Independent Bank (NASDAQ:INDB) Rating Increased to Hold at StockNews.com

StockNews.com upgraded shares of Independent Bank (NASDAQ:INDB) from a sell rating to a hold rating in a report issued on Monday.

INDB has been the subject of a number of other research reports. TheStreet lowered Independent Bank from a b- rating to a c+ rating in a research report on Wednesday, March 13th. Keefe, Bruyette & Woods decreased their target price on Independent Bank from $64.00 to $60.00 and set a market perform rating for the company in a research report on Monday, April 22nd.

Independent Bank Price Performance

INDB opened at $47.80 on Monday. Independent Bank has a 1 year low of $44.27 and a 1 year high of $68.75. The stock has a 50-day moving average price of $50.20 and a 200-day moving average price of $54.07. The company has a debt-to-equity ratio of 0.36, a current ratio of 0.96 and a quick ratio of 0.96. The firm has a market cap of $2.03 billion, a PE ratio of 9.23 and a beta of 0.80.

Independent Bank (NASDAQ:INDB) last issued its earnings results on Thursday, April 18th. The bank reported $1.12 earnings per share for the quarter, missing analysts’ consensus estimates of $1.15 by ($0.03). Independent Bank had a return on equity of 7.85% and a net margin of 23.97%. The business had revenue of $167.38 million during the quarter, compared to analysts’ expectations of $171.80 million. Sell-side analysts predict that Independent Bank will post 4.46 earnings per share for the current fiscal year.

Independent Bank Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, July 8th. Stockholders of record on Monday, July 1st will be given a dividend of $0.57 per share. This represents a $2.28 annualized dividend and a dividend yield of 4.77%. The ex-dividend date of this dividend is Monday, July 1st. Independent Bank’s payout ratio is currently 44.02%.

Institutional Investors Weigh In On Independent Bank

Hedge funds and other institutional investors have recently made changes to their positions in the business. Boston Trust Walden Corp grew its stake in shares of Independent Bank by 22.1% during the 4th quarter. Boston Trust Walden Corp now owns 518,119 shares of the bank’s stock valued at $34,097,000 after acquiring an additional 93,901 shares during the period. Goldman Sachs Group Inc. grew its stake in shares of Independent Bank by 5.3% during the 4th quarter. Goldman Sachs Group Inc. now owns 509,236 shares of the bank’s stock valued at $33,513,000 after acquiring an additional 25,664 shares during the period. Charles Schwab Investment Management Inc. grew its stake in shares of Independent Bank by 5.8% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 465,220 shares of the bank’s stock valued at $30,616,000 after acquiring an additional 25,460 shares during the period. Crestwood Advisors Group LLC bought a new position in shares of Independent Bank during the 3rd quarter valued at approximately $4,663,000. Finally, Assenagon Asset Management S.A. bought a new position in shares of Independent Bank during the 4th quarter valued at approximately $3,463,000. Hedge funds and other institutional investors 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.