Independent Bank Corp. (NASDAQ:INDB) Receives Average Recommendation of “Hold” from Brokerages

Independent Bank Corp. (NASDAQ:INDB) has been assigned an average rating of “Hold” from the two brokerages that are currently covering the firm, Marketbeat.com reports. Two investment analysts have rated the stock with a hold recommendation. The average 12-month target price among brokers that have updated their coverage on the stock in the last year is $60.00.

Several research firms recently issued reports on INDB. Keefe, Bruyette & Woods lowered their price objective on Independent Bank from $64.00 to $60.00 and set a “market perform” rating on the stock in a research report on Monday. TheStreet cut Independent Bank from a “b-” rating to a “c+” rating in a research report on Wednesday, March 13th.

Independent Bank Stock Performance

Independent Bank stock opened at $52.22 on Wednesday. The company has a quick ratio of 0.96, a current ratio of 0.96 and a debt-to-equity ratio of 0.36. The company has a market capitalization of $2.22 billion, a P/E ratio of 10.08 and a beta of 0.83. The stock’s 50 day moving average is $50.87 and its 200 day moving average is $54.97. Independent Bank has a twelve month low of $43.28 and a twelve month high of $68.75.

Independent Bank Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, April 5th. Stockholders of record on Monday, April 1st were issued a dividend of $0.57 per share. This represents a $2.28 annualized dividend and a dividend yield of 4.37%. This is a boost from Independent Bank’s previous quarterly dividend of $0.55. The ex-dividend date of this dividend was Thursday, March 28th. Independent Bank’s dividend payout ratio is presently 44.02%.

Insider Activity

In related news, Director Donna L. Abelli sold 800 shares of the firm’s stock in a transaction 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 transaction, the director now directly owns 11,640 shares of the company’s stock, valued at approximately $614,941.20. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Insiders own 0.87% of the company’s stock.

Institutional Investors Weigh In On Independent Bank

A number of institutional investors have recently bought and sold shares of INDB. SG Americas Securities LLC purchased a new stake in shares of Independent Bank during the third quarter worth about $1,472,000. Eastern Bank bought a new stake in shares of Independent Bank during the third quarter valued at approximately $206,000. Boston Trust Walden Corp lifted its holdings in shares of Independent Bank by 6.6% in the third quarter. Boston Trust Walden Corp now owns 424,218 shares of the bank’s stock worth $20,825,000 after buying an additional 26,204 shares in the last quarter. Raymond James & Associates boosted its position in shares of Independent Bank by 45.8% during the third quarter. Raymond James & Associates now owns 109,149 shares of the bank’s stock worth $5,358,000 after acquiring an additional 34,264 shares during the last quarter. Finally, Canvas Wealth Advisors LLC purchased a new position in Independent Bank during the third quarter valued at $399,000. 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.