Independent Bank Corp. (NASDAQ:INDB) Receives $79.00 Consensus Price Target from Brokerages

Shares of Independent Bank Corp. (NASDAQ:INDB) have earned a consensus rating of “Buy” from the three brokerages that are covering the company, Marketbeat.com reports. One investment analyst has rated the stock with a hold rating and two have given a strong buy rating to the company. The average 1-year price target among brokers that have issued a report on the stock in the last year is $79.00.

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

Insiders Place Their Bets

In other Independent Bank news, Director Donna L. Abelli sold 640 shares of the company’s stock in a transaction that occurred on Tuesday, February 11th. The stock was sold at an average price of $70.03, for a total transaction of $44,819.20. Following the transaction, the director now owns 12,516 shares in the company, valued at approximately $876,495.48. This represents a 4.86 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 0.87% of the company’s stock.

Institutional Trading of Independent Bank

Hedge funds have recently made changes to their positions in the stock. Venturi Wealth Management LLC bought a new stake in shares of Independent Bank in the 4th quarter worth approximately $62,000. Smartleaf Asset Management LLC boosted its position in shares of Independent Bank by 105.4% in the 4th quarter. Smartleaf Asset Management LLC now owns 1,056 shares of the bank’s stock worth $68,000 after purchasing an additional 542 shares in the last quarter. Sterling Capital Management LLC boosted its position in shares of Independent Bank by 810.2% in the 4th quarter. Sterling Capital Management LLC now owns 1,338 shares of the bank’s stock worth $86,000 after purchasing an additional 1,191 shares in the last quarter. KBC Group NV boosted its position in shares of Independent Bank by 34.5% in the 4th quarter. KBC Group NV now owns 1,911 shares of the bank’s stock worth $123,000 after purchasing an additional 490 shares in the last quarter. Finally, ST Germain D J Co. Inc. boosted its position in shares of Independent Bank by 364.9% in the 4th quarter. ST Germain D J Co. Inc. now owns 2,213 shares of the bank’s stock worth $142,000 after purchasing an additional 1,737 shares in the last quarter. 83.40% of the stock is owned by institutional investors.

Independent Bank Trading Down 2.3 %

NASDAQ INDB opened at $67.90 on Tuesday. Independent Bank has a 1-year low of $45.11 and a 1-year high of $77.23. The company has a current ratio of 0.95, a quick ratio of 0.95 and a debt-to-equity ratio of 0.23. The stock has a 50-day moving average of $66.49 and a 200-day moving average of $64.94. The firm has a market cap of $2.89 billion, a PE ratio of 15.02 and a beta of 0.77.

Independent Bank (NASDAQ:INDB) last announced its quarterly earnings results on Thursday, January 16th. The bank reported $1.21 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.16 by $0.05. Independent Bank had a return on equity of 6.57% and a net margin of 19.58%. As a group, sell-side analysts forecast that Independent Bank will post 5.41 EPS for the current year.

Independent Bank Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, January 6th. Shareholders of record on Monday, December 30th were issued a dividend of $0.57 per share. The ex-dividend date of this dividend was Monday, December 30th. This represents a $2.28 dividend on an annualized basis and a dividend yield of 3.36%. Independent Bank’s dividend payout ratio (DPR) is 50.44%.

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.