Independent Bank Corp. (NASDAQ:INDB) Receives $60.00 Average PT from Brokerages

by · The Markets Daily

Shares of Independent Bank Corp. (NASDAQ:INDB – Get Free Report) have been given an average rating of “Buy” by the two ratings firms that are covering the firm, MarketBeat reports. One investment analyst has rated the stock with a hold recommendation and one has assigned a strong buy recommendation to the company. The average 12 month price target among brokers that have covered the stock in the last year is $60.00.

A number of research firms have recently issued reports on INDB. StockNews.com lowered shares of Independent Bank from a “hold” rating to a “sell” rating in a report on Tuesday, September 17th. Seaport Res Ptn upgraded shares of Independent Bank from a “hold” rating to a “strong-buy” rating in a report on Monday, July 22nd.

Get Our Latest Analysis on Independent Bank

Independent Bank Stock Down 1.1 %

INDB stock opened at $58.44 on Friday. Independent Bank has a 52-week low of $44.63 and a 52-week high of $68.75. The company’s 50 day simple moving average is $60.71 and its 200-day simple moving average is $53.96. The company has a debt-to-equity ratio of 0.24, a current ratio of 0.95 and a quick ratio of 0.95. The firm has a market capitalization of $2.48 billion, a P/E ratio of 11.28 and a beta of 0.75.

Independent Bank (NASDAQ:INDB – Get Free Report) last released its quarterly earnings results on Thursday, July 18th. The bank reported $1.21 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.11 by $0.10. Independent Bank had a net margin of 22.42% and a return on equity of 7.41%. The business had revenue of $244.19 million for the quarter, compared to analyst estimates of $169.07 million. During the same quarter in the previous year, the business earned $1.42 earnings per share. As a group, equities research analysts anticipate that Independent Bank will post 4.68 EPS for the current year.

Independent Bank Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, October 4th. Shareholders of record on Monday, September 30th will be paid a $0.57 dividend. The ex-dividend date of this dividend is Monday, September 30th. This represents a $2.28 annualized dividend and a yield of 3.90%. Independent Bank’s dividend payout ratio is presently 44.02%.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the stock. EntryPoint Capital LLC acquired a new position in Independent Bank in the 1st quarter valued at approximately $47,000. Innealta Capital LLC bought a new stake in Independent Bank in the second quarter worth approximately $73,000. Vanguard Personalized Indexing Management LLC bought a new stake in Independent Bank in the fourth quarter worth approximately $217,000. TFO Wealth Partners LLC grew its position in Independent Bank by 215,100.0% in the fourth quarter. TFO Wealth Partners LLC now owns 4,304 shares of the bank’s stock worth $283,000 after acquiring an additional 4,302 shares in the last quarter. Finally, CIBC Asset Management Inc bought a new stake in Independent Bank in the fourth quarter worth approximately $290,000. Institutional investors and hedge funds own 83.40% of the company’s stock.

Independent Bank Company Profile

(Get Free Report

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.

Further Reading