Independent Bank Corp. (NASDAQ:INDB) Receives $79.00 Consensus Target Price from Brokerages

Shares of Independent Bank Corp. (NASDAQ:INDB) have been given a consensus rating of “Buy” by the three brokerages that are currently covering the stock, MarketBeat.com reports. One investment analyst has rated the stock with a hold rating and two have assigned a strong buy rating to the company. The average 12 month price objective among analysts that have updated their coverage on the stock in the last year is $79.00.

A number of brokerages have recently weighed in on INDB. Keefe, Bruyette & Woods lowered their price objective on shares of Independent Bank from $82.00 to $80.00 and set a “market perform” rating for the company in a report on Tuesday, January 21st. Raymond James reissued a “strong-buy” rating and issued a $78.00 price target (up from $74.00) on shares of Independent Bank in a research note on Tuesday, January 21st. Finally, StockNews.com raised Independent Bank from a “sell” rating to a “hold” rating in a research note on Friday, January 17th.

Institutional Investors Weigh In On Independent Bank

A number of large investors have recently made changes to their positions in INDB. KBC Group NV lifted its stake in Independent Bank by 34.5% in the fourth quarter. KBC Group NV now owns 1,911 shares of the bank’s stock worth $123,000 after acquiring an additional 490 shares during the period. ST Germain D J Co. Inc. lifted its position in shares of 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 worth $142,000 after purchasing an additional 1,737 shares during the period. Connor Clark & Lunn Investment Management Ltd. bought a new stake in shares of Independent Bank during the 3rd quarter valued at about $222,000. Profund Advisors LLC purchased a new position in shares of Independent Bank during the second quarter valued at about $229,000. Finally, Relyea Zuckerberg Hanson LLC bought a new position in Independent Bank in the fourth quarter worth about $250,000. 83.40% of the stock is currently owned by institutional investors.

Independent Bank Stock Up 1.1 %

INDB opened at $66.58 on Friday. The business’s fifty day simple moving average is $67.90 and its 200 day simple moving average is $63.72. Independent Bank has a 52 week low of $45.11 and a 52 week high of $77.23. The company has a quick ratio of 0.95, a current ratio of 0.95 and a debt-to-equity ratio of 0.23. The stock has a market cap of $2.83 billion, a PE ratio of 14.73 and a beta of 0.78.

Independent Bank (NASDAQ:INDB) last announced its quarterly earnings data on Thursday, January 16th. The bank reported $1.21 earnings per share for the quarter, beating analysts’ consensus estimates 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, research analysts expect that Independent Bank will post 5.42 earnings per share for the current fiscal year.

Independent Bank Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, January 6th. Shareholders of record on Monday, December 30th were given a $0.57 dividend. This represents a $2.28 dividend on an annualized basis and a dividend yield of 3.42%. The ex-dividend date was Monday, December 30th. Independent Bank’s payout ratio is 50.44%.

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.