Independent Bank Corp. (NASDAQ:INDB) Given Average Recommendation of “Buy” by Brokerages

Independent Bank Corp. (NASDAQ:INDB) has earned an average recommendation of “Buy” from the three ratings firms that are covering the stock, MarketBeat.com reports. One research analyst has rated the stock with a hold rating and two have given a strong buy rating to the company. The average twelve-month target price among brokerages that have updated their coverage on the stock in the last year is $79.00.

A number of research analysts have recently issued reports on INDB shares. Raymond James reiterated a “strong-buy” rating and set a $78.00 price objective (up from $74.00) on shares of Independent Bank in a report on Tuesday, January 21st. Keefe, Bruyette & Woods decreased their price target on Independent Bank from $82.00 to $80.00 and set a “market perform” rating for the company in a report on Tuesday, January 21st. Finally, StockNews.com raised Independent Bank from a “sell” rating to a “hold” rating in a research report on Friday, January 17th.

Independent Bank Stock Performance

Shares of Independent Bank stock opened at $66.98 on Friday. The business has a 50-day simple moving average of $67.74 and a 200 day simple moving average of $63.92. Independent Bank has a one year low of $45.11 and a one year high of $77.23. The company has a debt-to-equity ratio of 0.23, a current ratio of 0.95 and a quick ratio of 0.95. The firm has a market capitalization of $2.85 billion, a price-to-earnings ratio of 14.82 and a beta of 0.78.

Independent Bank (NASDAQ:INDB) last released its quarterly earnings data on Thursday, January 16th. The bank reported $1.21 EPS for the quarter, beating the consensus estimate of $1.16 by $0.05. Independent Bank had a return on equity of 6.57% and a net margin of 19.58%. On average, research analysts anticipate that Independent Bank will post 5.42 earnings per share for the current fiscal year.

Independent Bank Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, January 6th. Shareholders of record on Monday, December 30th were given a $0.57 dividend. The ex-dividend date was Monday, December 30th. This represents a $2.28 annualized dividend and a yield of 3.40%. Independent Bank’s dividend payout ratio is currently 50.44%.

Hedge Funds Weigh In On Independent Bank

Several institutional investors have recently added to or reduced their stakes in the stock. Empowered Funds LLC increased its stake in shares of Independent Bank by 5.1% during the 4th quarter. Empowered Funds LLC now owns 123,208 shares of the bank’s stock worth $7,909,000 after purchasing an additional 5,985 shares during the last quarter. GHP Investment Advisors Inc. raised its stake in shares of Independent Bank by 0.7% in the fourth quarter. GHP Investment Advisors Inc. now owns 32,458 shares of the bank’s stock valued at $2,083,000 after buying an additional 236 shares during the period. Moody Aldrich Partners LLC lifted its position in shares of Independent Bank by 12.4% during the 4th quarter. Moody Aldrich Partners LLC now owns 150,042 shares of the bank’s stock valued at $9,631,000 after buying an additional 16,504 shares during the last quarter. KBC Group NV grew its stake in shares of Independent Bank by 34.5% during the 4th quarter. KBC Group NV now owns 1,911 shares of the bank’s stock worth $123,000 after acquiring an additional 490 shares during the period. Finally, Stablepoint Partners LLC increased its holdings in Independent Bank by 1.6% in the 4th quarter. Stablepoint Partners LLC now owns 23,394 shares of the bank’s stock worth $1,502,000 after acquiring an additional 361 shares during 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.