Independent Bank (NASDAQ:INDB) Price Target Cut to $72.00 by Analysts at Keefe, Bruyette & Woods

Independent Bank (NASDAQ:INDB) had its target price lowered by Keefe, Bruyette & Woods from $80.00 to $72.00 in a research report released on Monday morning,Benzinga reports. The firm currently has a market perform rating on the bank’s stock.

Several other research firms have also recently weighed in on INDB. StockNews.com raised Independent Bank from a “sell” rating to a “hold” rating in a research report on Friday. Raymond James restated a “strong-buy” rating and set a $78.00 price target (up from $74.00) on shares of Independent Bank in a research report on Tuesday, January 21st. Finally, Piper Sandler decreased their price objective on Independent Bank from $74.00 to $63.00 and set a “neutral” rating for the company in a report on Monday. Three research analysts have rated the stock with a hold rating and two have assigned a strong buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $71.00.

Independent Bank Price Performance

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

Independent Bank (NASDAQ:INDB) last released its quarterly earnings data 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 company had revenue of $178.04 million for the quarter, compared to analysts’ expectations of $175.03 million. Independent Bank had a net margin of 19.58% and a return on equity of 6.57%. Equities research analysts expect that Independent Bank will post 5.41 EPS for the current year.

Independent Bank Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, April 7th. Shareholders of record on Monday, March 31st were paid a dividend of $0.59 per share. This is a positive change from Independent Bank’s previous quarterly dividend of $0.57. This represents a $2.36 dividend on an annualized basis 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%.

Insiders Place Their Bets

In other Independent Bank news, Director Donna L. Abelli sold 640 shares of Independent Bank stock in a transaction on Tuesday, February 11th. The stock was sold at an average price of $70.03, for a total value of $44,819.20. Following the completion of the sale, the director now owns 12,516 shares of the company’s stock, valued at approximately $876,495.48. This trade represents a 4.86 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 0.81% of the company’s stock.

Institutional Investors Weigh In On Independent Bank

Institutional investors have recently modified their holdings of the business. Wealth Enhancement Advisory Services LLC raised its position in Independent Bank by 9.0% in the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 25,359 shares of the bank’s stock worth $1,589,000 after buying an additional 2,092 shares during the last quarter. SG Americas Securities LLC raised its holdings in shares of Independent Bank by 215.0% during the first quarter. SG Americas Securities LLC now owns 5,739 shares of the bank’s stock valued at $360,000 after purchasing an additional 3,917 shares during the last quarter. GAMMA Investing LLC lifted its position in Independent Bank by 156.9% during the first quarter. GAMMA Investing LLC now owns 429 shares of the bank’s stock valued at $27,000 after purchasing an additional 262 shares during the period. Vest Financial LLC purchased a new stake in Independent Bank in the first quarter worth approximately $795,000. Finally, Jefferies Financial Group Inc. purchased a new stake in Independent Bank during the 4th quarter valued at $2,157,000. 83.40% of the stock is owned by hedge funds and other institutional investors.

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.