Independent Bank (NASDAQ:INDB) Shares Up 4.4%

Independent Bank Corp. (NASDAQ:INDB) shot up 4.4% on Friday . The stock traded as high as $49.98 and last traded at $49.92. 63,271 shares traded hands during trading, a decline of 77% from the average session volume of 280,524 shares. The stock had previously closed at $47.80.

Analyst Upgrades and Downgrades

Several brokerages have weighed in on INDB. Keefe, Bruyette & Woods cut their price target on Independent Bank from $64.00 to $60.00 and set a “market perform” rating on the stock in a report on Monday, April 22nd. TheStreet downgraded Independent Bank from a “b-” rating to a “c+” rating in a report on Wednesday, March 13th. Finally, StockNews.com upgraded Independent Bank from a “sell” rating to a “hold” rating in a report on Monday, June 24th.

Independent Bank Trading Up 6.1 %

The firm has a market cap of $2.15 billion, a PE ratio of 9.79 and a beta of 0.80. The company has a current ratio of 0.96, a quick ratio of 0.96 and a debt-to-equity ratio of 0.36. The business has a fifty day moving average price of $50.21 and a 200 day moving average price of $53.95.

Independent Bank (NASDAQ:INDB) last released its quarterly earnings data on Thursday, April 18th. The bank reported $1.12 EPS for the quarter, missing analysts’ consensus estimates of $1.15 by ($0.03). Independent Bank had a net margin of 23.97% and a return on equity of 7.85%. The business had revenue of $167.38 million during the quarter, compared to analysts’ expectations of $171.80 million. Analysts forecast that Independent Bank Corp. will post 4.46 EPS for the current year.

Independent Bank Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, July 8th. Stockholders of record on Monday, July 1st will be issued a $0.57 dividend. The ex-dividend date of this dividend is Monday, July 1st. This represents a $2.28 dividend on an annualized basis and a dividend yield of 4.50%. Independent Bank’s payout ratio is currently 44.02%.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the business. Vanguard Group Inc. increased 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 valued at $347,015,000 after acquiring an additional 69,312 shares during the last quarter. Dimensional Fund Advisors LP grew its stake in Independent Bank by 10.3% during the 4th quarter. Dimensional Fund Advisors LP now owns 1,753,697 shares of the bank’s stock worth $115,415,000 after buying an additional 164,254 shares during the last quarter. Northern Trust Corp grew its stake in Independent Bank by 0.5% during the 3rd quarter. Northern Trust Corp now owns 677,367 shares of the bank’s stock worth $33,252,000 after buying an additional 3,359 shares during the last quarter. Boston Trust Walden Corp grew its stake in Independent Bank by 22.1% during the 4th quarter. Boston Trust Walden Corp now owns 518,119 shares of the bank’s stock worth $34,097,000 after buying an additional 93,901 shares during the last quarter. Finally, Goldman Sachs Group Inc. grew its stake in 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 buying an additional 25,664 shares during the last quarter. 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.