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

Independent Bank Corp. (NASDAQ:INDB) has been assigned an average rating of “Buy” from the two analysts that are covering the stock, Marketbeat Ratings reports. One equities research analyst has rated the stock with a hold rating and one has issued a strong buy rating on the company. The average twelve-month price target among analysts that have covered the stock in the last year is $60.00.

A number of analysts have recently issued reports on the stock. Keefe, Bruyette & Woods reduced their price target on shares of Independent Bank from $64.00 to $60.00 and set a “market perform” rating for the company in a research report on Monday, April 22nd. Seaport Res Ptn raised shares of Independent Bank from a “hold” rating to a “strong-buy” rating in a research report on Monday, July 22nd. Finally, StockNews.com raised shares of Independent Bank from a “sell” rating to a “hold” rating in a research report on Friday, July 12th.

Hedge Funds Weigh In On Independent Bank

Several hedge funds and other institutional investors have recently added to or reduced their stakes in INDB. Boston Trust Walden Corp raised its position in Independent Bank by 22.1% during the fourth quarter. Boston Trust Walden Corp now owns 518,119 shares of the bank’s stock valued at $34,097,000 after acquiring an additional 93,901 shares in the last quarter. Nisa Investment Advisors LLC raised its position in shares of Independent Bank by 4.2% in the fourth quarter. Nisa Investment Advisors LLC now owns 10,677 shares of the bank’s stock valued at $703,000 after purchasing an additional 434 shares during the period. Crestwood Advisors Group LLC raised its position in shares of Independent Bank by 5.3% in the fourth quarter. Crestwood Advisors Group LLC now owns 99,981 shares of the bank’s stock valued at $6,580,000 after purchasing an additional 5,000 shares during the period. Louisiana State Employees Retirement System bought a new position in shares of Independent Bank in the fourth quarter valued at approximately $1,441,000. Finally, Everence Capital Management Inc. bought a new position in shares of Independent Bank in the fourth quarter valued at approximately $305,000. Institutional investors own 83.40% of the company’s stock.

Independent Bank Stock Performance

Shares of INDB opened at $58.46 on Friday. Independent Bank has a one year low of $44.63 and a one year high of $68.75. The company has a 50-day moving average of $52.82 and a two-hundred day moving average of $52.38. The stock has a market cap of $2.48 billion, a price-to-earnings ratio of 11.29 and a beta of 0.77. The company has a debt-to-equity ratio of 0.24, a current ratio of 0.95 and a quick ratio of 0.95.

Independent Bank (NASDAQ:INDB) last posted its quarterly earnings results on Thursday, July 18th. The bank reported $1.21 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.11 by $0.10. The business had revenue of $244.19 million during the quarter, compared to analyst estimates of $169.07 million. Independent Bank had a net margin of 22.42% and a return on equity of 7.41%. During the same period in the prior year, the firm earned $1.42 earnings per share. On average, equities research analysts expect that Independent Bank will post 4.75 earnings per share for the current year.

Independent Bank Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, July 8th. Investors of record on Monday, July 1st were given a dividend of $0.57 per share. This represents a $2.28 annualized dividend and a yield of 3.90%. The ex-dividend date of this dividend was Monday, July 1st. Independent Bank’s payout ratio is presently 44.02%.

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.