Independent Bank (NASDAQ:INDB) Price Target Cut to $72.00 by Analysts at Keefe, Bruyette & Woods

Independent Bank (NASDAQ:INDB - Free Report) had its price objective reduced by Keefe, Bruyette & Woods from $80.00 to $72.00 in a report published on Monday morning,Benzinga reports. Keefe, Bruyette & Woods currently has a market perform rating on the bank's stock.

Several other brokerages have also recently issued reports on INDB. Raymond James reaffirmed a "strong-buy" rating and set a $78.00 price objective (up from $74.00) on shares of Independent Bank in a report on Tuesday, January 21st. StockNews.com upgraded shares of Independent Bank from a "sell" rating to a "hold" rating in a report on Friday, April 18th. Finally, Piper Sandler reduced their price objective on shares of Independent Bank from $74.00 to $63.00 and set a "neutral" rating on the stock in a research report on Monday. Three investment analysts have rated the stock with a hold rating and two have given a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $71.00.

Independent Bank Price Performance

Independent Bank stock traded down $0.17 during mid-day trading on Monday, hitting $57.59. The stock had a trading volume of 25,494 shares, compared to its average volume of 285,076. Independent Bank has a one year low of $45.11 and a one year high of $77.23. The company has a current ratio of 0.95, a quick ratio of 0.95 and a debt-to-equity ratio of 0.23. The firm has a market capitalization of $2.45 billion, a P/E ratio of 12.71 and a beta of 0.84. The firm's 50 day moving average is $61.92 and its 200 day moving average is $65.21.

Independent Bank (NASDAQ:INDB - Get Free Report) last announced its quarterly earnings results on Thursday, April 17th. The bank reported $1.06 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $1.18 by ($0.12). Independent Bank had a net margin of 19.58% and a return on equity of 6.57%. The company had revenue of $178.04 million during the quarter, compared to the consensus estimate of $175.03 million. On average, sell-side analysts forecast that Independent Bank will post 5.41 earnings per share for the current fiscal year.

Independent Bank Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, April 7th. Investors of record on Monday, March 31st were paid a dividend of $0.59 per share. This represents a $2.36 annualized dividend and a yield of 4.10%. This is an increase from Independent Bank's previous quarterly dividend of $0.57. The ex-dividend date of this dividend was Monday, March 31st. Independent Bank's payout ratio is 53.15%.

Insider Buying and Selling at Independent Bank

In other news, Director Donna L. Abelli sold 640 shares of the business's stock in a transaction dated Tuesday, February 11th. The stock was sold at an average price of $70.03, for a total value of $44,819.20. Following the completion of the transaction, the director now owns 12,516 shares of the company's stock, valued at $876,495.48. The trade was a 4.86 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Company insiders own 0.81% of the company's stock.

Institutional Investors Weigh In On Independent Bank

Hedge funds have recently bought and sold shares of the stock. HighTower Advisors LLC boosted its holdings in Independent Bank by 6.8% during the third quarter. HighTower Advisors LLC now owns 6,556 shares of the bank's stock worth $383,000 after buying an additional 415 shares in the last quarter. Barclays PLC boosted its stake in shares of Independent Bank by 75.0% in the third quarter. Barclays PLC now owns 94,976 shares of the bank's stock worth $5,616,000 after acquiring an additional 40,697 shares during the last quarter. World Investment Advisors LLC boosted its holdings in Independent Bank by 2.4% in 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 last quarter. Franklin Resources Inc. acquired a new stake in shares of Independent Bank during the 3rd quarter worth approximately $2,060,000. Finally, JPMorgan Chase & Co. raised its position in shares of Independent Bank by 59.8% during the 3rd quarter. JPMorgan Chase & Co. now owns 338,640 shares of the bank's stock valued at $20,024,000 after buying an additional 126,791 shares during the period. Hedge funds and other institutional investors own 83.40% of the company's stock.

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.