Independent Bank (NASDAQ:INDB) Upgraded to Strong-Buy by Raymond James

Independent Bank (NASDAQ:INDB - Get Free Report) was upgraded by Raymond James from a "market perform" rating to a "strong-buy" rating in a research note issued to investors on Monday, Marketbeat Ratings reports. The firm presently has a $74.00 price target on the bank's stock. Raymond James' target price suggests a potential upside of 18.65% from the stock's current price.

Other research analysts have also recently issued research reports about the company. StockNews.com cut Independent Bank from a "hold" rating to a "sell" rating in a research report on Tuesday, September 17th. Seaport Res Ptn upgraded Independent Bank from a "hold" rating to a "strong-buy" rating in a research report on Monday, July 22nd. Finally, Keefe, Bruyette & Woods raised their price target on Independent Bank from $62.00 to $65.00 and gave the company a "market perform" rating in a research report on Monday. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating and two have given a strong buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $69.50.

Independent Bank Price Performance

NASDAQ:INDB traded up $0.80 during trading hours on Monday, hitting $62.37. The company's stock had a trading volume of 522,816 shares, compared to its average volume of 280,963. The business's 50-day moving average is $60.37 and its two-hundred day moving average is $55.08. The company has a market capitalization of $2.65 billion, a PE ratio of 12.04 and a beta of 0.74. The company has a debt-to-equity ratio of 0.24, a quick ratio of 0.95 and a current ratio of 0.95. Independent Bank has a 52-week low of $44.63 and a 52-week high of $68.75.

Independent Bank (NASDAQ:INDB - Get Free Report) last released its quarterly earnings data on Thursday, October 17th. The bank reported $1.01 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.99 by $0.02. The firm had revenue of $250.07 million during the quarter, compared to analysts' expectations of $173.24 million. Independent Bank had a return on equity of 7.41% and a net margin of 22.42%. During the same quarter in the prior year, the business posted $1.38 earnings per share. As a group, research analysts anticipate that Independent Bank will post 4.49 EPS for the current fiscal year.

Institutional Trading of Independent Bank

A number of large investors have recently made changes to their positions in the stock. Stablepoint Partners LLC boosted its stake in shares of Independent Bank by 1.2% during the third quarter. Stablepoint Partners LLC now owns 23,033 shares of the bank's stock valued at $1,362,000 after acquiring an additional 283 shares during the last quarter. CWM LLC boosted its stake in shares of Independent Bank by 28.1% during the third quarter. CWM LLC now owns 11,154 shares of the bank's stock valued at $660,000 after acquiring an additional 2,450 shares during the last quarter. Point72 Asia Singapore Pte. Ltd. boosted its stake in shares of Independent Bank by 59.0% during the second quarter. Point72 Asia Singapore Pte. Ltd. now owns 5,737 shares of the bank's stock valued at $291,000 after acquiring an additional 2,129 shares during the last quarter. Point72 Asset Management L.P. boosted its stake in shares of Independent Bank by 26.5% during the second quarter. Point72 Asset Management L.P. now owns 8,600 shares of the bank's stock valued at $436,000 after acquiring an additional 1,800 shares during the last quarter. Finally, Algert Global LLC boosted its stake in shares of Independent Bank by 9.2% during the second quarter. Algert Global LLC now owns 50,706 shares of the bank's stock valued at $2,572,000 after acquiring an additional 4,277 shares during the last quarter. Institutional investors and hedge funds own 83.40% of the company's stock.

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.