Keefe, Bruyette & Woods Boosts Independent Bank (NASDAQ:INDB) Price Target to $65.00

Independent Bank (NASDAQ:INDB) had its target price lifted by Keefe, Bruyette & Woods from $62.00 to $65.00 in a research report sent to investors on Monday morning, Benzinga reports. Keefe, Bruyette & Woods currently has a market perform rating on the bank’s stock.

Other research analysts have also recently issued reports about the company. StockNews.com cut Independent Bank from a “hold” rating to a “sell” rating in a research note on Tuesday, September 17th. Seaport Res Ptn upgraded Independent Bank from a “hold” rating to a “strong-buy” rating in a report on Monday, July 22nd. One investment 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 stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $69.50.

Independent Bank Stock Up 0.9 %

Shares of INDB opened at $62.74 on Monday. Independent Bank has a 52 week low of $44.63 and a 52 week high of $68.75. The stock has a market capitalization of $2.66 billion, a price-to-earnings ratio of 12.11 and a beta of 0.74. The company has a debt-to-equity ratio of 0.24, a quick ratio of 0.95 and a current ratio of 0.95. The stock has a fifty day moving average of $60.55 and a 200-day moving average of $55.22.

Independent Bank (NASDAQ:INDB) last announced its quarterly earnings results on Thursday, October 17th. The bank reported $1.01 EPS for the quarter, beating analysts’ consensus estimates of $0.99 by $0.02. Independent Bank had a return on equity of 7.41% and a net margin of 22.42%. The company had revenue of $250.07 million during the quarter, compared to analysts’ expectations of $173.24 million. During the same period in the prior year, the company earned $1.38 EPS. As a group, sell-side analysts anticipate that Independent Bank will post 4.49 earnings per share for the current fiscal year.

Independent Bank Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, October 4th. Investors of record on Monday, September 30th were issued a $0.57 dividend. The ex-dividend date of this dividend was Monday, September 30th. This represents a $2.28 dividend on an annualized basis and a yield of 3.63%. Independent Bank’s payout ratio is 44.02%.

Institutional Trading of Independent Bank

A number of institutional investors and hedge funds have recently bought and sold shares of INDB. EntryPoint Capital LLC acquired a new stake in Independent Bank during the 1st quarter worth about $47,000. Innealta Capital LLC acquired a new stake in Independent Bank during the 2nd quarter worth about $73,000. Profund Advisors LLC acquired a new stake in Independent Bank during the 2nd quarter worth about $229,000. SG Americas Securities LLC grew its holdings in Independent Bank by 102.6% during the 1st quarter. SG Americas Securities LLC now owns 5,305 shares of the bank’s stock worth $276,000 after acquiring an additional 2,687 shares during the period. Finally, Vanguard Personalized Indexing Management LLC grew its holdings in Independent Bank by 29.7% during the 2nd quarter. Vanguard Personalized Indexing Management LLC now owns 5,378 shares of the bank’s stock worth $273,000 after acquiring an additional 1,231 shares during the period. 83.40% of the stock is currently owned by institutional investors and hedge funds.

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.