Independent Bank Corp. (NASDAQ:INDB) Receives Consensus Recommendation of “Buy” from Analysts

Shares of Independent Bank Corp. (NASDAQ:INDB) have been given an average rating of “Buy” by the three ratings firms that are covering the company, Marketbeat Ratings reports. One equities research analyst has rated the stock with a hold rating and two have issued a strong buy rating on the company. The average twelve-month price target among brokers that have updated their coverage on the stock in the last year is $78.00.

A number of brokerages recently weighed in on INDB. Keefe, Bruyette & Woods raised their price objective on Independent Bank from $77.00 to $82.00 and gave the company a “market perform” rating in a report on Thursday, December 12th. Raymond James raised shares of Independent Bank from a “market perform” rating to a “strong-buy” rating and set a $74.00 price target on the stock in a research note on Monday, October 21st. Finally, StockNews.com cut shares of Independent Bank from a “hold” rating to a “sell” rating in a research note on Tuesday, September 17th.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in the company. JPMorgan Chase & Co. grew its holdings in Independent Bank by 59.8% in the 3rd quarter. JPMorgan Chase & Co. now owns 338,640 shares of the bank’s stock worth $20,024,000 after acquiring an additional 126,791 shares during the last quarter. Franklin Resources Inc. bought a new stake in shares of Independent Bank in the third quarter worth about $2,060,000. World Investment Advisors LLC increased its holdings in Independent Bank by 2.4% during the 3rd quarter. World Investment Advisors LLC now owns 51,722 shares of the bank’s stock valued at $3,058,000 after purchasing an additional 1,222 shares during the period. Geode Capital Management LLC increased its holdings in Independent Bank by 0.9% during the 3rd quarter. Geode Capital Management LLC now owns 1,017,400 shares of the bank’s stock valued at $60,170,000 after purchasing an additional 8,987 shares during the period. Finally, Barclays PLC raised its position in Independent Bank by 75.0% during the 3rd quarter. Barclays PLC now owns 94,976 shares of the bank’s stock valued at $5,616,000 after purchasing an additional 40,697 shares during the last quarter. 83.40% of the stock is owned by hedge funds and other institutional investors.

Independent Bank Price Performance

Shares of NASDAQ:INDB opened at $63.92 on Monday. The company’s fifty day moving average price is $69.01 and its 200-day moving average price is $61.79. The company has a debt-to-equity ratio of 0.22, a current ratio of 0.95 and a quick ratio of 0.95. The firm has a market capitalization of $2.72 billion, a price-to-earnings ratio of 13.90 and a beta of 0.78. Independent Bank has a one year low of $45.11 and a one year high of $77.23.

Independent Bank (NASDAQ:INDB) last released its earnings results on Thursday, October 17th. The bank reported $1.01 EPS for the quarter, beating analysts’ consensus estimates of $0.99 by $0.02. Independent Bank had a return on equity of 6.74% and a net margin of 20.26%. The business had revenue of $250.07 million for the quarter, compared to analysts’ expectations of $173.24 million. During the same quarter in the prior year, the firm earned $1.38 earnings per share. On average, equities research analysts anticipate that Independent Bank will post 4.5 earnings per share for the current fiscal year.

Independent Bank Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, January 6th. Investors of record on Monday, December 30th will be given a dividend of $0.57 per share. The ex-dividend date of this dividend is Monday, December 30th. This represents a $2.28 annualized dividend and a yield of 3.57%. Independent Bank’s payout ratio is 49.57%.

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.