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

Shares of Independent Bank Corp. (NASDAQ:INDB) have earned an average recommendation of “Buy” from the three ratings firms that are currently covering the stock, Marketbeat Ratings reports. One research analyst has rated the stock with a hold recommendation and two have given a strong buy recommendation to the company. The average twelve-month price target among brokerages that have issued ratings on the stock in the last year is $79.00.

Several analysts recently commented on the company. StockNews.com upgraded Independent Bank from a “sell” rating to a “hold” rating in a report on Friday, January 17th. Raymond James reiterated a “strong-buy” rating and issued a $78.00 target price (up from $74.00) on shares of Independent Bank in a report on Tuesday, January 21st. Finally, Keefe, Bruyette & Woods reduced their target price on Independent Bank from $82.00 to $80.00 and set a “market perform” rating on the stock in a report on Tuesday, January 21st.

Insider Buying and Selling at Independent Bank

In other Independent Bank news, Director Donna L. Abelli sold 640 shares of the business’s stock in a transaction that occurred on Tuesday, February 11th. The stock was sold at an average price of $70.03, for a total value of $44,819.20. Following the transaction, the director now directly owns 12,516 shares of the company’s stock, valued at approximately $876,495.48. The trade was a 4.86 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 0.87% of the company’s stock.

Hedge Funds Weigh In On Independent Bank

Institutional investors have recently modified their holdings of the company. BNP Paribas Financial Markets raised its position in shares of Independent Bank by 106.0% during the third quarter. BNP Paribas Financial Markets now owns 25,077 shares of the bank’s stock worth $1,483,000 after purchasing an additional 12,904 shares during the period. Centiva Capital LP acquired a new position in shares of Independent Bank during the third quarter worth approximately $535,000. JPMorgan Chase & Co. raised its position in shares of Independent Bank by 59.8% during the third quarter. JPMorgan Chase & Co. now owns 338,640 shares of the bank’s stock worth $20,024,000 after purchasing an additional 126,791 shares during the period. Eastern Bank raised its position in shares of Independent Bank by 454.7% during the third quarter. Eastern Bank now owns 23,237 shares of the bank’s stock worth $1,374,000 after purchasing an additional 19,048 shares during the period. Finally, BNP PARIBAS ASSET MANAGEMENT Holding S.A. raised its position in shares of Independent Bank by 11.1% during the third quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 283,661 shares of the bank’s stock worth $16,773,000 after purchasing an additional 28,373 shares during the period. 83.40% of the stock is owned by institutional investors and hedge funds.

Independent Bank Stock Performance

Shares of INDB stock opened at $67.79 on Tuesday. The business’s 50 day simple moving average is $66.41 and its 200 day simple moving average is $65.06. Independent Bank has a one year low of $45.11 and a one year high of $77.23. The stock has a market capitalization of $2.88 billion, a PE ratio of 15.00 and a beta of 0.77. The company has a debt-to-equity ratio of 0.23, a current ratio of 0.95 and a quick ratio of 0.95.

Independent Bank (NASDAQ:INDB) last announced its earnings results on Thursday, January 16th. The bank reported $1.21 EPS 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, research analysts forecast that Independent Bank will post 5.41 earnings per share for the current year.

Independent Bank Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, January 6th. Shareholders of record on Monday, December 30th were paid a $0.57 dividend. This represents a $2.28 annualized dividend and a yield of 3.36%. The ex-dividend date of this dividend was Monday, December 30th. Independent Bank’s dividend payout ratio (DPR) is presently 50.44%.

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.