Independent Bank Corp. (NASDAQ:INDB) Receives $75.50 Average PT from Brokerages

Independent Bank Corp. (NASDAQ:INDB - Get Free Report) has been assigned an average recommendation of "Buy" from the three brokerages that are currently covering the company, MarketBeat Ratings reports. One analyst has rated the stock with a hold rating and two have issued a strong buy rating on the company. The average 12-month target price among brokers that have issued a report on the stock in the last year is $75.50.

A number of analysts have recently weighed in on INDB shares. Raymond James upgraded shares of Independent Bank from a "market perform" rating to a "strong-buy" rating and set a $74.00 target price on the stock in a report on Monday, October 21st. StockNews.com downgraded shares of Independent Bank from a "hold" rating to a "sell" rating in a report on Tuesday, September 17th. Finally, Keefe, Bruyette & Woods boosted their target price on shares of Independent Bank from $65.00 to $77.00 and gave the stock a "market perform" rating in a report on Wednesday.

Institutional Investors Weigh In On Independent Bank

Several large investors have recently added to or reduced their stakes in INDB. Victory Capital Management Inc. boosted its position in Independent Bank by 25.2% in the 2nd quarter. Victory Capital Management Inc. now owns 1,701,156 shares of the bank's stock valued at $86,283,000 after buying an additional 342,201 shares during the period. Millennium Management LLC boosted its position in Independent Bank by 258.9% in the 2nd quarter. Millennium Management LLC now owns 299,234 shares of the bank's stock valued at $15,177,000 after buying an additional 215,860 shares during the period. Dimensional Fund Advisors LP lifted its position in shares of Independent Bank by 9.5% in the 2nd quarter. Dimensional Fund Advisors LP now owns 2,157,917 shares of the bank's stock worth $109,443,000 after purchasing an additional 186,680 shares during the period. Verition Fund Management LLC lifted its position in shares of Independent Bank by 1,697.7% in the 3rd quarter. Verition Fund Management LLC now owns 132,435 shares of the bank's stock worth $7,831,000 after purchasing an additional 125,068 shares during the period. Finally, Great Lakes Advisors LLC purchased a new stake in shares of Independent Bank in the 2nd quarter worth approximately $5,405,000. 83.40% of the stock is owned by hedge funds and other institutional investors.

Independent Bank Price Performance

NASDAQ INDB traded down $0.91 on Thursday, reaching $71.43. The company had a trading volume of 123,051 shares, compared to its average volume of 279,453. The company has a quick ratio of 0.95, a current ratio of 0.95 and a debt-to-equity ratio of 0.22. The stock has a market capitalization of $3.04 billion, a PE ratio of 15.53 and a beta of 0.76. The firm's 50 day moving average price is $66.01 and its 200 day moving average price is $59.25. Independent Bank has a 12 month low of $45.11 and a 12 month high of $77.23.

Independent Bank (NASDAQ:INDB - Get Free Report) last posted its earnings results on Thursday, October 17th. The bank reported $1.01 earnings per share for the quarter, topping analysts' consensus estimates of $0.99 by $0.02. Independent Bank had a net margin of 20.26% and a return on equity of 6.74%. The firm had revenue of $250.07 million for the quarter, compared to the consensus estimate of $173.24 million. During the same period in the previous year, the firm posted $1.38 EPS. As a group, equities analysts predict that Independent Bank will post 4.5 earnings per share for the current year.

Independent Bank Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, October 4th. Shareholders of record on Monday, September 30th were given a $0.57 dividend. The ex-dividend date of this dividend was Monday, September 30th. This represents a $2.28 annualized dividend and a yield of 3.19%. Independent Bank's dividend payout ratio (DPR) 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.