Independent Bank (NASDAQ:INDB – Get Free Report) had its price objective boosted by equities researchers at Keefe, Bruyette & Woods from $62.00 to $65.00 in a research note issued to investors on Monday, Benzinga reports. The firm currently has a “market perform” rating on the bank’s stock. Keefe, Bruyette & Woods’ price objective suggests a potential upside of 5.57% from the company’s current price.
INDB has been the subject of several other research reports. StockNews.com lowered shares of Independent Bank from a “hold” rating to a “sell” rating in a research report on Tuesday, September 17th. Seaport Res Ptn raised Independent Bank from a “hold” rating to a “strong-buy” rating in a report on Monday, July 22nd.
View Our Latest Stock Report on Independent Bank
Independent Bank Stock Performance
Independent Bank (NASDAQ:INDB – Get Free Report) last issued its quarterly earnings data on Thursday, October 17th. The bank reported $1.01 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.99 by $0.02. Independent Bank had a net margin of 22.42% and a return on equity of 7.41%. The business had revenue of $250.07 million during the quarter, compared to the consensus estimate of $173.24 million. During the same period in the prior year, the firm posted $1.38 EPS. As a group, equities research analysts predict that Independent Bank will post 4.49 EPS for the current fiscal year.
Institutional Inflows and Outflows
Institutional investors and hedge funds have recently bought and sold shares of the business. EntryPoint Capital LLC bought a new position in shares of Independent Bank in the first quarter worth $47,000. Innealta Capital LLC bought a new position in Independent Bank in the 2nd quarter worth about $73,000. Profund Advisors LLC purchased a new position in Independent Bank during the 2nd quarter valued at about $229,000. SG Americas Securities LLC increased its position in shares of Independent Bank by 102.6% during the first quarter. SG Americas Securities LLC now owns 5,305 shares of the bank’s stock valued at $276,000 after buying an additional 2,687 shares during the period. Finally, Vanguard Personalized Indexing Management LLC lifted its holdings in shares of Independent Bank by 29.7% in the second quarter. Vanguard Personalized Indexing Management LLC now owns 5,378 shares of the bank’s stock worth $273,000 after buying an additional 1,231 shares in the last quarter. 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.
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