Independent Bank Corp. (NASDAQ:INDB - Get Free Report)'s share price crossed above its two hundred day moving average during trading on Monday . The stock has a two hundred day moving average of $62.12 and traded as high as $64.98. Independent Bank shares last traded at $63.44, with a volume of 185,059 shares.
Analysts Set New Price Targets
Several equities analysts have recently issued reports on INDB shares. Raymond James raised Independent Bank from a "market perform" rating to a "strong-buy" rating and set a $74.00 target price on the stock in a research note on Monday, October 21st. Keefe, Bruyette & Woods raised their target price on shares of Independent Bank from $77.00 to $82.00 and gave the stock a "market perform" rating in a research report on Thursday, December 12th. Finally, StockNews.com cut shares of Independent Bank from a "hold" rating to a "sell" rating in a research report on Tuesday, September 17th. One analyst has rated the stock with a sell rating, one has given a hold rating and two have issued a strong buy rating to the company. Based on data from MarketBeat.com, Independent Bank presently has an average rating of "Moderate Buy" and a consensus target price of $78.00.
Get Our Latest Research Report on INDB
Independent Bank Stock Performance
The business has a fifty day moving average price of $69.00 and a 200-day moving average price of $62.12. The stock has a market capitalization of $2.66 billion, a P/E ratio of 13.63 and a beta of 0.78. The company has a quick ratio of 0.95, a current ratio of 0.95 and a debt-to-equity ratio of 0.22.
Independent Bank (NASDAQ:INDB - Get Free Report) last released its quarterly earnings results 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. The firm had revenue of $250.07 million for the quarter, compared to the consensus estimate of $173.24 million. Independent Bank had a return on equity of 6.74% and a net margin of 20.26%. During the same period last year, the business posted $1.38 EPS. On average, sell-side analysts expect that Independent Bank Corp. will post 4.5 EPS for the current year.
Independent Bank Announces Dividend
The business also recently disclosed a quarterly dividend, which was paid on Monday, January 6th. Stockholders of record on Monday, December 30th were given 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 3.64%. Independent Bank's payout ratio is currently 49.57%.
Institutional Trading of Independent Bank
A number of hedge funds and other institutional investors have recently modified their holdings of the company. Connor Clark & Lunn Investment Management Ltd. purchased a new stake in Independent Bank during the 3rd quarter valued at approximately $222,000. Los Angeles Capital Management LLC purchased a new position in Independent Bank during the third quarter valued at $257,000. Profund Advisors LLC bought a new stake in Independent Bank in the 2nd quarter valued at $229,000. Vanguard Personalized Indexing Management LLC lifted its stake in Independent Bank by 29.7% in the 2nd quarter. Vanguard Personalized Indexing Management LLC now owns 5,378 shares of the bank's stock worth $273,000 after purchasing an additional 1,231 shares in the last quarter. Finally, Point72 Asia Singapore Pte. Ltd. boosted its holdings in shares of Independent Bank by 59.0% during the 2nd quarter. Point72 Asia Singapore Pte. Ltd. now owns 5,737 shares of the bank's stock valued at $291,000 after purchasing an additional 2,129 shares during the last quarter. 83.40% of the stock is owned by hedge funds and other institutional investors.
Independent Bank Company Profile
(
Get Free Report)
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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