Independent Bank Corp. (NASDAQ:INDB) Given Average Rating of "Buy" by Analysts

Independent Bank Corp. (NASDAQ:INDB - Get Free Report) has been given a consensus recommendation of "Buy" by the three ratings firms that are currently covering the stock, MarketBeat.com reports. One analyst has rated the stock with a hold rating and two have assigned a strong buy rating to the company. The average 12-month target price among brokers that have issued a report on the stock in the last year is $79.00.

Several equities research analysts recently issued reports on INDB shares. 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. Raymond James reaffirmed a "strong-buy" rating and set a $78.00 price target (up previously from $74.00) on shares of Independent Bank in a research report on Tuesday, January 21st. Finally, StockNews.com raised Independent Bank from a "sell" rating to a "hold" rating in a research report on Saturday.

Independent Bank Stock Down 0.8 %

Shares of NASDAQ INDB traded down $0.52 during midday trading on Friday, hitting $63.61. 315,175 shares of the stock traded hands, compared to its average volume of 245,261. The company has a market cap of $2.71 billion, a PE ratio of 14.07 and a beta of 0.77. Independent Bank has a one year low of $45.11 and a one year high of $77.23. The business has a 50 day moving average price of $66.22 and a two-hundred day moving average price of $65.53. The company has a debt-to-equity ratio of 0.23, a quick ratio of 0.95 and a current ratio of 0.95.

Remove Ads

Independent Bank (NASDAQ:INDB - Get Free Report) 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, equities analysts predict that Independent Bank will post 5.41 EPS for the current year.

Insider Activity

In related news, Director Donna L. Abelli sold 640 shares of the stock in a transaction dated Tuesday, February 11th. The stock was sold at an average price of $70.03, for a total transaction of $44,819.20. Following the sale, the director now owns 12,516 shares of the company's stock, valued at approximately $876,495.48. This represents a 4.86 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders own 0.87% of the company's stock.

Hedge Funds Weigh In On Independent Bank

Institutional investors have recently added to or reduced their stakes in the business. CIBC Asset Management Inc increased its position in shares of Independent Bank by 3.9% during the 4th quarter. CIBC Asset Management Inc now owns 4,206 shares of the bank's stock valued at $270,000 after purchasing an additional 158 shares during the last quarter. GHP Investment Advisors Inc. increased its position in shares of Independent Bank by 0.7% during the 4th quarter. GHP Investment Advisors Inc. now owns 32,458 shares of the bank's stock valued at $2,083,000 after purchasing an additional 236 shares during the last quarter. Isthmus Partners LLC increased its position in shares of Independent Bank by 0.7% during the 4th quarter. Isthmus Partners LLC now owns 37,313 shares of the bank's stock valued at $2,395,000 after purchasing an additional 245 shares during the last quarter. HighTower Advisors LLC increased its position in shares of Independent Bank by 4.1% during the 4th quarter. HighTower Advisors LLC now owns 6,823 shares of the bank's stock valued at $438,000 after purchasing an additional 267 shares during the last quarter. Finally, Summit Investment Advisors Inc. increased its position in shares of Independent Bank by 6.8% during the 4th quarter. Summit Investment Advisors Inc. now owns 4,441 shares of the bank's stock valued at $285,000 after purchasing an additional 282 shares during the last quarter. 83.40% of the stock is currently owned by institutional investors.

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.