Independent Bank (NASDAQ:INDB) Stock Price Expected to Rise, Keefe, Bruyette & Woods Analyst Says

Independent Bank (NASDAQ:INDB) had its target price hoisted by Keefe, Bruyette & Woods from $77.00 to $82.00 in a report issued on Thursday,Benzinga reports. Keefe, Bruyette & Woods currently has a market perform rating on the bank’s stock.

INDB has been the topic of several other reports. StockNews.com lowered Independent Bank from a “hold” rating to a “sell” rating in a research report on Tuesday, September 17th. Raymond James raised shares of Independent Bank from a “market perform” rating to a “strong-buy” rating and set a $74.00 target price on the stock in a research report on Monday, October 21st. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating and two have assigned a strong buy rating to the company. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $78.00.

Independent Bank Price Performance

INDB opened at $70.80 on Thursday. The company has a 50 day moving average of $67.61 and a two-hundred day moving average of $60.11. Independent Bank has a 52-week low of $45.11 and a 52-week high of $77.23. The company has a quick ratio of 0.95, a current ratio of 0.95 and a debt-to-equity ratio of 0.22. The company has a market cap of $3.01 billion, a P/E ratio of 15.39 and a beta of 0.76.

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, topping analysts’ consensus estimates 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 net margin of 20.26% and a return on equity of 6.74%. During the same period in the prior year, the company earned $1.38 EPS. On average, analysts expect that Independent Bank will post 4.5 earnings per share for the current year.

Independent Bank Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, October 4th. Shareholders of record on Monday, September 30th were paid a dividend of $0.57 per share. The ex-dividend date was Monday, September 30th. This represents a $2.28 dividend on an annualized basis and a yield of 3.22%. Independent Bank’s dividend payout ratio (DPR) is presently 49.57%.

Hedge Funds Weigh In On Independent Bank

Institutional investors have recently made changes to their positions in the business. Victory Capital Management Inc. increased its stake in shares of Independent Bank by 25.2% in the second quarter. Victory Capital Management Inc. now owns 1,701,156 shares of the bank’s stock worth $86,283,000 after buying an additional 342,201 shares during the last quarter. Millennium Management LLC increased its position in shares of Independent Bank by 258.9% in the 2nd quarter. Millennium Management LLC now owns 299,234 shares of the bank’s stock worth $15,177,000 after purchasing an additional 215,860 shares during the last quarter. Dimensional Fund Advisors LP raised its stake in shares of Independent Bank by 9.5% in the 2nd quarter. Dimensional Fund Advisors LP now owns 2,157,917 shares of the bank’s stock valued at $109,443,000 after purchasing an additional 186,680 shares in the last quarter. Verition Fund Management LLC raised its stake in shares of Independent Bank by 1,697.7% in the 3rd quarter. Verition Fund Management LLC now owns 132,435 shares of the bank’s stock valued at $7,831,000 after purchasing an additional 125,068 shares in the last quarter. Finally, Great Lakes Advisors LLC bought a new position in shares of Independent Bank during the second quarter worth about $5,405,000. 83.40% of the stock is owned by institutional investors and hedge funds.

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.