Independent Bank (NASDAQ:INDB) Given New $60.00 Price Target at Keefe, Bruyette & Woods

Independent Bank (NASDAQ:INDB) had its price target cut by Keefe, Bruyette & Woods from $64.00 to $60.00 in a report issued on Monday, Benzinga reports. They currently have a market perform rating on the bank’s stock.

Separately, TheStreet cut Independent Bank from a b- rating to a c+ rating in a report on Wednesday, March 13th.

Independent Bank Stock Up 0.5 %

NASDAQ INDB opened at $50.79 on Monday. The stock’s 50 day moving average is $50.85 and its 200 day moving average is $54.94. The company has a current ratio of 0.96, a quick ratio of 0.96 and a debt-to-equity ratio of 0.36. Independent Bank has a 12 month low of $43.28 and a 12 month high of $68.75. The stock has a market cap of $2.16 billion, a PE ratio of 9.81 and a beta of 0.83.

Independent Bank Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, April 5th. Shareholders of record on Monday, April 1st were paid a $0.57 dividend. This is an increase from Independent Bank’s previous quarterly dividend of $0.55. The ex-dividend date was Thursday, March 28th. This represents a $2.28 dividend on an annualized basis and a yield of 4.49%. Independent Bank’s payout ratio is presently 44.02%.

Insiders Place Their Bets

In other Independent Bank news, Director Donna L. Abelli sold 800 shares of Independent Bank stock in a transaction that occurred on Thursday, February 29th. The stock was sold at an average price of $52.83, for a total value of $42,264.00. Following the sale, the director now owns 11,640 shares of the company’s stock, valued at approximately $614,941.20. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Corporate insiders own 0.97% of the company’s stock.

Institutional Trading of Independent Bank

A number of large investors have recently added to or reduced their stakes in INDB. Nuance Investments LLC increased its position in shares of Independent Bank by 80.6% during the 3rd quarter. Nuance Investments LLC now owns 1,661,215 shares of the bank’s stock valued at $81,549,000 after purchasing an additional 741,609 shares during the last quarter. Norges Bank bought a new position in shares of Independent Bank during the 4th quarter valued at approximately $32,784,000. Clearbridge Investments LLC bought a new position in shares of Independent Bank during the 3rd quarter valued at approximately $14,825,000. Hsbc Holdings PLC increased its position in shares of Independent Bank by 902.8% during the 4th quarter. Hsbc Holdings PLC now owns 268,315 shares of the bank’s stock valued at $17,730,000 after purchasing an additional 241,558 shares during the last quarter. Finally, Panagora Asset Management Inc. bought a new position in shares of Independent Bank during the 3rd quarter valued at approximately $8,154,000. 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.