Independent Bank (NASDAQ:INDB) Stock Rating Upgraded by Keefe, Bruyette & Woods

Independent Bank (NASDAQ:INDB) was upgraded by analysts at Keefe, Bruyette & Woods from a “market perform” rating to an “outperform” rating in a report released on Tuesday, Marketbeat reports. The brokerage currently has a $83.00 target price on the bank’s stock, up from their previous target price of $80.00. Keefe, Bruyette & Woods’ price objective would indicate a potential upside of 22.11% from the stock’s previous close.

A number of other brokerages have also recently issued reports on INDB. Zacks Research cut shares of Independent Bank from a “strong-buy” rating to a “hold” rating in a report on Tuesday, August 19th. Wall Street Zen raised Independent Bank from a “sell” rating to a “hold” rating in a research report on Sunday, August 10th. Independent Research set a $83.00 price objective on Independent Bank in a research report on Tuesday. Finally, Weiss Ratings reissued a “hold (c+)” rating on shares of Independent Bank in a report on Wednesday, October 8th. One analyst has rated the stock with a Strong Buy rating, one has given a Buy rating and three have issued a Hold rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $76.75.

Independent Bank Trading Down 1.4%

Shares of Independent Bank stock opened at $67.97 on Tuesday. The stock has a market cap of $3.39 billion, a P/E ratio of 16.54 and a beta of 0.85. The company has a quick ratio of 0.94, a current ratio of 0.95 and a debt-to-equity ratio of 0.22. Independent Bank has a 12-month low of $52.15 and a 12-month high of $77.23. The business’s 50 day moving average is $69.54 and its 200-day moving average is $64.85.

Independent Bank (NASDAQ:INDB) last issued its earnings results on Wednesday, February 12th. The bank reported $1.01 earnings per share for the quarter. The business had revenue of $175.25 million for the quarter. Independent Bank had a net margin of 16.64% and a return on equity of 7.19%. Equities research analysts predict that Independent Bank will post 5.41 earnings per share for the current fiscal year.

Institutional Trading of Independent Bank

Several hedge funds and other institutional investors have recently bought and sold shares of the business. Louisiana State Employees Retirement System grew its position in shares of Independent Bank by 15.1% during the 3rd quarter. Louisiana State Employees Retirement System now owns 22,900 shares of the bank’s stock worth $1,584,000 after purchasing an additional 3,000 shares in the last quarter. Commonwealth Equity Services LLC boosted its stake in shares of Independent Bank by 116.9% in the third quarter. Commonwealth Equity Services LLC now owns 86,830 shares of the bank’s stock valued at $6,006,000 after buying an additional 46,796 shares during the period. Moody Aldrich Partners LLC grew its position in Independent Bank by 6.2% during the third quarter. Moody Aldrich Partners LLC now owns 152,377 shares of the bank’s stock worth $10,540,000 after buying an additional 8,910 shares in the last quarter. Hennessy Advisors Inc. grew its position in Independent Bank by 12.5% during the third quarter. Hennessy Advisors Inc. now owns 45,000 shares of the bank’s stock worth $3,113,000 after buying an additional 5,000 shares in the last quarter. Finally, CWM LLC increased its stake in Independent Bank by 31.1% during the 3rd quarter. CWM LLC now owns 13,487 shares of the bank’s stock worth $933,000 after acquiring an additional 3,200 shares during the period. Institutional investors and hedge funds own 83.40% of the company’s stock.

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.