Independent Bank (NASDAQ:INDB) Stock Rating Upgraded by Seaport Res Ptn

Seaport Res Ptn upgraded shares of Independent Bank (NASDAQ:INDB) from a hold rating to a strong-buy rating in a research report sent to investors on Monday morning, Zacks.com reports. Seaport Res Ptn also issued estimates for Independent Bank’s Q3 2024 earnings at $1.17 EPS, Q4 2024 earnings at $1.19 EPS, FY2024 earnings at $4.69 EPS, Q1 2025 earnings at $1.21 EPS, Q2 2025 earnings at $1.26 EPS, Q3 2025 earnings at $1.29 EPS, Q4 2025 earnings at $1.32 EPS and FY2025 earnings at $5.08 EPS.

A number of other brokerages have also weighed in on INDB. StockNews.com raised Independent Bank from a sell rating to a hold rating in a report on Friday, July 12th. Keefe, Bruyette & Woods reduced their target price on Independent Bank from $64.00 to $60.00 and set a market perform rating for the company in a report on Monday, April 22nd.

Independent Bank Stock Up 1.4 %

INDB opened at $63.00 on Monday. The business has a 50 day moving average price of $51.12 and a two-hundred day moving average price of $52.53. Independent Bank has a 52 week low of $44.63 and a 52 week high of $68.75. The company has a market cap of $2.68 billion, a PE ratio of 12.16 and a beta of 0.77. The company has a quick ratio of 0.95, a current ratio of 0.95 and a debt-to-equity ratio of 0.24.

Independent Bank (NASDAQ:INDB) last issued its quarterly earnings results on Thursday, July 18th. The bank reported $1.21 earnings per share for the quarter, topping the consensus estimate of $1.11 by $0.10. Independent Bank had a return on equity of 7.41% and a net margin of 22.42%. The firm had revenue of $244.19 million during the quarter, compared to the consensus estimate of $169.07 million. During the same period last year, the company earned $1.42 earnings per share. As a group, research analysts anticipate that Independent Bank will post 4.61 EPS for the current year.

Independent Bank Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, July 8th. Stockholders of record on Monday, July 1st were paid a dividend of $0.57 per share. This represents a $2.28 annualized dividend and a dividend yield of 3.62%. The ex-dividend date of this dividend was Monday, July 1st. Independent Bank’s dividend payout ratio (DPR) is presently 44.02%.

Hedge Funds Weigh In On Independent Bank

Hedge funds have recently added to or reduced their stakes in the business. EntryPoint Capital LLC acquired a new position in shares of Independent Bank during the 1st quarter worth approximately $47,000. Sachetta LLC acquired a new position in Independent Bank in the 4th quarter valued at about $56,000. Vanguard Personalized Indexing Management LLC purchased a new position in Independent Bank in the 4th quarter valued at about $217,000. SG Americas Securities LLC raised its position in shares of 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 buying an additional 2,687 shares during the last quarter. Finally, TFO Wealth Partners LLC lifted its stake in shares of Independent Bank by 215,100.0% during the fourth quarter. TFO Wealth Partners LLC now owns 4,304 shares of the bank’s stock valued at $283,000 after buying an additional 4,302 shares during the period. 83.40% of the stock is currently owned by hedge funds and other 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.