Independent Bank (NASDAQ:INDB) Price Target Cut to $63.00 by Analysts at Piper Sandler

Independent Bank (NASDAQ:INDB) had its price objective lowered by Piper Sandler from $74.00 to $63.00 in a research report report published on Monday morning,Benzinga reports. Piper Sandler currently has a neutral rating on the bank’s stock.

INDB has been the subject of several other reports. Raymond James reiterated a “strong-buy” rating and set a $78.00 price objective (up from $74.00) on shares of Independent Bank in a research note on Tuesday, January 21st. StockNews.com raised Independent Bank from a “sell” rating to a “hold” rating in a report on Friday. Finally, Keefe, Bruyette & Woods decreased their target price on Independent Bank from $82.00 to $80.00 and set a “market perform” rating for the company in a report on Tuesday, January 21st. Three investment analysts have rated the stock with a hold rating and two have issued a strong buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $71.00.

Independent Bank Trading Down 2.2 %

NASDAQ INDB opened at $54.62 on Monday. The company has a 50 day moving average price of $62.38 and a 200 day moving average price of $65.32. The company has a quick ratio of 0.95, a current ratio of 0.95 and a debt-to-equity ratio of 0.23. Independent Bank has a 52 week low of $45.11 and a 52 week high of $77.23. The firm has a market cap of $2.33 billion, a PE ratio of 12.08 and a beta of 0.84.

Independent Bank (NASDAQ:INDB) last issued its quarterly earnings results on Thursday, April 17th. The bank reported $1.06 earnings per share for the quarter, missing analysts’ consensus estimates of $1.18 by ($0.12). The business had revenue of $178.04 million for the quarter, compared to analysts’ expectations of $175.03 million. Independent Bank had a return on equity of 6.57% and a net margin of 19.58%. As a group, sell-side analysts forecast that Independent Bank will post 5.41 EPS for the current fiscal year.

Independent Bank Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, April 7th. Shareholders of record on Monday, March 31st were given a dividend of $0.59 per share. This is an increase from Independent Bank’s previous quarterly dividend of $0.57. This represents a $2.36 annualized dividend and a yield of 4.32%. The ex-dividend date was Monday, March 31st. Independent Bank’s dividend payout ratio (DPR) is currently 53.15%.

Insider Buying and Selling at Independent Bank

In related news, Director Donna L. Abelli sold 640 shares of Independent Bank stock in a transaction that occurred on Tuesday, February 11th. The stock was sold at an average price of $70.03, for a total transaction of $44,819.20. Following the completion of the transaction, the director now directly owns 12,516 shares in the company, valued at approximately $876,495.48. This trade represents a 4.86 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 0.81% of the company’s stock.

Hedge Funds Weigh In On Independent Bank

Several institutional investors have recently made changes to their positions in INDB. CIBC Asset Management Inc grew its position in Independent Bank by 3.9% during the fourth quarter. CIBC Asset Management Inc now owns 4,206 shares of the bank’s stock valued at $270,000 after buying an additional 158 shares during the period. GHP Investment Advisors Inc. grew its position in shares of Independent Bank by 0.7% during the 4th quarter. GHP Investment Advisors Inc. now owns 32,458 shares of the bank’s stock valued at $2,083,000 after acquiring an additional 236 shares during the period. Isthmus Partners LLC increased its stake in shares of Independent Bank by 0.7% in the 4th quarter. Isthmus Partners LLC now owns 37,313 shares of the bank’s stock valued at $2,395,000 after purchasing an additional 245 shares in the last quarter. GAMMA Investing LLC boosted its position in Independent Bank by 156.9% during the first quarter. GAMMA Investing LLC now owns 429 shares of the bank’s stock worth $27,000 after purchasing an additional 262 shares in the last quarter. Finally, HighTower Advisors LLC boosted its position in Independent Bank by 4.1% during the fourth quarter. HighTower Advisors LLC now owns 6,823 shares of the bank’s stock worth $438,000 after purchasing an additional 267 shares in the last quarter. 83.40% of the stock is owned by hedge funds and other institutional investors.

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.