Independent Bank (NASDAQ:INDB) Stock Rating Upgraded by StockNews.com

StockNews.com upgraded shares of Independent Bank (NASDAQ:INDB) from a sell rating to a hold rating in a research report sent to investors on Friday.

Separately, Keefe, Bruyette & Woods reduced their price objective 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 Stock Performance

Shares of INDB opened at $54.34 on Friday. The firm’s 50 day moving average price is $49.80 and its two-hundred day moving average price is $52.71. The company has a debt-to-equity ratio of 0.36, a quick ratio of 0.96 and a current ratio of 0.96. Independent Bank has a twelve month low of $44.63 and a twelve month high of $68.75. The firm has a market cap of $2.31 billion, a P/E ratio of 10.49 and a beta of 0.77.

Independent Bank (NASDAQ:INDB) last posted its quarterly earnings data on Thursday, April 18th. The bank reported $1.12 EPS for the quarter, missing the consensus estimate of $1.15 by ($0.03). The company had revenue of $167.38 million during the quarter, compared to the consensus estimate of $171.80 million. Independent Bank had a net margin of 23.97% and a return on equity of 7.85%. On average, analysts forecast that Independent Bank will post 4.46 EPS for the current fiscal 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 issued a dividend of $0.57 per share. This represents a $2.28 annualized dividend and a yield of 4.20%. The ex-dividend date was Monday, July 1st. Independent Bank’s payout ratio is 44.02%.

Institutional Investors Weigh In On Independent Bank

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Boston Trust Walden Corp grew its stake in shares of Independent Bank by 22.1% in the fourth quarter. Boston Trust Walden Corp now owns 518,119 shares of the bank’s stock valued at $34,097,000 after buying an additional 93,901 shares in the last quarter. Quantbot Technologies LP acquired a new stake in Independent Bank in the first quarter valued at $1,169,000. Goldman Sachs Group Inc. grew its position in shares of Independent Bank by 5.3% in 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. increased 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 worth $30,616,000 after purchasing an additional 25,460 shares during the last quarter. Finally, Vanguard Group Inc. raised its holdings in shares of Independent Bank by 1.3% in the 4th quarter. Vanguard Group Inc. now owns 5,272,986 shares of the bank’s stock valued at $347,015,000 after purchasing an additional 69,312 shares during the period. 83.40% of the stock is owned by institutional investors.

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.