Independent Bank (NASDAQ:INDB) Upgraded to Hold at Wall Street Zen

Wall Street Zen upgraded shares of Independent Bank (NASDAQ:INDB) from a sell rating to a hold rating in a research report released on Sunday.

INDB has been the subject of a number of other research reports. Piper Sandler dropped their target price on Independent Bank from $74.00 to $63.00 and set a “neutral” rating for the company in a research report on Monday, April 21st. Keefe, Bruyette & Woods dropped their target price on Independent Bank from $80.00 to $72.00 and set a “market perform” rating for the company in a research report on Monday, April 21st.

Independent Bank Stock Up 1.0%

INDB stock opened at $63.81 on Friday. The company has a quick ratio of 0.96, a current ratio of 0.96 and a debt-to-equity ratio of 0.25. The firm has a market capitalization of $3.19 billion, a PE ratio of 14.40 and a beta of 0.87. Independent Bank has a twelve month low of $52.15 and a twelve month high of $77.23. The stock has a 50-day simple moving average of $64.49 and a two-hundred day simple moving average of $63.50.

Independent Bank (NASDAQ:INDB) last issued its quarterly earnings data on Thursday, July 17th. The bank reported $1.25 EPS for the quarter, topping the consensus estimate of $1.20 by $0.05. Independent Bank had a return on equity of 6.39% and a net margin of 18.93%. The company had revenue of $181.80 million during the quarter, compared to analyst estimates of $179.47 million. On average, equities analysts predict that Independent Bank will post 5.41 EPS for the current fiscal year.

Independent Bank Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, July 7th. Stockholders of record on Monday, June 30th were issued a dividend of $0.59 per share. The ex-dividend date was Monday, June 30th. This represents a $2.36 annualized dividend and a dividend yield of 3.7%. Independent Bank’s dividend payout ratio (DPR) is presently 53.27%.

Institutional Investors Weigh In On Independent Bank

Large investors have recently bought and sold shares of the business. GAMMA Investing LLC raised its holdings in shares of Independent Bank by 156.9% during the first quarter. GAMMA Investing LLC now owns 429 shares of the bank’s stock valued at $27,000 after purchasing an additional 262 shares during the last quarter. Private Trust Co. NA raised its holdings in shares of Independent Bank by 296.8% during the second quarter. Private Trust Co. NA now owns 619 shares of the bank’s stock valued at $39,000 after purchasing an additional 463 shares during the last quarter. Bessemer Group Inc. raised its holdings in shares of Independent Bank by 95.1% during the second quarter. Bessemer Group Inc. now owns 638 shares of the bank’s stock valued at $40,000 after purchasing an additional 311 shares during the last quarter. LRI Investments LLC purchased a new position in Independent Bank in the second quarter worth about $59,000. Finally, Quarry LP boosted its position in Independent Bank by 1,328.6% in the first quarter. Quarry LP now owns 1,300 shares of the bank’s stock worth $81,000 after purchasing an additional 1,209 shares during the last quarter. 83.40% of the stock is currently owned by 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.