Independent Bank Corp. (NASDAQ:INDB) Receives Average Rating of “Buy” from Analysts

Shares of Independent Bank Corp. (NASDAQ:INDB) have been assigned a consensus rating of “Buy” from the three ratings firms that are covering the company, MarketBeat Ratings reports. One research analyst has rated the stock with a hold recommendation and two have assigned a strong buy recommendation to the company. The average 12 month target price among analysts that have updated their coverage on the stock in the last year is $69.50.

Several equities analysts recently commented on INDB shares. Raymond James raised shares of Independent Bank from a “market perform” rating to a “strong-buy” rating and set a $74.00 price objective for the company in a research note on Monday, October 21st. Keefe, Bruyette & Woods boosted 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. Seaport Res Ptn raised shares of Independent Bank from a “hold” rating to a “strong-buy” rating in a research note on Monday, July 22nd. Finally, StockNews.com cut shares of Independent Bank from a “hold” rating to a “sell” rating in a research note on Tuesday, September 17th.

Hedge Funds Weigh In On Independent Bank

Hedge funds and other institutional investors have recently bought and sold shares of the stock. EntryPoint Capital LLC purchased a new stake in shares of Independent Bank in the 1st quarter valued at $47,000. Innealta Capital LLC purchased a new stake in shares of Independent Bank in the 2nd quarter valued at $73,000. Connor Clark & Lunn Investment Management Ltd. purchased a new stake in shares of Independent Bank in the 3rd quarter valued at $222,000. Los Angeles Capital Management LLC purchased a new stake in shares of Independent Bank in the 3rd quarter valued at $257,000. Finally, Profund Advisors LLC purchased a new stake in shares of Independent Bank in the 2nd quarter valued at $229,000. Hedge funds and other institutional investors own 83.40% of the company’s stock.

Independent Bank Price Performance

Shares of NASDAQ:INDB opened at $71.89 on Friday. The company has a quick ratio of 0.95, a current ratio of 0.95 and a debt-to-equity ratio of 0.22. The firm has a market capitalization of $3.05 billion, a PE ratio of 15.61 and a beta of 0.73. Independent Bank has a twelve month low of $45.11 and a twelve month high of $75.63. The company has a 50-day moving average price of $62.17 and a two-hundred day moving average price of $56.99.

Independent Bank (NASDAQ:INDB) last issued its quarterly earnings data on Thursday, October 17th. The bank reported $1.01 EPS for the quarter, beating the consensus estimate of $0.99 by $0.02. The company had revenue of $250.07 million during the quarter, compared to analysts’ expectations of $173.24 million. Independent Bank had a net margin of 20.26% and a return on equity of 6.74%. During the same quarter in the previous year, the company earned $1.38 earnings per share. Equities analysts forecast that Independent Bank will post 4.5 EPS for the current year.

Independent Bank Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, October 4th. Shareholders of record on Monday, September 30th were paid 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 3.17%. Independent Bank’s dividend payout ratio is presently 49.57%.

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.