Independent Bank Corp. (NASDAQ:INDB) Given Consensus Recommendation of “Buy” by Brokerages

Shares of Independent Bank Corp. (NASDAQ:INDB) have been assigned an average rating of “Buy” from the three research firms that are currently covering the company, Marketbeat reports. One investment analyst has rated the stock with a hold recommendation and two have given a strong buy recommendation to the company. The average 1 year price target among brokers that have issued ratings on the stock in the last year is $69.50.

A number of analysts recently issued reports on INDB shares. Raymond James raised shares of Independent Bank from a “market perform” rating to a “strong-buy” rating and set a $74.00 price target on the stock in a report on Monday, October 21st. StockNews.com lowered shares of Independent Bank from a “hold” rating to a “sell” rating in a research note on Tuesday, September 17th. Seaport Res Ptn upgraded Independent Bank from a “hold” rating to a “strong-buy” rating in a research note on Monday, July 22nd. Finally, Keefe, Bruyette & Woods upped their price target on Independent Bank from $62.00 to $65.00 and gave the stock a “market perform” rating in a report on Monday, October 21st.

Independent Bank Stock Performance

Shares of INDB stock opened at $72.09 on Friday. The stock has a market cap of $3.06 billion, a PE ratio of 15.67 and a beta of 0.73. Independent Bank has a 52-week low of $45.11 and a 52-week high of $73.28. The business has a 50-day simple moving average of $61.50 and a 200-day simple moving average of $56.55. The company has a quick ratio of 0.95, a current ratio of 0.95 and a debt-to-equity ratio of 0.24.

Independent Bank (NASDAQ:INDB) last announced its quarterly earnings results on Thursday, October 17th. The bank reported $1.01 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.99 by $0.02. The company had revenue of $250.07 million during the quarter, compared to the consensus estimate of $173.24 million. Independent Bank had a return on equity of 6.79% and a net margin of 20.26%. During the same period in the previous year, the company posted $1.38 earnings per share. On average, equities analysts expect that Independent Bank will post 4.5 EPS for the current year.

Independent Bank Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, October 4th. Shareholders of record on Monday, September 30th were issued a dividend of $0.57 per share. This represents a $2.28 annualized dividend and a yield of 3.16%. The ex-dividend date of this dividend was Monday, September 30th. Independent Bank’s payout ratio is 49.57%.

Institutional Trading of Independent Bank

Institutional investors and hedge funds have recently modified their holdings of the stock. Louisiana State Employees Retirement System boosted its holdings in Independent Bank by 0.9% in the 2nd quarter. Louisiana State Employees Retirement System now owns 21,400 shares of the bank’s stock worth $1,085,000 after buying an additional 200 shares during the last quarter. CWM LLC boosted its stake in shares of Independent Bank by 2.7% in the second quarter. CWM LLC now owns 8,704 shares of the bank’s stock worth $441,000 after acquiring an additional 232 shares during the last quarter. Aries Wealth Management increased its position in shares of Independent Bank by 1.5% during the second quarter. Aries Wealth Management now owns 16,122 shares of the bank’s stock worth $818,000 after purchasing an additional 232 shares in the last quarter. Stablepoint Partners LLC increased its position in shares of Independent Bank by 1.2% during the third quarter. Stablepoint Partners LLC now owns 23,033 shares of the bank’s stock worth $1,362,000 after purchasing an additional 283 shares in the last quarter. Finally, Illinois Municipal Retirement Fund raised its stake in Independent Bank by 1.8% in the 1st quarter. Illinois Municipal Retirement Fund now owns 25,325 shares of the bank’s stock valued at $1,317,000 after purchasing an additional 443 shares during the last quarter. Hedge funds and other institutional investors own 83.40% of the company’s stock.

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.