Independent Bank (NASDAQ:INDB) Hits New 1-Year High – Here’s What Happened

Independent Bank Corp. (NASDAQ:INDB) shares hit a new 52-week high on Monday . The company traded as high as $76.24 and last traded at $76.24, with a volume of 3606 shares trading hands. The stock had previously closed at $73.98.

Wall Street Analyst Weigh In

Several research firms have issued reports on INDB. Keefe, Bruyette & Woods upped their price objective on shares of Independent Bank from $62.00 to $65.00 and gave the company a “market perform” rating in a research note on Monday, October 21st. StockNews.com downgraded Independent Bank from a “hold” rating to a “sell” rating in a research note on Tuesday, September 17th. Finally, Raymond James raised Independent Bank from a “market perform” rating to a “strong-buy” rating and set a $74.00 price target on the stock in a research report on Monday, October 21st. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating and two have given a strong buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $69.50.

Independent Bank Stock Down 2.1 %

The company has a market capitalization of $3.12 billion, a price-to-earnings ratio of 15.95 and a beta of 0.73. The company has a current ratio of 0.95, a quick ratio of 0.95 and a debt-to-equity ratio of 0.22. The firm’s 50 day simple moving average is $64.35 and its 200-day simple moving average is $58.37.

Independent Bank (NASDAQ:INDB) last posted its quarterly earnings results on Thursday, October 17th. The bank reported $1.01 EPS for the quarter, beating 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 business had revenue of $250.07 million during the quarter, compared to analysts’ expectations of $173.24 million. During the same period last year, the firm earned $1.38 EPS. On average, sell-side analysts anticipate that Independent Bank Corp. will post 4.5 EPS for the current fiscal year.

Independent Bank Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, October 4th. Shareholders of record on Monday, September 30th were given a dividend of $0.57 per share. The ex-dividend date of this dividend was Monday, September 30th. This represents a $2.28 annualized dividend and a yield of 3.11%. Independent Bank’s payout ratio is currently 49.57%.

Institutional Investors Weigh In On Independent Bank

Hedge funds and other institutional investors have recently modified their holdings of the stock. CANADA LIFE ASSURANCE Co increased its stake in Independent Bank by 2.2% in the 1st quarter. CANADA LIFE ASSURANCE Co now owns 36,689 shares of the bank’s stock valued at $1,906,000 after purchasing an additional 782 shares in the last quarter. Price T Rowe Associates Inc. MD boosted its position in shares of Independent Bank by 5.9% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 28,160 shares of the bank’s stock worth $1,465,000 after buying an additional 1,578 shares in the last quarter. Tidal Investments LLC boosted its position in shares of Independent Bank by 6.1% in the 1st quarter. Tidal Investments LLC now owns 9,184 shares of the bank’s stock worth $480,000 after buying an additional 532 shares in the last quarter. Virtu Financial LLC acquired a new stake in Independent Bank in the 1st quarter valued at about $461,000. Finally, Cambridge Trust Co. increased its holdings in Independent Bank by 20.3% during the 1st quarter. Cambridge Trust Co. now owns 18,048 shares of the bank’s stock valued at $939,000 after acquiring an additional 3,048 shares in the last quarter. 83.40% of the stock is currently owned by institutional investors and hedge funds.

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.