Independent Bank Corp. (NASDAQ:INDB) Receives $60.00 Consensus Target Price from Brokerages

Independent Bank Corp. (NASDAQ:INDB) has received a consensus recommendation of “Buy” from the two research firms that are covering the firm, MarketBeat Ratings reports. One analyst has rated the stock with a hold rating and one has assigned a strong buy rating to the company. The average 1 year price objective among analysts that have updated their coverage on the stock in the last year is $60.00.

Several equities research analysts have commented on INDB shares. StockNews.com raised shares of Independent Bank from a “sell” rating to a “hold” rating in a research note on Friday, July 12th. Seaport Res Ptn upgraded shares of Independent Bank from a “hold” rating to a “strong-buy” rating in a research report on Monday, July 22nd. Finally, Keefe, Bruyette & Woods dropped their price objective on Independent Bank from $64.00 to $60.00 and set a “market perform” rating on the stock in a research note on Monday, April 22nd.

Independent Bank Trading Up 0.6 %

NASDAQ INDB opened at $58.24 on Friday. Independent Bank has a 12 month low of $44.63 and a 12 month high of $68.75. The stock has a 50-day simple moving average of $52.66 and a 200 day simple moving average of $52.35. The company has a current ratio of 0.95, a quick ratio of 0.95 and a debt-to-equity ratio of 0.24. The company has a market capitalization of $2.47 billion, a PE ratio of 11.24 and a beta of 0.77.

Independent Bank (NASDAQ:INDB) last posted its earnings results on Thursday, July 18th. The bank reported $1.21 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.11 by $0.10. The company had revenue of $244.19 million during the quarter, compared to analyst estimates of $169.07 million. Independent Bank had a return on equity of 7.41% and a net margin of 22.42%. During the same period in the previous year, the company earned $1.42 EPS. Research analysts forecast that Independent Bank will post 4.75 EPS for the current year.

Independent Bank Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, July 8th. Investors of record on Monday, July 1st were paid a dividend of $0.57 per share. The ex-dividend date was Monday, July 1st. This represents a $2.28 dividend on an annualized basis and a yield of 3.91%. Independent Bank’s payout ratio is 44.02%.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of INDB. Sachetta LLC bought a new stake in shares of Independent Bank during the fourth quarter worth $56,000. EntryPoint Capital LLC bought a new position in Independent Bank during the 1st quarter worth about $47,000. Innealta Capital LLC acquired a new stake in shares of Independent Bank in the 2nd quarter valued at about $73,000. Vanguard Personalized Indexing Management LLC acquired a new stake in shares of Independent Bank in the 4th quarter valued at about $217,000. Finally, TFO Wealth Partners LLC lifted its holdings in shares of Independent Bank by 215,100.0% in the fourth quarter. TFO Wealth Partners LLC now owns 4,304 shares of the bank’s stock valued at $283,000 after purchasing an additional 4,302 shares in the last quarter. Institutional investors own 83.40% of the company’s stock.

About Independent Bank

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.