Independent Bank Corp. (NASDAQ:INDB) Given Consensus Rating of “Buy” by Analysts

Independent Bank Corp. (NASDAQ:INDB) has been given a consensus rating of “Buy” by the two ratings firms that are covering the company, Marketbeat.com reports. One equities research analyst has rated the stock with a hold rating and one has assigned a strong buy rating to the company. The average 12 month price target among brokerages that have updated their coverage on the stock in the last year is $60.00.

A number of equities analysts have recently issued reports on INDB shares. Seaport Res Ptn raised Independent Bank from a “hold” rating to a “strong-buy” rating in a research note on Monday, July 22nd. StockNews.com downgraded Independent Bank from a “hold” rating to a “sell” rating in a research note on Tuesday.

Independent Bank Stock Down 2.9 %

INDB opened at $60.59 on Friday. The business has a 50 day moving average price of $60.46 and a two-hundred day moving average price of $53.74. The company has a quick ratio of 0.95, a current ratio of 0.95 and a debt-to-equity ratio of 0.24. The company has a market cap of $2.57 billion, a PE ratio of 11.70 and a beta of 0.75. Independent Bank has a 52 week low of $44.63 and a 52 week high of $68.75.

Independent Bank (NASDAQ:INDB) last posted its quarterly earnings data on Thursday, July 18th. The bank reported $1.21 EPS for the quarter, beating the consensus estimate of $1.11 by $0.10. The firm had revenue of $244.19 million during the quarter, compared to the consensus estimate of $169.07 million. Independent Bank had a return on equity of 7.41% and a net margin of 22.42%. During the same period in the prior year, the business earned $1.42 EPS. As a group, research analysts anticipate that Independent Bank will post 4.75 EPS for the current year.

Hedge Funds Weigh In On Independent Bank

A number of large investors have recently modified their holdings of INDB. EntryPoint Capital LLC acquired a new stake in shares of Independent Bank in the 1st quarter worth approximately $47,000. Innealta Capital LLC acquired a new stake in shares of Independent Bank in the 2nd quarter worth approximately $73,000. Vanguard Personalized Indexing Management LLC acquired a new stake in shares of Independent Bank in the 4th quarter worth approximately $217,000. Profund Advisors LLC acquired a new stake in shares of Independent Bank in the 2nd quarter worth approximately $229,000. Finally, SG Americas Securities LLC grew its holdings in shares of Independent Bank by 102.6% in the 1st quarter. SG Americas Securities LLC now owns 5,305 shares of the bank’s stock worth $276,000 after acquiring an additional 2,687 shares during the period. 83.40% of the stock is owned by hedge funds and other institutional investors.

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.