Independent Bank (NASDAQ:INDB) Reaches New 52-Week High – What’s Next?

Shares of Independent Bank Corp. (NASDAQ:INDB) hit a new 52-week high during trading on Wednesday . The stock traded as high as $70.63 and last traded at $70.46, with a volume of 2144 shares. The stock had previously closed at $63.20.

Analysts Set New Price Targets

INDB has been the topic of several research analyst reports. Keefe, Bruyette & Woods raised their target price on shares of Independent Bank from $62.00 to $65.00 and gave the stock a “market perform” rating in a report on Monday, October 21st. StockNews.com downgraded shares of Independent Bank from a “hold” rating to a “sell” rating in a report on Tuesday, September 17th. Raymond James raised shares of Independent Bank from a “market perform” rating to a “strong-buy” rating and set a $74.00 price target for the company in a research note on Monday, October 21st. Finally, 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. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $69.50.

Independent Bank Stock Up 15.5 %

The company has a debt-to-equity ratio of 0.24, a current ratio of 0.95 and a quick ratio of 0.95. The firm’s 50 day moving average is $60.97 and its two-hundred day moving average is $56.15. The firm has a market capitalization of $3.10 billion, a P/E ratio of 15.39 and a beta of 0.73.

Independent Bank (NASDAQ:INDB) last released its earnings results on Thursday, October 17th. The bank reported $1.01 earnings per share for the quarter, beating the consensus estimate of $0.99 by $0.02. Independent Bank had a net margin of 20.26% and a return on equity of 6.79%. The business had revenue of $250.07 million during the quarter, compared to analysts’ expectations of $173.24 million. During the same period last year, the business earned $1.38 earnings per share. Research analysts predict that Independent Bank Corp. will post 4.5 EPS for the current year.

Independent Bank Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, October 4th. Investors of record on Monday, September 30th were paid a $0.57 dividend. The ex-dividend date was Monday, September 30th. This represents a $2.28 annualized dividend and a dividend yield of 3.12%. Independent Bank’s dividend payout ratio is presently 49.57%.

Hedge Funds Weigh In On Independent Bank

Hedge funds and other institutional investors have recently made changes to their positions in the company. EntryPoint Capital LLC acquired a new stake in Independent Bank during the 1st quarter valued at $47,000. Innealta Capital LLC acquired a new stake in Independent Bank during the 2nd quarter valued at $73,000. Profund Advisors LLC acquired a new stake in Independent Bank during the 2nd quarter valued at $229,000. Los Angeles Capital Management LLC acquired a new stake in Independent Bank during the 3rd quarter valued at $257,000. Finally, Vanguard Personalized Indexing Management LLC lifted its holdings in Independent Bank by 29.7% during the 2nd quarter. Vanguard Personalized Indexing Management LLC now owns 5,378 shares of the bank’s stock valued at $273,000 after purchasing an additional 1,231 shares during the last quarter. 83.40% of the stock is owned by institutional investors.

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.