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

Independent Bank Corp. (NASDAQ:INDB) has been assigned a consensus rating of “Buy” from the four analysts that are currently covering the stock, Marketbeat Ratings reports. Two analysts have rated the stock with a hold recommendation and two have assigned a strong buy recommendation to the company. The average twelve-month target price among analysts that have issued a report on the stock in the last year is $71.00.

Several research firms have recently weighed in on INDB. Wall Street Zen downgraded shares of Independent Bank from a “hold” rating to a “sell” rating in a research note on Saturday, April 26th. Piper Sandler cut their price objective on shares of Independent Bank from $74.00 to $63.00 and set a “neutral” rating for the company in a research report on Monday, April 21st. Finally, Keefe, Bruyette & Woods cut their price objective on shares of Independent Bank from $80.00 to $72.00 and set a “market perform” rating for the company in a research report on Monday, April 21st.

Hedge Funds Weigh In On Independent Bank

A number of large investors have recently modified their holdings of INDB. 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 last quarter. Quarry LP lifted its position in Independent Bank by 1,328.6% during the first quarter. Quarry LP now owns 1,300 shares of the bank’s stock valued at $81,000 after purchasing an additional 1,209 shares during the last quarter. Sterling Capital Management LLC lifted its position in Independent Bank by 810.2% during the fourth quarter. Sterling Capital Management LLC now owns 1,338 shares of the bank’s stock valued at $86,000 after purchasing an additional 1,191 shares during the last quarter. KBC Group NV lifted its position in Independent Bank by 15.3% during the first quarter. KBC Group NV now owns 2,204 shares of the bank’s stock valued at $138,000 after purchasing an additional 293 shares during the last quarter. Finally, ST Germain D J Co. Inc. lifted its position in Independent Bank by 358.4% during the second quarter. ST Germain D J Co. Inc. now owns 2,223 shares of the bank’s stock valued at $140,000 after purchasing an additional 1,738 shares during the last quarter. 83.40% of the stock is currently owned by institutional investors.

Independent Bank Price Performance

INDB opened at $65.69 on Friday. The company has a market capitalization of $2.80 billion, a price-to-earnings ratio of 14.80 and a beta of 0.84. The company has a quick ratio of 0.96, a current ratio of 0.96 and a debt-to-equity ratio of 0.28. The firm has a 50-day moving average price of $63.68 and a 200-day moving average price of $63.37. Independent Bank has a twelve month low of $52.15 and a twelve month high of $77.23.

Independent Bank (NASDAQ:INDB) last posted its earnings results on Thursday, July 17th. The bank reported $1.25 earnings per share for the quarter, topping the consensus estimate of $1.20 by $0.05. The firm had revenue of $181.80 million during the quarter, compared to the consensus estimate of $179.47 million. Independent Bank had a net margin of 19.12% and a return on equity of 6.41%. Equities analysts expect that Independent Bank will post 5.41 EPS for the current year.

Independent Bank Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, July 7th. Stockholders of record on Monday, June 30th were given a $0.59 dividend. The ex-dividend date of this dividend was Monday, June 30th. This represents a $2.36 dividend on an annualized basis and a dividend yield of 3.59%. Independent Bank’s dividend payout ratio (DPR) is currently 53.15%.

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.