Keefe, Bruyette & Woods Cuts Independent Bank (NASDAQ:INDB) Price Target to $60.00

Independent Bank (NASDAQ:INDB) had its price target cut by Keefe, Bruyette & Woods from $64.00 to $60.00 in a report published on Monday morning, Benzinga reports. They currently have a market perform rating on the bank’s stock.

Separately, TheStreet cut shares of Independent Bank from a b- rating to a c+ rating in a research note on Wednesday, March 13th.

Independent Bank Stock Performance

NASDAQ INDB opened at $52.92 on Monday. The company’s 50 day moving average is $50.90 and its 200-day moving average is $54.96. Independent Bank has a 12-month low of $43.28 and a 12-month high of $68.75. The company has a quick ratio of 0.96, a current ratio of 0.96 and a debt-to-equity ratio of 0.36. The firm has a market cap of $2.25 billion, a P/E ratio of 10.22 and a beta of 0.83.

Independent Bank Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, April 5th. Investors of record on Monday, April 1st were paid a dividend of $0.57 per share. The ex-dividend date of this dividend was Thursday, March 28th. This represents a $2.28 annualized dividend and a yield of 4.31%. This is a boost from Independent Bank’s previous quarterly dividend of $0.55. Independent Bank’s payout ratio is currently 44.02%.

Insider Activity at Independent Bank

In related news, Director Donna L. Abelli sold 800 shares of the business’s stock in a transaction that occurred on Thursday, February 29th. The shares were sold at an average price of $52.83, for a total transaction of $42,264.00. Following the completion of the transaction, the director now owns 11,640 shares of the company’s stock, valued at $614,941.20. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. 0.97% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Independent Bank

A number of hedge funds and other institutional investors have recently bought and sold shares of INDB. SG Americas Securities LLC purchased a new position in Independent Bank in the 3rd quarter worth approximately $1,472,000. Eastern Bank purchased a new position in Independent Bank in the 3rd quarter worth approximately $206,000. Boston Trust Walden Corp grew its stake in Independent Bank by 6.6% in the 3rd quarter. Boston Trust Walden Corp now owns 424,218 shares of the bank’s stock worth $20,825,000 after buying an additional 26,204 shares in the last quarter. Raymond James & Associates grew its stake in Independent Bank by 45.8% in the 3rd quarter. Raymond James & Associates now owns 109,149 shares of the bank’s stock worth $5,358,000 after buying an additional 34,264 shares in the last quarter. Finally, Canvas Wealth Advisors LLC purchased a new position in Independent Bank in the 3rd quarter worth approximately $399,000. Hedge funds and other 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.