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

Shares of Independent Bank Corp. (NASDAQ:INDB) have received a consensus recommendation of “Buy” from the four ratings firms that are presently covering the company, MarketBeat.com reports. Two investment analysts have rated the stock with a hold recommendation and two have issued a strong buy recommendation on the company. The average twelve-month price target among brokerages that have updated their coverage on the stock in the last year is $71.00.

Several research analysts have weighed in on INDB shares. Keefe, Bruyette & Woods lowered their price objective on Independent Bank from $80.00 to $72.00 and set a “market perform” rating on the stock in a research report on Monday, April 21st. Raymond James reiterated a “strong-buy” rating and issued a $78.00 price objective (up previously from $74.00) on shares of Independent Bank in a research note on Tuesday, January 21st. StockNews.com lowered shares of Independent Bank from a “hold” rating to a “sell” rating in a research report on Saturday, April 26th. Finally, Piper Sandler reduced their price target on Independent Bank from $74.00 to $63.00 and set a “neutral” rating on the stock in a research report on Monday, April 21st.

Independent Bank Price Performance

Shares of INDB opened at $62.30 on Friday. The firm has a market capitalization of $2.65 billion, a PE ratio of 13.78 and a beta of 0.84. The company has a debt-to-equity ratio of 0.23, a current ratio of 0.95 and a quick ratio of 0.95. The company’s 50-day moving average is $60.59 and its 200-day moving average is $65.22. Independent Bank has a fifty-two week low of $45.11 and a fifty-two week high of $77.23.

Independent Bank (NASDAQ:INDB) last issued its quarterly earnings data on Thursday, April 17th. The bank reported $1.06 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.18 by ($0.12). The firm had revenue of $178.04 million for the quarter, compared to the consensus estimate of $175.03 million. Independent Bank had a return on equity of 6.57% and a net margin of 19.58%. Equities analysts forecast 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. Investors of record on Monday, March 31st were paid a $0.59 dividend. This represents a $2.36 dividend on an annualized basis and a yield of 3.79%. This is a boost from Independent Bank’s previous quarterly dividend of $0.57. The ex-dividend date of this dividend was Monday, March 31st. Independent Bank’s dividend payout ratio (DPR) is 53.15%.

Insiders Place Their Bets

In other news, Director Donna L. Abelli sold 640 shares of the business’s stock in a transaction 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 owns 12,516 shares of the company’s stock, valued at approximately $876,495.48. The trade was a 4.86 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 0.81% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the business. GAMMA Investing LLC grew its holdings in shares of Independent Bank by 156.9% during the 1st 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 last quarter. Venturi Wealth Management LLC bought a new stake in shares of Independent Bank during the fourth quarter worth $62,000. Smartleaf Asset Management LLC increased its holdings in shares of Independent Bank by 105.4% during the fourth quarter. Smartleaf Asset Management LLC now owns 1,056 shares of the bank’s stock worth $68,000 after buying an additional 542 shares in the last quarter. Sterling Capital Management LLC lifted its stake in shares of Independent Bank by 810.2% in the 4th quarter. Sterling Capital Management LLC now owns 1,338 shares of the bank’s stock valued at $86,000 after acquiring an additional 1,191 shares during the last quarter. Finally, KBC Group NV boosted its holdings in shares of Independent Bank by 34.5% during the 4th quarter. KBC Group NV now owns 1,911 shares of the bank’s stock valued at $123,000 after acquiring an additional 490 shares in the last quarter. Institutional investors and hedge funds 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.