Brokerages Set Independent Bank Corp. (NASDAQ:INDB) Target Price at $78.00

Independent Bank Corp. (NASDAQ:INDB) has been assigned an average recommendation of “Buy” from the three brokerages that are covering the stock, Marketbeat Ratings reports. One analyst has rated the stock with a hold recommendation and two have issued a strong buy recommendation on the company. The average 1 year price objective among brokers that have updated their coverage on the stock in the last year is $78.00.

A number of analysts recently weighed in on INDB shares. StockNews.com cut shares of Independent Bank from a “hold” rating to a “sell” rating in a research note on Tuesday, September 17th. Keefe, Bruyette & Woods increased their target price on shares of Independent Bank from $77.00 to $82.00 and gave the stock a “market perform” rating in a research note on Thursday, December 12th. Finally, Raymond James upgraded Independent Bank from a “market perform” rating to a “strong-buy” rating and set a $74.00 price target on the stock in a research report on Monday, October 21st.

Independent Bank Stock Up 0.1 %

INDB opened at $64.19 on Monday. The stock has a market capitalization of $2.73 billion, a P/E ratio of 13.95 and a beta of 0.76. The company has a debt-to-equity ratio of 0.22, a quick ratio of 0.95 and a current ratio of 0.95. Independent Bank has a one year low of $45.11 and a one year high of $77.23. The business’s 50-day simple moving average is $68.96 and its 200-day simple moving average is $61.66.

Independent Bank (NASDAQ:INDB) last issued its quarterly earnings data on Thursday, October 17th. The bank reported $1.01 earnings per share for the quarter, beating analysts’ consensus estimates of $0.99 by $0.02. The company had revenue of $250.07 million during the quarter, compared to analysts’ expectations of $173.24 million. Independent Bank had a return on equity of 6.74% and a net margin of 20.26%. During the same quarter in the previous year, the business earned $1.38 earnings per share. Analysts anticipate that Independent Bank will post 4.5 EPS for the current year.

Independent Bank Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, January 6th. Shareholders of record on Monday, December 30th will be given a dividend of $0.57 per share. The ex-dividend date is Monday, December 30th. This represents a $2.28 dividend on an annualized basis and a yield of 3.55%. Independent Bank’s payout ratio is currently 49.57%.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in the company. Victory Capital Management Inc. grew its holdings in Independent Bank by 25.2% during the second quarter. Victory Capital Management Inc. now owns 1,701,156 shares of the bank’s stock worth $86,283,000 after acquiring an additional 342,201 shares during the period. Millennium Management LLC boosted its position in shares of Independent Bank by 258.9% during 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 in the last quarter. Dimensional Fund Advisors LP grew its stake in shares of Independent Bank by 9.5% during the 2nd quarter. Dimensional Fund Advisors LP now owns 2,157,917 shares of the bank’s stock worth $109,443,000 after purchasing an additional 186,680 shares during the period. JPMorgan Chase & Co. increased its holdings in shares of Independent Bank by 59.8% in the 3rd quarter. JPMorgan Chase & Co. now owns 338,640 shares of the bank’s stock valued at $20,024,000 after purchasing an additional 126,791 shares in the last quarter. Finally, Verition Fund Management LLC lifted its stake in shares of Independent Bank by 1,697.7% in the third 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 during the period. 83.40% of the stock is currently owned by institutional investors and hedge funds.

Independent Bank Company Profile

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.