Brokerages Set Independent Bank Corp. (NASDAQ:INDB) Target Price at $71.00

Independent Bank Corp. (NASDAQ:INDB) has been given an average rating of “Hold” by the five analysts that are currently covering the firm, Marketbeat.com reports. Four analysts have rated the stock with a hold recommendation and one has assigned a strong buy recommendation to the company. The average twelve-month price objective among brokerages that have covered the stock in the last year is $71.00.

Several equities analysts recently commented on INDB shares. Wall Street Zen raised shares of Independent Bank from a “sell” rating to a “hold” rating in a research note on Sunday, August 10th. Weiss Ratings reissued a “hold (c+)” rating on shares of Independent Bank in a report on Saturday, September 27th. Finally, Zacks Research cut shares of Independent Bank from a “strong-buy” rating to a “hold” rating in a report on Tuesday, August 19th.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of the business. GAMMA Investing LLC increased its position in shares of Independent Bank by 15,994.0% in the first quarter. GAMMA Investing LLC now owns 26,877 shares of the bank’s stock worth $16,840,000 after purchasing an additional 26,710 shares during the last quarter. Vest Financial LLC purchased a new position in Independent Bank in the 1st quarter worth approximately $795,000. SG Americas Securities LLC increased its holdings in shares of Independent Bank by 215.0% in the 1st quarter. SG Americas Securities LLC now owns 5,739 shares of the bank’s stock worth $360,000 after buying an additional 3,917 shares during the last quarter. Wealth Enhancement Advisory Services LLC increased its holdings in shares of 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. Finally, GHP Investment Advisors Inc. raised its position in shares of Independent Bank by 3.8% during the 1st quarter. GHP Investment Advisors Inc. now owns 33,678 shares of the bank’s stock valued at $2,110,000 after buying an additional 1,220 shares in the last quarter. Hedge funds and other institutional investors own 83.40% of the company’s stock.

Independent Bank Stock Performance

Shares of INDB opened at $69.45 on Friday. Independent Bank has a 52-week low of $52.15 and a 52-week high of $77.23. The stock’s 50-day simple moving average is $68.59 and its 200 day simple moving average is $64.37. The company has a debt-to-equity ratio of 0.25, a quick ratio of 0.96 and a current ratio of 0.96. The stock has a market capitalization of $3.47 billion, a price-to-earnings ratio of 15.68 and a beta of 0.85.

Independent Bank (NASDAQ:INDB) last posted its earnings results on Thursday, July 17th. The bank reported $1.25 earnings per share for the quarter, beating analysts’ consensus estimates of $1.20 by $0.05. Independent Bank had a return on equity of 6.39% and a net margin of 18.93%.The business had revenue of $181.80 million during the quarter, compared to analyst estimates of $179.47 million. Research analysts forecast that Independent Bank will post 5.41 EPS for the current fiscal year.

Independent Bank Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, October 7th. Shareholders of record on Monday, September 29th will be paid a $0.59 dividend. This represents a $2.36 dividend on an annualized basis and a yield of 3.4%. The ex-dividend date is Monday, September 29th. Independent Bank’s dividend payout ratio is currently 53.27%.

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.