17.52% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. 1.60% of the stock is owned by company insiders.

Hedge Funds Weigh In On Independent Bank

Large investors have recently made changes to their positions in the company. Isthmus Partners LLC grew its holdings in Independent Bank by 0.3% during the 3rd quarter. Isthmus Partners LLC now owns 42,190 shares of the bank’s stock valued at $3,276,000 after purchasing an additional 130 shares during the last quarter. 55 North Private Wealth LLC increased its stake in Independent Bank by 4.8% in the 3rd quarter. 55 North Private Wealth LLC now owns 2,878 shares of the bank’s stock worth $223,000 after buying an additional 133 shares during the period. GAMMA Investing LLC lifted its holdings in Independent Bank by 15.2% during the 3rd quarter. GAMMA Investing LLC now owns 1,270 shares of the bank’s stock valued at $99,000 after buying an additional 168 shares in the last quarter. EverSource Wealth Advisors LLC lifted its holdings in Independent Bank by 27.4% during the 1st quarter. EverSource Wealth Advisors LLC now owns 898 shares of the bank’s stock valued at $68,000 after buying an additional 193 shares in the last quarter. Finally, Sachetta LLC boosted its position in Independent Bank by 3.2% in the 1st quarter. Sachetta LLC now owns 8,304 shares of the bank’s stock valued at $625,000 after buying an additional 259 shares during the period. 83.40% of the stock is owned by hedge funds and other institutional investors.

Independent Bank Company Profile

Independent Bank Corp. is the bank holding company for Rockland Trust Company, a full-service community bank headquartered in Rockland, Massachusetts. Through Rockland Trust, the company provides banking and financial services to individuals, families, businesses, municipalities and nonprofit organizations.

Its offerings include consumer and commercial deposit accounts, residential and commercial real estate lending, business loans, cash-management and treasury services, online and mobile banking, and wealth management.