Independent Bank (NASDAQ:INDB) Price Target Increased to $65.00 by Analysts at Keefe, Bruyette & Woods

Independent Bank (NASDAQ:INDB) had its price target boosted by Keefe, Bruyette & Woods from $62.00 to $65.00 in a report released on Monday morning, Benzinga reports. The brokerage currently has a market perform rating on the bank’s stock.

Other equities analysts have also recently issued research reports about the stock. Seaport Res Ptn raised shares of Independent Bank from a “hold” rating to a “strong-buy” rating in a research report on Monday, July 22nd. StockNews.com cut shares of Independent Bank from a “hold” rating to a “sell” rating in a research report on Tuesday, September 17th. One research analyst has rated the stock with a sell rating, one has given a hold rating and two have given a strong buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $69.50.

Independent Bank Price Performance

INDB stock opened at $62.74 on Monday. The stock has a market capitalization of $2.66 billion, a PE ratio of 12.11 and a beta of 0.74. The company’s 50-day moving average is $60.55 and its 200-day moving average is $55.22. The company has a debt-to-equity ratio of 0.24, a current ratio of 0.95 and a quick ratio of 0.95. Independent Bank has a 1 year low of $44.63 and a 1 year high of $68.75.

Independent Bank (NASDAQ:INDB) last announced its quarterly earnings results on Thursday, October 17th. The bank reported $1.01 earnings per share for the quarter, beating the consensus estimate of $0.99 by $0.02. Independent Bank had a net margin of 22.42% and a return on equity of 7.41%. The business had revenue of $250.07 million for the quarter, compared to analysts’ expectations of $173.24 million. During the same quarter last year, the firm earned $1.38 EPS. Equities research analysts expect that Independent Bank will post 4.49 EPS for the current fiscal year.

Independent Bank Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, October 4th. Shareholders of record on Monday, September 30th were given 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 dividend yield of 3.63%. Independent Bank’s dividend payout ratio is currently 44.02%.

Hedge Funds Weigh In On Independent Bank

Hedge funds have recently modified their holdings of the company. Quantbot Technologies LP bought a new position in shares of Independent Bank during the 1st quarter worth approximately $1,169,000. BNP Paribas Financial Markets lifted its position in shares of Independent Bank by 89.8% during the 1st quarter. BNP Paribas Financial Markets now owns 23,769 shares of the bank’s stock worth $1,236,000 after buying an additional 11,244 shares in the last quarter. Edgestream Partners L.P. increased its stake in shares of Independent Bank by 462.0% during the 1st quarter. Edgestream Partners L.P. now owns 52,784 shares of the bank’s stock worth $2,746,000 after purchasing an additional 43,391 shares during the last quarter. Virtu Financial LLC purchased a new stake in shares of Independent Bank during the 1st quarter worth approximately $461,000. Finally, ProShare Advisors LLC increased its stake in shares of Independent Bank by 15.3% during the 1st quarter. ProShare Advisors LLC now owns 154,652 shares of the bank’s stock worth $8,045,000 after purchasing an additional 20,490 shares during the last quarter. 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.