Independent Bank Corp. (NASDAQ:INDB) Receives $60.00 Consensus Price Target from Brokerages

Shares of Independent Bank Corp. (NASDAQ:INDB - Get Free Report) have earned a consensus rating of "Buy" from the two brokerages that are currently covering the stock, Marketbeat reports. One investment analyst has rated the stock with a hold rating and one has given a strong buy rating to the company. The average 1-year price objective among brokerages that have issued ratings on the stock in the last year is $60.00.

A number of brokerages recently weighed in on INDB. StockNews.com cut shares of Independent Bank from a "hold" rating to a "sell" rating in a research note on Tuesday, September 17th. Seaport Res Ptn raised shares of Independent Bank from a "hold" rating to a "strong-buy" rating in a research note on Monday, July 22nd.

Independent Bank Stock Performance

Independent Bank stock traded up $1.20 during midday trading on Wednesday, reaching $64.24. 376,184 shares of the stock traded hands, compared to its average volume of 277,748. The firm has a fifty day moving average price of $59.93 and a two-hundred day moving average price of $54.70. Independent Bank has a fifty-two week low of $44.63 and a fifty-two week high of $68.75. The firm has a market cap of $2.73 billion, a price-to-earnings ratio of 12.40 and a beta of 0.74. The company has a current ratio of 0.95, a quick ratio of 0.95 and a debt-to-equity ratio of 0.24.

Independent Bank (NASDAQ:INDB - Get Free Report) last issued its quarterly earnings data on Thursday, July 18th. The bank reported $1.21 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.11 by $0.10. Independent Bank had a return on equity of 7.41% and a net margin of 22.42%. The business had revenue of $244.19 million during the quarter, compared to analyst estimates of $169.07 million. During the same period in the prior year, the company posted $1.42 EPS. On average, equities research analysts forecast that Independent Bank will post 4.49 earnings per share for the current year.

Independent Bank Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, October 4th. Investors of record on Monday, September 30th were paid a dividend of $0.57 per share. The ex-dividend date of this dividend was Monday, September 30th. This represents a $2.28 annualized dividend and a yield of 3.55%. Independent Bank's dividend payout ratio is currently 44.02%.

Institutional Investors Weigh In On Independent Bank

A number of institutional investors and hedge funds have recently bought and sold shares of INDB. Vanguard Group Inc. raised its holdings in shares of Independent Bank by 1.3% in the 4th quarter. Vanguard Group Inc. now owns 5,272,986 shares of the bank's stock worth $347,015,000 after purchasing an additional 69,312 shares in the last quarter. Dimensional Fund Advisors LP increased its holdings in shares of Independent Bank by 9.5% in the second quarter. Dimensional Fund Advisors LP now owns 2,157,917 shares of the bank's stock valued at $109,443,000 after buying an additional 186,680 shares in the last quarter. Victory Capital Management Inc. increased its holdings in shares of Independent Bank by 25.2% in the second 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 in the last quarter. Rockland Trust Co. lifted its position in shares of Independent Bank by 14.3% during the 2nd quarter. Rockland Trust Co. now owns 737,477 shares of the bank's stock valued at $37,405,000 after acquiring an additional 92,438 shares during the last quarter. Finally, Goldman Sachs Group Inc. boosted its stake in shares of Independent Bank by 5.3% during the 4th quarter. Goldman Sachs Group Inc. now owns 509,236 shares of the bank's stock worth $33,513,000 after acquiring an additional 25,664 shares in the last quarter. 83.40% of the stock is owned by institutional investors and hedge funds.

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.