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

Shares of Independent Bank Corp. (NASDAQ:INDB) have received a consensus rating of “Buy” from the three analysts that are presently covering the company, Marketbeat reports. One equities research analyst has rated the stock with a hold recommendation and two have assigned a strong buy recommendation to the company. The average twelve-month price objective among brokers that have covered the stock in the last year is $69.50.

INDB has been the subject of several research reports. Raymond James raised Independent Bank from a “market perform” rating to a “strong-buy” rating and set a $74.00 target price for the company in a research note on Monday, October 21st. Seaport Res Ptn upgraded shares of Independent Bank from a “hold” rating to a “strong-buy” rating in a research report on Monday, July 22nd. StockNews.com cut Independent Bank from a “hold” rating to a “sell” rating in a research note on Tuesday, September 17th. Finally, Keefe, Bruyette & Woods boosted their target price on Independent Bank from $62.00 to $65.00 and gave the company a “market perform” rating in a research note on Monday, October 21st.

Institutional Trading of Independent Bank

Large investors have recently modified their holdings of the business. BNP Paribas Financial Markets lifted its holdings in Independent Bank by 89.8% in the 1st quarter. BNP Paribas Financial Markets now owns 23,769 shares of the bank’s stock worth $1,236,000 after buying an additional 11,244 shares during the period. Quantbot Technologies LP purchased a new stake in Independent Bank in the first quarter worth $1,169,000. SG Americas Securities LLC boosted its holdings in Independent Bank by 102.6% in the first quarter. SG Americas Securities LLC now owns 5,305 shares of the bank’s stock valued at $276,000 after acquiring an additional 2,687 shares in the last quarter. Illinois Municipal Retirement Fund increased its position in Independent Bank by 1.8% during the 1st quarter. Illinois Municipal Retirement Fund now owns 25,325 shares of the bank’s stock valued at $1,317,000 after purchasing an additional 443 shares during the period. Finally, Russell Investments Group Ltd. raised its holdings in Independent Bank by 20.4% in the 1st quarter. Russell Investments Group Ltd. now owns 26,469 shares of the bank’s stock worth $1,377,000 after purchasing an additional 4,484 shares in the last quarter. 83.40% of the stock is owned by institutional investors.

Independent Bank Stock Performance

Independent Bank stock opened at $72.22 on Friday. Independent Bank has a fifty-two week low of $45.11 and a fifty-two week high of $75.63. The firm’s fifty day moving average price is $62.63 and its 200-day moving average price is $57.24. The stock has a market cap of $3.07 billion, a P/E ratio of 15.70 and a beta of 0.73. The company has a debt-to-equity ratio of 0.22, a quick ratio of 0.95 and a current ratio of 0.95.

Independent Bank (NASDAQ:INDB) last issued its quarterly earnings results on Thursday, October 17th. The bank reported $1.01 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.99 by $0.02. Independent Bank had a return on equity of 6.74% and a net margin of 20.26%. The firm had revenue of $250.07 million during the quarter, compared to analyst estimates of $173.24 million. During the same quarter in the previous year, the company posted $1.38 earnings per share. On average, equities research analysts expect that Independent Bank will post 4.5 earnings per share for the current fiscal year.

Independent Bank Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, October 4th. Stockholders of record on Monday, September 30th were paid a dividend of $0.57 per share. This represents a $2.28 annualized dividend and a dividend yield of 3.16%. The ex-dividend date of this dividend was Monday, September 30th. Independent Bank’s dividend payout ratio (DPR) is 49.57%.

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.