Raymond James Reiterates Strong-Buy Rating for Independent Bank (NASDAQ:INDB)

Independent Bank (NASDAQ:INDB)‘s stock had its “strong-buy” rating reiterated by analysts at Raymond James in a research note issued on Tuesday,Benzinga reports. They currently have a $78.00 target price on the bank’s stock, up from their previous target price of $74.00. Raymond James’ target price indicates a potential upside of 15.81% from the company’s previous close.

Several other brokerages also recently commented on INDB. StockNews.com raised Independent Bank from a “sell” rating to a “hold” rating in a report on Friday, January 17th. Keefe, Bruyette & Woods lifted their price objective on Independent Bank from $77.00 to $82.00 and gave the stock a “market perform” rating in a research report on Thursday, December 12th. Two investment analysts have rated the stock with a hold rating and two have issued a strong buy rating to the company. Based on data from MarketBeat, Independent Bank has a consensus rating of “Buy” and a consensus price target of $79.00.

Independent Bank Trading Down 1.2 %

NASDAQ INDB opened at $67.35 on Tuesday. 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 twelve month low of $45.11 and a twelve month high of $77.23. The company has a market cap of $2.86 billion, a price-to-earnings ratio of 14.90 and a beta of 0.78. The business’s fifty day moving average is $68.24 and its 200 day moving average is $63.34.

Independent Bank (NASDAQ:INDB) last released its quarterly earnings data on Thursday, January 16th. The bank reported $1.21 earnings per share for the quarter, beating the consensus estimate of $1.16 by $0.05. Independent Bank had a return on equity of 6.57% and a net margin of 19.58%. As a group, sell-side analysts expect that Independent Bank will post 5.42 EPS for the current fiscal year.

Institutional Trading of Independent Bank

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. KBC Group NV increased its position in Independent Bank by 34.5% in the 4th quarter. KBC Group NV now owns 1,911 shares of the bank’s stock valued at $123,000 after buying an additional 490 shares in the last quarter. ST Germain D J Co. Inc. increased its position in Independent Bank by 364.9% in the 4th quarter. ST Germain D J Co. Inc. now owns 2,213 shares of the bank’s stock valued at $142,000 after buying an additional 1,737 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. bought a new stake in Independent Bank in the 3rd quarter valued at about $222,000. Profund Advisors LLC bought a new stake in Independent Bank in the 2nd quarter valued at about $229,000. Finally, Relyea Zuckerberg Hanson LLC bought a new stake in Independent Bank in the 4th quarter valued at about $250,000. 83.40% of the stock is owned by 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.