Piper Sandler Issues Pessimistic Forecast for Independent Bank (NASDAQ:INDB) Stock Price

Independent Bank (NASDAQ:INDB - Get Free Report) had its target price dropped by equities research analysts at Piper Sandler from $74.00 to $63.00 in a report issued on Monday,Benzinga reports. The brokerage presently has a "neutral" rating on the bank's stock. Piper Sandler's price target would indicate a potential upside of 8.55% from the stock's previous close.

Other equities research analysts have also issued reports about the company. Raymond James reiterated a "strong-buy" rating and issued a $78.00 price objective (up from $74.00) on shares of Independent Bank in a research note on Tuesday, January 21st. StockNews.com upgraded Independent Bank from a "sell" rating to a "hold" rating in a research report on Friday, April 18th. Finally, Keefe, Bruyette & Woods cut their price objective 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. Three analysts have rated the stock with a hold rating and two have given a strong buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $71.00.

Independent Bank Stock Performance

INDB stock traded down $0.32 during midday trading on Monday, hitting $58.04. The stock had a trading volume of 225,640 shares, compared to its average volume of 285,363. Independent Bank has a 52 week low of $45.11 and a 52 week 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 stock has a 50-day simple moving average of $61.72 and a 200 day simple moving average of $65.22. The firm has a market capitalization of $2.47 billion, a price-to-earnings ratio of 12.84 and a beta of 0.84.

Independent Bank (NASDAQ:INDB - Get Free Report) last released its quarterly earnings data on Thursday, April 17th. The bank reported $1.06 EPS for the quarter, missing analysts' consensus estimates of $1.18 by ($0.12). The business had revenue of $178.04 million for the quarter, compared to the consensus estimate of $175.03 million. Independent Bank had a return on equity of 6.57% and a net margin of 19.58%. As a group, equities research analysts anticipate that Independent Bank will post 5.41 earnings per share for the current year.

Insiders Place Their Bets

In related news, Director Donna L. Abelli sold 640 shares of Independent Bank 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 directly owns 12,516 shares of the company's stock, valued at $876,495.48. The trade was a 4.86 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Insiders own 0.81% of the company's stock.

Institutional Investors Weigh In On Independent Bank

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. HighTower Advisors LLC increased its holdings in shares of Independent Bank by 6.8% in the third quarter. HighTower Advisors LLC now owns 6,556 shares of the bank's stock valued at $383,000 after purchasing an additional 415 shares in the last quarter. Barclays PLC boosted its position in Independent Bank by 75.0% in the 3rd quarter. Barclays PLC now owns 94,976 shares of the bank's stock valued at $5,616,000 after buying an additional 40,697 shares during the last quarter. World Investment Advisors LLC increased its stake in shares of 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 buying an additional 1,222 shares during the period. Franklin Resources Inc. bought a new stake in shares of Independent Bank during the third quarter worth $2,060,000. Finally, JPMorgan Chase & Co. lifted its stake in shares of Independent Bank by 59.8% during the third quarter. JPMorgan Chase & Co. now owns 338,640 shares of the bank's stock valued at $20,024,000 after acquiring an additional 126,791 shares during the period. Institutional investors and hedge funds 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.