Independent Bank Corp. (NASDAQ:INDB) Receives $60.00 Average Price Target from Analysts

Independent Bank Corp. (NASDAQ:INDB) has been given an average rating of “Buy” by the two ratings firms that are currently covering the firm, MarketBeat.com reports. One equities research analyst has rated the stock with a hold recommendation and one has assigned a strong buy recommendation 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 brokerages have issued reports on INDB. StockNews.com cut shares of Independent Bank from a “hold” rating to a “sell” rating in a report on Sunday. Seaport Res Ptn upgraded shares of Independent Bank from a “hold” rating to a “strong-buy” rating in a report on Monday, July 22nd.

Institutional Trading of Independent Bank

A number of institutional investors have recently modified their holdings of INDB. Norges Bank bought a new stake in shares of Independent Bank in the 4th quarter valued at about $32,784,000. Victory Capital Management Inc. boosted its holdings in shares of Independent Bank by 25.2% in the 2nd quarter. Victory Capital Management Inc. now owns 1,701,156 shares of the bank’s stock valued at $86,283,000 after buying an additional 342,201 shares in the last quarter. Hsbc Holdings PLC boosted its holdings in shares of Independent Bank by 902.8% in the 4th quarter. Hsbc Holdings PLC now owns 268,315 shares of the bank’s stock valued at $17,730,000 after buying an additional 241,558 shares in the last quarter. Millennium Management LLC boosted its holdings in shares of Independent Bank by 258.9% in the 2nd quarter. Millennium Management LLC now owns 299,234 shares of the bank’s stock valued at $15,177,000 after buying an additional 215,860 shares in the last quarter. Finally, Dimensional Fund Advisors LP boosted its holdings in shares of Independent Bank by 9.5% in the 2nd quarter. Dimensional Fund Advisors LP now owns 2,157,917 shares of the bank’s stock valued at $109,443,000 after buying an additional 186,680 shares in the last quarter. 83.40% of the stock is currently owned by institutional investors.

Independent Bank Trading Up 0.3 %

NASDAQ INDB opened at $63.31 on Tuesday. The company’s 50-day moving average price is $57.19 and its 200-day moving average price is $52.91. 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 stock has a market cap of $2.69 billion, a PE ratio of 12.22 and a beta of 0.77. Independent Bank has a 12 month low of $44.63 and a 12 month high of $68.75.

Independent Bank (NASDAQ:INDB) last issued 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. Independent Bank had a net margin of 22.42% and a return on equity of 7.41%. The company had revenue of $244.19 million for the quarter, compared to analysts’ expectations of $169.07 million. During the same period in the prior year, the business earned $1.42 EPS. Equities research analysts forecast that Independent Bank will post 4.75 earnings per share for the current year.

Independent Bank Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, July 8th. Shareholders of record on Monday, July 1st were issued a dividend of $0.57 per share. This represents a $2.28 annualized dividend and a yield of 3.60%. The ex-dividend date was Monday, July 1st. Independent Bank’s payout ratio is 44.02%.

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.